London Fashion Week: Britain's fashion industry boosts economy by £26billion

 
Elegance: Jackie JS Lee's collection opening at London Fashion Week today
Alex Lentati
Karen Dacre|Emma McCarthy14 February 2014

Britain's fashion industry is worth a record £26 billion a year, it was revealed today at the launch of London Fashion Week.

Natalie Massenet, chairwoman of the British Fashion Council, told an audience of international buyers and journalists: “We are delighted that our overall contribution to the economy has increased.

“We are committed to supporting continued growth in the sector which we hope will lead to more opportunities in the future.”

The fashion sector, which accounts for about 800,000 UK jobs, has seen its value soar by 22 per cent since 2009. The BFC wants to increase those jobs in the next year by securing investment from the country’s business elite.

Launching the week, Massenet said: “The global spotlight is on London, with fashion week, the BAFTAs and the Brits bringing with them the global fashion, film and music industries. We truly are the global creative capital.”

Massenet was flanked by Jonathan Goodwin, co-founder of independent merchant bank Lepe Partners, who also serves as the BFC’s pillar of investment.

Goodwin played an integral part in expanding the business of Jimmy Choo founder Tamara Mellon, and in Massenet’s own phenomenally successful fashion website Net-A-Porter.

He said: “We will make a real difference to British designers interested in taking on investment.” Goodwin also announced plans to stage a BFC event to engage investment and finance.

The news comes a year after London Fashion Week designer Christopher Kane sold a 51 per cent stake in his eponymous Dalston-based label to luxury supergroup Kering, and months after shoe designer Nicholas Kirkwood secured investment from Louis Vuitton Moet Hennessy.

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London Fashion Week is a world leader in creativity, revered for its ability to showcase commercially successful designers alongside innovative young labels.

This balance was demonstrated perfectly today, as Korean designer Jackie JS Lee opened proceedings with a wearable collection full of fresh ideas.

Known for her sleek and serene appeal, she fused an off-the-beaten-track aesthetic with understated elegance, presenting full-length A-line skirts with pleated waists and mermaid hemlines teamed with slouchy jumpers and oversized coats.

Lee, who founded her label in 2011 after graduating from Central Saint Martins, is one of many rising stars on the London Fashion Week schedule.

Tomorrow, knitwear label Sibling will showcase its latest collection alongside cutting-edge label JW Anderson, while on Sunday Topshop appears on the schedule alongside veterans Vivienne Westwood and Paul Smith.

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