The British Fashion Council has released new figures showing the direct value of the UK fashion to the UK economy at £26bn ($43.5bn).
These updated figures show a substantial 22% increase on the £21bn ($31.1bn) recorded in 2009, according to Oxford Economics 2014.
Speaking last Friday at a press conference to open London Fashion Week, Chairwoman Natalie Massena announced that the UK fashion industry is now estimated to support 797,000 jobs, although this is a decrease of -2.3% from 2009.
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 £46bn ($77bn). Oxford Economics estimates that this represents a rise of 23% since 2009.
LONDON MAYOR WEIGHS IN
Celebrating this progress, that icon of British fashion and a sponsor of the event, Boris Johnson, Mayor of London, 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.”
Also making a contribution, 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”.
London Fashion Week comprises 77 designers showing presentations or catwalk collections on the schedule over 5 days and more than 150 UK and international emerging and established, ready-to-wear and accessory designers exhibiting in The Designer Showrooms.
The organisers estimate that orders of more than £100m ($167.4m) are placed during LFW each season, with the International Guest Programme alone said to generate more than £65m ($108.8m).
A total of 5,000-plus visitors are expected to attend, including buyers, television and radio crews, journalists and photographers. [For more information, click here: http://www.londonfashionweek.co.uk/]