London Fashion Week: Fashion industry worth £26 billion to UK economy
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. This figure incorporates not only the direct impact of wholesale, retail and manufacturing on the economy, but also its effect on other industries including tourism and financial services.
The fashion industry is estimated to support 797,000 jobs according to research by Oxford Economics. This is a decrease of 2.3 per cent from the report published four years ago.
This season's emphasis is on the investment pillar, spearheaded by Jonathan Goodwin, a founding partner of Lepe Partners, a merchant bank focussed on entrepreneurs in the digital media sector.
Goodwin said: "One of the things Natalie and Caroline [Rush, chief executive of the BFC] are trying to do is bring some of the energy that the technology industry has seen in supporting people in the UK, and growing their businesses, to the fashion industry. We are looking to try and support investment, growth, and entrepreneurship within this sector by starting initiatives to encourage and demystify investment in British businesses."