Fashion now contributes £28bn to British economy

The British Fashion Council has released figures showing that the fashion industry now contributes £28bn to the British economy, up £2bn on the previous figures released two years ago.

The increase represents a rate of growth of 8%, which outperforms GDP as a whole which grew at 5% during the same period, according to the numbers which were calculated by Oxford Economics.

Employment levels in the sector have also increased significantly from 790,000 in 2014 to 880,000 this year.

The numbers were released to highlight the importance of the industry ahead of London Fashion Week which kicks off next Friday (16 September). It is set to be a landmark event and will be the first when the shift to "see now, buy now" catwalk shows will begin to be evident, along with the coming together of men's and women's shows.

Burberry will be staging its first in-season and combined men's and women's show on 19 September, while menswear designer Oliver Spencer will stage a consumer menswear event and Kent & Curwen will be holding menswear appointments. Aquascutum, Belstaff, Joseph and Teatum Jones (staging its first catwalk) will all also show menswear, alongside womenswear.

High street giant Topshop, whose Unique shows have established themselves as a London Fashion Week highlight, will be shifting towards a see now, buy now model with some of its collection made available to buy immediately and further items released for sale in November. Others moving to see now, buy now include Henry Holland and Fyodor Golan.

Staged at the Brewer Street Carpark in Soho, this will be the 64th edition of London Fashion Week and 83 designers will be showing on schedule, while a further 150 will be showcasing collections in the official exhibition.

Image: British Fashion Council