|
|
|
| Authored by: Anonymous on Monday, May 20 2013 @ 01:41 PM EDT |
New Landmark Report Reveals
Fashion Industry Worth £21
billion to UK Economy
The direct value of the UK
fashion industry to the UK
economy is nearly £21 billion
according to a major new
research study released today.
On top of this, fashion’s wider
contribution to the economy
(known as the indirect, induced
and ‘spillover’ effects) in
influencing spending in other
industries, ranging from IT to
tourism, is calculated as more
than £16 billion.
This means that, including
direct, indirect, induced and
‘spill over’ effects, the
fashion industry’s total
contribution to the UK economy
is estimated to stand at over
£37 billion.
The ‘Value of the UK Fashion
Industry’ report, commissioned
by the British Fashion
Council,defines the industry and
analyses the true breadth and
economic value of the UK fashion
industry for the first time.
The industry’s direct economic
contribution to UK GDP was
collated by analysing the
industry’s profits and wages
(known as gross value added
(GVA)) across a wide range of
fashion products and items –
including womenswear and
menswear through to handbags and
shoes – plus the contribution
of fashion education, fashion
marketing and fashion media.
The report also highlights the
pivotal role of cutting edge
British design, and showcasing
events such as London Fashion
Week, in driving innovation and
growth within the industry
itself, as well as attracting
millions of visitors from across
the globe to the UK every year.
Factors behind the growth of the
fashion industry cited in the
report include:
• the desire and demand
created by the top end designer
sector and its influence on and
diffusion the mainstream – i.e.
high street retailers
(including department stores)
and supermarkets
• the expansion of fashion
brands into other product lines
beyond clothing (i.e. perfume,
accessories, homeware etc.)
Economic consultants, Oxford
Economics, researched and wrote
the report, and it was funded by
a range of cross-sector
organisations including: the
London Development Agency (LDA),
UKTI, British Fashion Council,
UK Fashion & Textile Association
(UKFT), Aurora Fashions, House
of Fraser, Debenhams, Land
Securities, Marks & Spencer and
New Look. The report follows the
findings of industry wide
consultation.
The research highlights the huge
breadth and scope of the UK
fashion industry today,
highlighting how it encompasses
a wide range of professions –
from fashion designers, through
to manufacturers, fashion
retailers, magazine publishers,
journalists, fashion marketeers,
course lecturers and business
managers.
The report shows that the modern
UK fashion industry:
• directly employs 816,000
people across a wide range of
jobs and is the largest employer
of all the creative industries
• 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
• is evolving and innovating
– with growth in online fashion
retail, sustainable clothing
lines, as well as modern textile
R&D and manufacturing - such as
sweat resistant sports fabrics.
• has some of the best
fashion colleges, designers and
retailers in the world
• drives tourism with its
highly desirable high street and
shopping hubs
The report highlights key
challenges facing the sector:
• a lack of business skills
among many smaller fashion
businesses
• limited awareness of the
diverse opportunities in the
fashion industry amongst young
people and career advisors
• impact of the recession and
limited access to investment for
the fashion manufacturing and
designer sectors
• growing international
competition from other
showcasing capitals which could
challenge London Fashion Week’s
and London’s reputation as the
most creative capital
• the (long term) need to
incentivise and encourage growth
of UK manufacturing base
• promoting existing best
practice on sustainability and
working together with Government
to implement its Sustainable
Clothing Action Plan in this
area
The study concludes by citing
activities that would help
ensure the future growth and
success of the industry
including:
• a national campaign to
promote the diversity of careers
to young people combined with
the promotion of greater
business teaching in fashion
courses
• a cross-sector long term
strategy and plan to showcase UK
fashion design to help it stay
ahead of the international
competition
• support for high-skilled
manufacturing
• provision of greater
funding and co-ordinated
business support for young
fashion design businesses to
reduce their high fold rate
Harold Tillman CBE, Chairman of
the British Fashion Council and
Chairman of Aquascutum and
Jaeger commented:
“Fashion is a great British
success story and this landmark
piece of research underlines its
true scope and economic impact.
This is just the first step, to
creating a detailed national
action plan for the industry
which will help to support its
future growth and success.
I am committed to driving this
forward and to ensuring that we
come together as an industry to
work with Government to discuss
forthcoming challenges and agree
the support required to overcome
them.
Minister for the Creative
Industries, Ed Vaizey said:
“British Fashion has the talent,
creativity and skills to rival
anywhere in the world. Our new
and established designers and
fashion labels are
internationally renowned for
their unique vision at the
cutting edge of this hugely
important global industry.
“This new research published
today, on the eve of London
Fashion week, shows that fashion
makes a significant contribution
to the UK economy and confirms
British fashion’s status as one
of our most important creative
industries. I look forward to
continuing to work with the
British Fashion Council to make
sure that the Government does
what it can to further support
the industry.”
Read more:
http://www.britishfashioncouncil
.com/valueoffashion
[ Reply to This | Parent | # ]
|
| |
| Authored by: Gringo_ on Tuesday, May 21 2013 @ 01:08 PM EDT |
Where are these billions in R&D being spent
in high
fashion?
Nobody said billions are being spent in R&D. I
said
"Clearly the fashion industry as whole has generated
billions upon
billions of dollars in investments, without
the need for copyright." Where do
you see "R&D" in that? [ Reply to This | Parent | # ]
|
|
|
|
|
