There is no doubt that the fashion industry, like many others, has been severely hit by the global pandemic. So much so that the British Fashion Council is calling on the Government to step in with support majors.
This comes after it released new data from Oxford Economics showing recession could hit the fashion sector twice as hard as the UK overall.
The BFC also shared its concerns that not only would the growth the industry has managed in the past decade be halted, but many young creatives wouldn't survive the hit. It had predicted 240,000 direct jobs will be lost, which would rise to 350k if you count indirect jobs through the supply chain and consumers spending.
It is asking the Government to help with several measures, including enabling re-negotiations of leases for businesses, as well as lowering taxes, making funding available for small to medium enterprises, and supporting a more eco-friendly process.
Whilst it is asking for immediate relief during the Covid-19 crisis, it also asked to future proof the industry with the creation of 'a new Fashion Investment Fund with industry mentoring support and fiscal incentives for investment in business and inward investment' so business are developed with a more secure fiscal framework.
The BFC also hopes for a partnership to create 'the most resilient, environmentally friendly PPE for the future.'
The Council was created in 1983, and in May 2020 announced it would financially support and mentor 37 emerging British designers and brands struggling through the pandemic.
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Penny Goldstone is the Digital Fashion Editor at Marie Claire, covering everything from catwalk trends to royal fashion and the latest high street and Instagram must-haves.
Penny grew up in France and studied languages and law at the Sorbonne Nouvelle University in Paris before moving to the UK for her MA in multimedia journalism at Bournemouth University. She moved to the UK permanently and has never looked back (though she does go back regularly to stock up on cheese and wine).
Although she's always loved fashion - she used to create scrapbooks of her favourite trends and looks, including Sienna Miller and Kate Moss' boho phase - her first job was at MoneySavingExpert.com, sourcing the best deals for everything from restaurants to designer sales.
However she quit after two years to follow her true passion, fashion journalism, and after many years of internships and freelance stints at magazines including Red, Cosmopolitan, Stylist and Good Housekeeping, landed her dream job as the Digital Fashion Editor at Marie Claire UK.
Her favourite part of the job is discovering new brands and meeting designers, and travelling the world to attend events and fashion shows. Seeing her first Chanel runway IRL at Paris Fashion Week was a true pinch-me moment.
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