Web Exclusive | February 2017
British fashion’s contribution to economy
The fashion industry in the UK has always been a major business, and has been well-recognised as a form of soft power in the global market, making the country one the world’s most influential players in fashion designing, manufacturing, retailing and even fashion education. According to the latest report from the British Fashion Council (BFC), the British fashion sector directly contributed $35.2 billion to the UK’s economy in 2015, with over 880,000 people employed by the industry in roles varying from manufacturing to retail.
Here are some shocking figures and facts about the fashion industry in the UK. .The total export value of the UK’s textile and fashion products is over £6.5 billion a year. The total import value of the UK’s textile and fashion industry is over £24.3 billion a year. The total sales of footwear, including men’s and women’s, reached £10.3 billion in 2015, up by 6.5 per cent year on year. The sales of luxury goods in the the UK topped £32.2 billion in 2013, and is forecast to reach £51.1 billion in 2019. Next PLC is currently the largest fashion company in the UK, valued at £8.5 billion in 2015, followed by Marks & Spencer and Arcadia Group. Burberry is the top luxury fashion company in the UK. The iconic British fashion brand has a market value of £5.8 billion pounds, with revenues of about £2.5 billion a year.