UK: Fashion industry now worth GBP26bn to economy
The value of the British fashion industry has climbed to new heights over the past five years, and is now worth GBP26bn (US$43.5bn) to the country's economy, new figures suggest.
The data, released to coincide with the opening of London Fashion Week on Friday (14 February), shows an increase of 22% from GBP21bn in 2009, according to research by Oxford Economics.
Factor in fashion's total contribution to the economy via both indirect support for supply chain industries and induced spending of employee's wages, and income is estimated to have risen by 23% to over GBP46bn.
But the number of jobs supported by the sector has slipped 2.3% to 797,000 - although this is offset by higher productivity within the fashion sector, the British Fashion Council said.
- Under Armour defends questions over strategy
- Cheap polyester contributes to cotton import shift
- TPP trade pact in milestone signing by 12 nations
- Combating the new normal – 10 trends for 2016
- Gap deepens social and environmental efforts
- Bangladesh factory fire renews worker safety fears
- Syrian refugee children found in Turkish factories
- China factory activity continues to deteriorate
- Key Bangladesh safety issues still not fixed
- Southeast Asia – a strategic sourcing review
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Wearable technology: The future market potential for smart garments and e-textiles
- Global market review of denim and jeanswear – forecasts to 2021
- Wearable Technology Market by Product, Application, Type, & Geography - Global Forecast to 2020
- E-Textiles: Electronic Textiles 2014-2024