BFC commissions 'Value of the UK Fashion Industry' report
20 Sep '10
5 min read
• is evolving and innovating – with growth in online fashion retail, sustainable clothing lines, as well as modern textile R&D and manufacturing - such as sweat resistant sports fabrics. • has some of the best fashion colleges, designers and retailers in the world • drives tourism with its highly desirable high street and shopping hubs
The report highlights key challenges facing the sector:
• a lack of business skills among many smaller fashion businesses • limited awareness of the diverse opportunities in the fashion industry amongst young people and career advisors • impact of the recession and limited access to investment for the fashion manufacturing and designer sectors • growing international competition from other showcasing capitals which could challenge London Fashion Week's and London's reputation as the most creative capital • the (long term) need to incentivise and encourage growth of UK manufacturing base • promoting existing best practice on sustainability and working together with Government to implement its Sustainable Clothing Action Plan in this area
The study concludes by citing activities that would help ensure the future growth and success of the industry including:
• a national campaign to promote the diversity of careers to young people combined with the promotion of greater business teaching in fashion courses • a cross-sector long term strategy and plan to showcase UK fashion design to help it stay ahead of the international competition • support for high-skilled manufacturing • provision of greater funding and co-ordinated business support for young fashion design businesses to reduce their high fold rate
Harold Tillman CBE, Chairman of the British Fashion Council and Chairman of Aquascutum and Jaeger commented:“Fashion is a great British success story and this landmark piece of research underlines its true scope and economic impact.
This is just the first step, to creating a detailed national action plan for the industry which will help to support its future growth and success.
I am committed to driving this forward and to ensuring that we come together as an industry to work with Government to discuss forthcoming challenges and agree the support required to overcome them.
Minister for the Creative Industries, Ed Vaizey said: “British Fashion has the talent, creativity and skills to rival anywhere in the world. Our new and established designers and fashion labels are internationally renowned for their unique vision at the cutting edge of this hugely important global industry.
“This new research published today, on the eve of London Fashion week, shows that fashion makes a significant contribution to the UK economy and confirms British fashion's status as one of our most important creative industries. I look forward to continuing to work with the British Fashion Council to make sure that the Government does what it can to further support the industry.”
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