How the British fashion industry is making a comeback.
Times have been tough. There isn't a financial sector that hasn't felt this in the past few years of recession, and the fashion industry is no exception. So, where do we stand now? And where is it all heading? Is it all doom and gloom, or is there a spark of style light at the end of the tunnel?
Well, according to figures recently released by the British Fashion Council the fashion industry here in the U.K. is worth £26 billion to the country's economy. Not bad! But, it looks even better when you compare these figures to 2009 ones. From £21 billion the worth of the industry has risen £5 billion. That's a whooping 22%! On top of these rather spectacular figures the fashion industry is estimated to support 797, 000 jobs, this is from research by Oxford Economics.
The important thing about these figures is that it is good news for all of us. These aren't select figures from one particular company or industry level. These are figures taken from statistics of the fashion industry as a whole. So, from wholesale clothing retailers in the U.K. right through to the largest and the smallest of high street sellers and the wholesale clothing manufacturers, the financial indicators are pointing up.
London is often considered one of the top four fashion capitals of the world, along with Paris, New York and Milan. And with the financial crisis being felt the world over, the current upward trend in the British fashion industry shows that our title as one of the most important style destinations in the world isn't going anywhere. This month September's 'London Fashion Week' re-enforces the strong connection that the British people have with the fashion industry. A large portion of this event is directed towards the consumer, the high street shopper, meaning that the fashion focus is far more evenly spread across the industry, wholesale clothing to retail.
What does this mean for us?
Growth is good. Especially with these kinds of figures that cover an entire industry. The most important thing we have learnt over the duration of the financial recession is that diversification is key! It's no longer enough to have one path to your customers. Online presence especially is a market that has become ever more dominant, and ever more essential. Next week, we're going to go into this in more depth. But, for now, it's time to look up! Style in this country certainly is!