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.”
This year’s London Fashion Week again finds itself in challenging financial conditions, with many designers struggling to keep the doors open. Last year Christopher Kane was forced into administration after 15 years. “I don’t think we can underestimate how difficult and challenging it is,” said Ms Rush, adding: “It’s a reminder that fashion isn’t an easy business when particularly these highly creative businesses are expected to reinvent their collection every season. “It is incredibly challenging for small businesses coming through. That’s where the British Fashion Council and the foundation and our membership and mentoring programs come into play, to really support businesses to think about sustainability from a climate change [perspective] but also a financial sustainable growth programme.”
The last man standing from London Fashion Week’s official debut in 1984 is Paul Costelloe — a favourite of Diana, Princess of Wales — who will open the celebrations tomorrow morning. Burberry will close proceedings on Monday night with what is expected to be a star-studded front row. Its chief creative officer, Daniel Lee, is under some pressure to produce a winning collection in the shadow of the company’s recent financial downgrading. Of the 67 designers showing, the highlights include JW Anderson, Roksanda, Erdem and Simone Rocha, who is flying high after her guest creative designer spot with Jean Paul Gaultier at Paris’s recent haute couture collections.
Those looking out for a wunderkind should pay attention to Dilara FindikoÄlu, touted as a successor to Alexander McQueen. Tonight landmarks including the Royal Opera House and London Eye will be lit up in green to herald LFW’s 40th year. The event will culminate next Tuesday, with an afternoon tea at No10 Downing Street.
