Newsflash: The Fashion Industry Contributes £37 Billion to the UK Economy Each Year

LONDON–Remember that teaser for The September Issue where the voice-over would say, “Fashion is $500 billion global industry…” or something like that? Well, it looks like the UK makes up about a tenth of that $500 billion.

At least according to a new study commissioned by the British Fashion Council. Fancy-sounding consultants Oxford Economics researched and wrote the report, which states that £37 billion is made–directly or indirectly–from fashion each year in Great Britain. That’s not too shabby, given the size of the country. In fact, fashion is the 15th largest industry (out of approximately 81) in the UK.

The results are a boon to those like designer Christopher Raeburn, who produces much, if not all, of his product here in the UK. Fashion’s importance to the economy reinforces his mission.

What this means for the British fashion industry as a whole, we’re not so sure. But it’s obvious–particularly from the temporary designer showrooms the organization has set up at Somerset house–that they’re serious about getting the clothes sold, not just seen.