The British Fashion Council has published a report highlighting the importance of commercial guidance and business partners for up-and-coming designers.
The report ‘Commercialising Creativity – Creating a Model for Success for British Fashion Designers’, which was commissioned in collaboration with London Business School and in partnership with Land Securities, highlights the commercial success of fashion businesses through case studies on the success of designers Nicholas Kirkwood and Mary Katrantzou.
Following interviews with designers and businesses including Lane Crawford, Nicholas Kirkwood, Harrods and Saks Fifth Avenue, the report offers recommendations for designers, the British Fashion Council and government.
Key recommendations from the report are: behave as a business; recognise the importance of production development; develop the brand’s identity and support it with a marketing and communications plan; understand and address the challenges of production; develop a focused sales and distribution strategy; understand the importance of cash flow, funding and financing; and secure specialist business partners.
BFC chief executive Caroline Rush said the report was like a “checklist” for emerging designers. “Our ambition is that future generations of designers will understand how to create a business plan and source investment in the same way the tech industry does,” she added.
The report will be made available on the BFC website as an industry guide for designers.