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. An increase of 23% since 2009 (source: Oxford Economics 2014)