London Fashion Week, 14-18 February is set to showcase some of the world’s leading fashion talent. Set over five days, the schedule is packed with shows, presentations, installations, showrooms, events and parties from the best and brightest names in the industry. As well as the trade events, there are more ways for the public to enjoy the London Fashion Week experience with live streaming, social media and a line-up of events and exhibitions around town.
At a press conference to open London Fashion Week Natalie Massenet, Chairman of the British Fashion Council, announced updated figures showing substantial growth in the UK fashion industry over the past five years.
- The direct value of the UK fashion industry to the UK economy is £26 billion; up from £21 billion in 2009. Showing an increase of 22% in nominal terms (source: Oxford Economics 2014)
- The UK fashion industry is estimated to support 797,000 jobs (source: Oxford Economics 2014). This is a decrease of 2.3% from 2009
- Whilst employment figures have dropped overall the increased contribution to UK GVA reflects higher productivity within the fashion sector. The British Fashion Council is committed to supporting growth in the sector which it hopes will lead to more employment opportunities
- Fashion’s total contribution to the economy via both indirect support for supply chain industries and induced spending of employee’s wage income is estimated to have risen to over £46 billion. An increase of 23% since 2009 (source: Oxford Economics 2014)
The Mayor of London Boris Johnson said: ‘These latest figures are clear evidence of the hugely important contribution that fashion makes to our economy. It is a dynamic industry whose value is increasing thanks to the dazzling creativity of our designers, the brilliant colleges that bring up the next waves of talent and a fast moving retail sector, which covers the spectrum of great style from bespoke to high street. My office will continue to work with the British Fashion Council to ensure that London remains on the front row in the international fashion stakes.’
George Osborne, Chancellor of the Exchequer said: ‘London is about to host one of the central events in the fashion calendar, but more importantly it is about to showcase the world class talent we have in our fashion industry. It is testament to the designers, large and small, of the United Kingdom, and to all those who work in the wider retail industry.’
Sam Moore, COO, Oxford Economics, added “Our research underlines the continued and growing importance of the fashion industry’s contribution to the UK economy. Despite, the severe economic headwinds that have confronted British industries since 2009, the growth of the fashion industry is a testament to the popularity of the UK’s fashion industry.”
‘I wish all those involved a successful London fashion week, and hope that it generates more opportunities for some of our most promising creative talents. A successful fashion industry means more jobs for the people of this country and that in turn means economic security for families in Britain’
This February will shine the spotlight on London’s creative industries as London Fashion Week, the BAFTA Film Awards and the Brit Awards all set to showcase the very best of each industry’s outstanding talents in the space of just six days. The Mayor of London Boris Johnson said, “London Fashion Week is a fabulous showcase of what makes London one of the most exciting and dynamic cities on earth – its creativity. With the BAFTAs and the Brits taking place at the same time, let’s celebrate the great British talent that is acclaimed around the world.” Continue reading
