A fashionable way to start your business
London Fashion Week has just finished for another year and is more international than ever, with over 50% of the designers born outside of the UK. The week is a great opportunity to show off their collections to global retailers, as well as getting coverage in the mainstream media and fashion press. In addition to helping new designers with their start-up businesses the show organisers offer British Fashion Council's programme with a range of business advice and seminars.
The fashion industry in the UK currently contributes a staggering £66 billion to our economy. With London Fashion Week adding £30 million to London every year.
Perhaps not surprisingly fashion is one of the most popular topics to research within the Business & IP Centre. And we have a great deal of valuable information and advice available. Have a look at our Fashion Industry Guide to get a flavour.
For example our Mintel report UK Design Fashion 2017 shows that men spend more on designer clothes than women, because although men shop less, they buy higher value brands. Also 56% of men agreed that wearing designer fashion makes them feel more confident, compared to 49% of women.
The report says that casual clothing and footwear are now the products that drive the designer market. This is a result of a move to less formal wear than in the past for visits to restaurants and trips to the theatre.
Young people between the ages of 16 and 24 years dominate expenditure in every category of designer fashion, from underwear to shoes. This is due to the importance of social media, where celebrities can influence young people to emulate their lifestyles. Just look at how celebrities crowd the front rows of the top fashion shows.
The IBIS World retail clothing report also covers the rising importance of social media and how it is expected to boost demand for fashion. The new breed of social media celebrities have a significant influence on their followers.
Instagram has become the key social media platform for fashion. “With more than 200 million on Instagram connected to fashion accounts all over the world, Instagram has become a global destination
for people to experience this stylish industry unlike anywhere else.”
Don’t forget, we are here to help realise your fashion dream!
Seema Rampersad and guest blogger Polly James