Fashion contributes more than GBP37bn (US$58bn) to the UK economy, according to new research commissioned by the British Fashion Council (BFC).
According to the “Value of the UK Fashion Industry” report compiled by consultants Oxford Economics, the UK fashion industry is worth nearly GBP21bn in direct terms.
However, taking into account the industry’s wider contribution to the economy in influencing spending in other industries, that figure rises by another GBP16bn-plus.
The figures were arrived at by analysing fashion’s profits and wages, plus the contribution of fashion education, marketing and media.
The UK fashion industry directly employs 816,000 people, making it the 15th largest industry in the UK, out of a total of 81, the report said.
But it also highlighted challenges, including the lack of business skills among smaller fashion businesses, and the impact of the recession and limited access to investment.
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By GlobalData“Fashion is a great British success story and this landmark piece of research underlines its true scope and economic impact,” said Harold Tillman CBE, chairman of the BFC and also chairman of Jaeger and Aquascutum.
“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.”
