The British Fashion Council’s “Value of Fashion” report by Oxford Economics indicates that fashion directly contributes nearly £21 billion to the UK economy and has an indirect economic impact of over £16 billion. It employs nearly a million people and provides many opportunities for young people. It is the 15th largest industry (out of 81) in UK – similar in size to the food/beverage services and telecommunications industries and bigger than the wholesale and retail of automotives, sports activities, chemical manufacture and advertising/video sectors.
That same report highlights some of the key challenges the sector faces including: a lack of business skills amongst many smaller fashion businesses, the impact of the recession and limited access to investment, growing international competition challenging London’s reputation as the most creative capital and the need to encourage the growth of the UK manufacturing base and sustainability.
The partners within our creative industries team leading our fashion unit provide advice to private individuals as well as start ups, small and large organisations in the designer fashion sector, particularly:
- Day to day management of accounts and financial records
- Tax planning and the efficient extraction of profits
- Advice on managing cash flow
- Support in negotiating contracts and their financial return
Our clients span big name designers, established brands, new designers (especially clothes and shoe designers). Our partners attend London Fashion Week, are members of the UK Fashion and Textiles Association and write regular blogs both for the haysmacintyre blog and for Fashion Business Club. They also contribute articles on financial and taxation matters to Drapers. Several of the finalists in the Young Guns entrepreneur awards, which the firm sponsors, are in the fashion business.
Natasha Frangos, who heads the fashion unit, says “People in the fashion industry want down to earth and pragmatic financial advisers who understand the sector and the key issues it faces. They want advisers that are approachable and highly responsive. And it’s such a people business that their advisers have to be personable and provide a personal service – leaving them to concentrate on the business of fashion”.