Member Article

The £26 billion industry: London Fashion Week starts with a bang

Britain’s fashion industry is worth £26 billion to the UK economy, according to a report published by the British Fashion Council.

Today marks the start of 2015’s London Fashion Week, in which more than 50 designers will be showcasing their A/W collections across the capital.

The UK fashion industry is estimated to support 797,000 jobs, according to Oxford Economics, a decrease of 2.3% from 2009.

In a statement on its website, The British Fashion Council expresses its commitment 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, according to Oxford Economics.

Facts and figures from London Fashion Week 2014:

• There were 75,000 images added to Instagram that including hashtag #LFW
• There were 176,000 mentions of #LFW on Twitter
• London Fashion Week live streams are watched in 160 countries worldwide
• Over 200 kg of Lavazza beans are used over London Fashion Week
• Over 30,000 espressos were served at London Fashion Week last season

The Mayor of London Boris Johnson 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.”

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.”

This was posted in Bdaily's Members' News section by Ellen Forster .