At the meeting of the high-level advisory board that the Commission decided to establish in November 2011, Vice-President Tajani announced that he would adopt specific policy recommendations for EU action in three key areas that impact the competitiveness of the sector:
The LVMH group, part of Europe’s Cultural and Creative Industries, supports these priorities by the European Commission, and believes specific policy initiatives in these areas are essential for the right framework conditions for job creation and competitiveness in Europe.
The European luxury sector, that includes among others high-end fashion, is a key driver of sustainable growth and is of particular significance to Europe by contributing to its overall economic health, competitiveness, creativity, innovation, employment and export.
It’s annual economic output is estimated at 440 billion Euros, and the sector employs 1,5 million people (directly and indirectly). Furthermore, 69% of Europeans believe the luxury sector plays a vital role for the creation of employment and the competitiveness of Europe in relation to the rest of the world.
Vice-President Tajani said: “The example of luxury brands has shown that a sustainable business model based on culture, creativity and craftsmanship creates jobs and growth – we as policy makers need to ensure our policies support this by creating the right framework conditions”.
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