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Business News 2009
Business News->Investing in London fashion makes business sense, says Mayor of London
Investing in London fashion makes business sense, says Mayor of London

(14 September 2009)

London Mayor, Boris Johnson as featured on the cover of 'Elle' magazine for London Fashion Week 2009.The British Fashion Council's International Guest Programme that runs during London Fashion Week (18 - 22 September 2009) has brought millions of pounds into the capital's fashion industry. Sponsorship and support for the scheme, which invites influential buyers and journalists from around the world to London Fashion Week, was worth £110,000 in February 2009. £31,500 came from the London Development Agency, the remainder from UK Trade and Investment, British Airways and the May Fair Hotel. Returns up to May, show it resulted in sales estimated at approximately £18,500,000. International media coverage was worth around £15,500,000. This represents a 30-fold return, adding to the revenue generated as a result of hotels, restaurants and other services used by the industry during London Fashion Week.

Mayor Boris Johnson, who hosted a reception celebrating London's creative sector at famous jewellers Asprey in New York, said: 'From top hats to miniskirts and couture to street fashion, London has made an unparalleled contribution to global fashion industry. New York fashion is of course hugely successful and I am immensely proud that our designers, models and stylists are in demand here and around the world.

The Mayor said it was vital to continue supporting the fashion industry, especially during the downturn. "Working with the British Fashion Council we can ensure that London Fashion Week offers a high profile platform for designers and - crucially - brings in sales. Every £1 spent on the International Guest Programme produces a return of £880 and there's no doubt in my mind this represents excellent value and makes sound business sense."

The British Fashion Council wants to reach established and emerging fashion markets, carefully targeting buyers and journalists from USA, Japan, France, Italy and the rest of Europe, the Middle East, Russia and CIS, China, South Korea, Brazil and India. The aim is to raise London Fashion Week's profile globally and consolidate its position as one of the four leading fashion capitals, as well as generating important press coverage and stimulating designers' sales performance worldwide.

In 2007 the London Development Agency granted £4.2m to the British Fashion Council to support a number of programmes aimed at supporting designers and the fashion industry. As well as the International Guest Programme, this includes Fashion Forward, the London Showcasing Fund and London Showrooms in Paris. London Development Agency Marketing Group Director Lurene Joseph said: "Fashion plays a big part in London's economic success. It is fantastic that our investment in the British Fashion Council has generated such impressive results, with growing sales from London Fashion Week, new designers becoming established businesses and reinforces London's international reputation for cutting edge design."

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