London Fashion Week: Big Business
With over 74million pounds of funds coming from aboard, the event which takes place twice a year during fashion season provides a significant economic boost to the UK’s economy.
The event which is heavily supported by Mayor of London Boris Johnson is responsible for generating thousands of pounds worth of orders for luxury brands that showcase at the event, reports follow that sales of luxury brands this year are are set to soar. In fact over 83% of luxury brands can expect a rise in profits this year alone. The luxury market is currently valued at 2.9 billion and within the next 5 years is set to soar to over 12 billion.
The fashion industry is responsibly for over 800,000 jobs in the UK and is estimated worth around 37 billion pounds.
With the British, in particular London being such a renowned scene for the high fashion and high quality quality, manufacturers and international companies are trying to get in on it. London Fashion Week helps in attracting buyers from all over the globe as well as providing potential collaborations and expansions into the UK.
Boris Johnson commented on this season’s London Fashion Week:
“London bestrides the world of fashion like a dapper titan and I’m proud to support London Fashion Week, which showcases the brightest and best designers working today. This week promises to be the most exciting yet, offering opportunities for even more people to feel a part of the fashion pack, with pop-up stores, live streaming and even a film festival. But it’s not just about how creative and stylish London is, it’s a big moneyspinner, bringing in orders from around the globe and generating billions for our economy.”