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London Fashion Week: Fashion industry worth £26 billion to UK economy

London Fashion Week: Fashion industry worth £26 billion to UK economy
New figures published by the British Fashion Council on the first day of London Fashion Week value the fashion industry's contribution to the UK economy at £26 billion BY Ellie Pithers | 14 February 2014 A model appears on the catwalk during the London College of Fashion MA Show at the Waldorf Astoria Hotel, Aldwych Photo: PA The British fashion industry is worth £26 billion to the country's economy, according to figures published today by the British Fashion Council. At a press conference to open London Fashion Week Natalie Massenet, chairman of the British Fashion Council, announced the increase of 22 per cent; up from £21 billion in 2009. This figure incorporates not only the direct impact of wholesale, retail and manufacturing on the economy, but also its effect on other industries including tourism and financial services. The fashion industry is estimated to support 797,000 jobs according to research by Oxford Economics.

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British Fashion Council 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.

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