Professor of Fashion and Sustainability Bath Spa University, CEO & Founder of Fashion Roundtable, Secretariat for the APPG For Ethics & Sustainability In Fashion, UK Trade & Business Commissioner
The Fashion Roundtable ORG LTD latest report makes for important reading. Overview of the Fashion & Economic Value Report 2024 Our latest report illuminates the vast contributions of the UK's fashion sector, which generates approximately £60 billion annually—nearly half of the total economic impact from the UK's creative industries. It explores the economic influence, regional growth, and pivotal role in sustainability and innovation of the fashion industry. Key Findings: Economic Impact: Fashion is the largest of the UK's creative industries, contributing around £60 billion per year to the economy and employing 1.3 million people. Regional Growth: The fashion industry supports regional economies, with notable increases in fashion businesses in Scotland and employment growth in Manchester. Sustainability Challenges: The industry faces significant challenges related to sustainable manufacturing practices and the environmental impact of fast fashion. Recommendations: Prioritise UK Manufacturing: Given the economic contribution of the fashion industry, it is crucial to prioritize keeping and expanding clothing manufacturing in the UK to boost economic growth. Support Regenerative Practices: Introduce tax and financial incentives to support regenerative and sustainable practices, ensuring skilled jobs can be developed to underpin local economies. Increase Responsibilities of Fast Fashion: Implement laws to hold fast fashion companies accountable for their environmental impact, preventing them from skewing the market in a damaging way. Develop Recycling Infrastructure: Work with the private sector to unlock funding and space needed to develop textile recycling centres, creating jobs and supporting local economies. Encourage Fashion Startups: Monitor the success of fashion startups and ensure university curriculums equip students with the necessary business skills to thrive in the evolving fashion industry. Integrate Fashion in Devolved Powers: Consider the role of the fashion industry when allocating funding and powers to devolved areas, ensuring local strategies support regional economic growth. The fashion industry remains a cornerstone of the UK economy, previously the fastest-growing creative industry in the country. Our report provides a comprehensive overview of the current landscape and proposes actionable solutions for leading in sustainability, social justice, increased social mobility, & boosting UK GDP. We urge all political parties to incorporate these recommendations into their post-election strategies. This is a pivotal moment to ensure a sustainable, inclusive, and prosperous future for the UK fashion industry. By highlighting these key findings & recommendations, you can help drive the necessary changes that will benefit the entire fashion sector and beyond. Read here: https://lnkd.in/ePQgxNGK
Owner at Grey Model Agency
2wUnfortunately the UK industry is an inverted pyramid structure financially. Production profit is taken at every stage of production that photographers, models and crew who create the advertising upon which the industry relies, cannot survive. Fees in Germany and France are 10 times those of the UK for the same usage requirements- how is there such a difference? And for models, artists, musicians etc al being commissioned as an artiste in UK for a shoot in EU has vastly reduced due to Brexit. Niche enterprise used to define UK fashion. We need investment, corporate tax reductions and VAT benefits. Fashion is not just the high street, fashion houses and online retail, it is the entire industry. Without the creatives there is no fashion.