A burst of colours grace the catwalks at London Fashion Week as the fashion industry rises from the shadow of recession that has clouded it in recent times, with bright colours making an appearance at a number of shows including Maria Grachvogel, House of Holland and Christopher Kane.
Just before the start of London Fashion Week, the House of Commons was presented with “The Value of Fashion”, a report presented by Ed Vaizey, Culture Minister, and Vince Cable, the Business Secretary. The report covered a detailed survey of the UK’s fashion industry, which was commissioned by the British Fashion Council (BFC) and put together by Oxford Economics.
The study concludes that the fashion industry is now worth £21billion a year to the UK economy, and as much as £37 billion when its wider contribution is taken into account, including tourism and related businesses. The report also found that the fashion business, which is the 15th largest industry in the UK, directly employs 816,000 people, making it the second biggest employer.
It is the first time that a comprehensive overview of the fashion industry has been put together, analysing financial and employment data across all sectors, including wholesale, retail and manufacturing. Whilst some of the methodology and conclusions in the report may be challenged, it is undeniable that the fashion industry is a key contributor to the UK economy.
London Fashion Week will generate substantial orders although there is still the general feeling that other shows are where business gets done. Yet there is something special about London, as our new talent and creativity attracts world-wide attention.
The high-street is one of our greatest strengths and differentiating factors, largely attributable to collaborations with new designers diversifying the high-street offering. A key factor of this is the knock-on effect which, in turn, enables designers to secure a financial footing in order to further expand and create.
Samantha Cameron pledged her support to London Fashion Week this week and will be offering her services in the coming seasons. The support of such a public figure is a huge strength to the industry. Let’s hope the industry and UK economy follow in the footsteps of Christopher Kane’s neon heels as we work our way to better times.
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