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Wednesday, 23 February 2011 |
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 Fashion business and investment go hand in hand, as the Mayor of London, Boris Johnson, is committed to prove. Together with the British Fashion Council, the Mayor is working to secure a mixture of public and private funding to support the growth and
development of London Fashion Week.
Up to the date, the fashion industry alone already employs around 80,000 people in the city and is worth around £21 billion to the UK economy. Future funding will help to promote the industry and London as global creative fashion capital.
Amo ng those wicked with Mayor’s financial back outstand Erdem, Peter Pilotto, or Christopher Kane, as all received funding for a number of projects that have which have played a significant role in helping cutting edge young designers develop their businesses. Mayor Boris Johnson said: “London Fashion Week contributes around £100 million to London’s economy and I am pleased to be able to continue my support for this important industry. I am looking forward to working closely with the sector in order to attract more investment and retain our position as one of the most exciting creative capitals of the world”.
Susan Haird, Acting Chief Executive of UK Trade & Investment (UKTI), said summed up the recipe for success of the LFW: "London Fashion Week is an excellent platform for British designers to showcase to the international fashion community the creative, edgy brilliance of our fashion industry, which is worth £21 billion to the UK economy and supports 1.31 million jobs. We look forward to partnering once again with the British Fashion Council to help new and exciting designers make their mark in key international markets."
UKTI brings international buyers over to meet UK fashion designers and companies at events like London Fashion Week, which alone generates in the region of £100m, contributing over £20 million to the London economy. The British trade and investment agency provides grants of up to £1,800 for UK firms to attend over 80 fashion, footwear, design and textile shows internationally, such as 100% Design in Shanghai, Pret a Porter Paris and Berlin Fashion Week. Companies can also apply for solo grants to other shows.
Fashion directly contributes nearly £21 billion the UK economy (1.7 per cent of total GDP). It also has an indirect economic impact, in encouraging spending in other industries, of over £16 billion. That equals a total impact of £37 billion. The UK fashion industry directly contributed £13.2 billion to the national Exchequer in 2009, or 2.6 per cent of total Government revenues. Almost 22.5 per cent of all retail's
value-added contribution to GDP in the UK can be attributed to the
fashion industry.
Photo: Erdem Fall/Winter 2011-2012 at LFW
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