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Putting a price on the value of British fashion

Caroline Rush

London Fashion Week generated more than £70m worth of media coverage in February.

London Fashion Week generated more than £70m worth of media coverage in February, producing headlines such as ‘Viva London!’ (Harper’s Bazaar Korea), ‘London Continues to Swing!’ (Elle France), ‘Smitten By Britain’ (Indie Magazine, Austria), ‘There’s No Place Like London’ (Le Figaro), ‘London Calling’ (In Style) and ‘Triumph for British fashion’ (The Guardian).

£70m is the value of media coverage that we monitor in the UK alone; the figure could easily be more than £100m when you take into account the coverage achieved in all international markets. This, combined with all other media coverage on British designers, marketing, retailers, stylists, models, photographers, colleges and manufacturers demonstrates the influence of our industry and gives an indication of its size and creative and cultural impact here and internationally.

As an industry, we talk about being the second largest employer in the UK after the public sector; we talk about our economic and cultural power. However, we don’t have the hard facts that give us the complete picture.

This year, we are commissioning the Value of Fashion Report to do just that. It is time we defined our industry’s true economic value, opportunities for employment, its skills, its diversity and its cultural influence. Our aim is that, by later this year, we will have the data to enable us, for the first time, to truly quantify the significance of the fashion industry to the UK economy.

We have already undertaken the scoping exercise to define the industry, are taking consultation on this document and are sourcing funding from both public and private sector. If you would like to know more email me at valueoffashion@britishfashioncouncil.com.

Caroline Rush is joint chief executive of the British Fashion Council

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