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. The fashion industry is estimated to support 797,000 jobs according to research by Oxford Economics. "The international spotlight is on us and we aim to make the most of it. READ: Natalie Massenet appointed chairman of the British Fashion Council READ: Net-a-Porter founder: UK internet fashion industry can lead world

The fashion business Image copyright AFP We know that clothing is big business, but it may be surprising just how big. The fashion industry's contribution to the British economy is an estimated £26bn - that's twice the size of the car industry's and nearly as big as the contribution from housing, according to the British Fashion Council. It is not just dresses and handbags, but also design and manufacturing that make the sector the largest part of the so-called creative industries, which include marketing, etc. It's an important part of the services sector that makes up around four-fifths of the economy. I wrote then that it was a tougher sector to picture than say manufacturing cars which is tangible. But a couple of times a year during London Fashion Week, it is visible as models wear dresses that embody design as they sashay down the catwalk. In the five days of London Fashion Week, about £100m of orders are placed for that season. It's also an industry that has taken to social media to reach that market.

NEWS: Value of UK Fashion (Updated) The direct value of the UK fashion industry to the UK economy is £26 billion - up from £21 billion in 2009, according to data released by the British Fashion Council to mark London Fashion Week. This figures represents increase of 22% in nominal terms since Oxford Economics measured the industry's contribution in 2009. The UK fashion industry is estimated to support 797,000 jobs (source: Oxford Economics 2014). This is a decrease of 2.3% from 2009 and reflects an increase in productivity by the industry. 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. The ‘Value of the UK Fashion Industry’ report, commissioned by the British Fashion Council, defines the industry and analysed the true breadth and economic value of the UK fashion industry for the first time. Source: Facts and Figures AW14 Download and print the Value of Fashion report here