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UK fashion's £28bn value revealed at opening of LCM

Lauretta Roberts
11 June 2016

The UK fashion industry directly contributed £28bn to the UK economy last year (up from £26bn in 2013), the British Fashion Council (BFC) revealed at the opening of London Collections Men (LCM).


According to the latest Value of Fashion report, first commissioned by the BFC in 2009 and updated in 2013, the number of people employed by the industry is also significantly increasing, Around 880,000 people are employed by the industry in roles varying from manufacturing to retail, growing from 790,000 in 2013 (Value of Fashion, Oxford Economics 2016).

Earlier this week it was revealed that the men’s clothing market is at the forefront of driving growth. It grew by 4.1% in 2015 to reach £14.1bn (up from £13.5bn in 2014). This is compared to 3.7% growth in womenswear and menswear now accounts for 25% of the total clothing market (Mintel’s British Lifestyles 2016).

Culture minister Ed Vaizey who attended the LCM launch, at its new dedicated location of 180 Strand, said the creative industries were one of the "UK’s greatest success stories, contributing almost £9 million per hour to our economy."

"UK fashion plays a key role in that success, with the unique spirit and energy of the industry capturing the attention of the world. From high street to haute couture, our thriving fashion industry continues to make its mark,’ Vaizey added. 

LCM

Dylan Jones and Ed Vaizey at the launch of LCM

LCM chairman and editor of British GQ Dylan Jones revealed that the event, which is now in its ninth season, would be rebranded as London Fashion Week Men's moving forward to better reflect its growing focus on the consumer. "London continues to confirm its place as the home of menswear, a hub of creativity showing the very best designers to a global audience. The menswear market showing in London incorporates not only internationally acclaimed brands but also luxury tailoring and emerging talent. This array of designers makes London one of the most exciting fashion cities in the world," Jones said.

The so-called see now, buy now movement, driven by the public's instant access via social media to shows that had previously been the preserve of those in the trade, has led brands to re-think the purpose of fashion weeks with many beginning to use them to showcase full collections or capsule collections that are immediately available to buy.

Henry Holland House of Holland

Henry Holland announces immediate availability of collection on Instagram

Yesterday designer Henry Holland made his House of Holland collection available to buy immediately after the show. Holland's cheeky designs included subversions of well-known household brands, such as Heinz Baked Beans and Marmite, and a line of embroidered denim, which is a key current trend. He now labels his collections by a number, the one shown at LCM was "Season 3", as opposed to the tradition Spring/Summer and Autumn/Winter descriptors.

Holland, who has previously spoken about the need to turn catwalks into a consumer-facing initiative, is also an innovator when it comes to technology. In a collaboration with Visa Europe, he is trialling an app that allows your smartphone camera to identify the piece of clothing, find it in your size, and let you pay for it straightaway. To produce the app Visa collaborated on the project with augmented reality app Blippar.

House of Holland Henry Holland

House of Holland: available online straight after the show

 

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