The 40th anniversary celebrations for London Fashion Week began today, with one of its chief organisers opening the stock market. Caroline Rush, chief executive of the British Fashion Council, kicked off six days of events in the capital as she opened the market at the London Stock Exchange in Paternoster Square.
The move underscores the importance of the fashion industry, which contributes some £21 billion to the economy and employs about 900,000 people. According to Mintel figures, sales of womenswear were valued at an estimated £30.9 billion last year, with menswear at £15billion. Ms Rush told the Standard: “It’s important for us to remind everybody how important the fashion industry is to the British economy. It generates a huge amount for the coffers and has global resonance in terms of creativity and reputation in this country. “It’s an opportunity to reach into new markets to remind everyone of the power of fashion week and the power of businesses that participate. “It holds a special position in the global fashion calendar for showcasing the best of British creativity as well as the best of London.”
