BFC launches new report for driving commercial growth and creative success in fashion industry
The British Fashion Council (BFC) has launched a new report with London Business School (LBS), offering a tangible guide to support business growth, drive revenue, and provide strategic recommendations for industry stakeholders.
The BFC commissioned the report in recognition of the changing and increasingly complex environment the fashion industry (designers, businesses, wholesalers and retailers) continues to face.
Over the past decade, the sector has undergone significant changes and challenges, including the impact of Brexit, the rise of omnichannel strategies, a global pandemic, instability of wholesale models, and shifts in buying habits and consumer segments.
As a result, the new report – called Commercialising Creativity 2.0 – explores the evolving barriers to commercial success, how the levers to overcome them have shifted, and how these insights can be leveraged to support the fashion industry going forward.
Report Overview
To help the fashion industry navigate the turbulent landscape and provide tools for long-term growth, the report introduces a two-phase approach: Build and Thrive and Scale Successfully, which are based on insights and recommendations from industry experts.
The first phase supports designers in establishing essential business foundations such as defining their vision, strengthening connections with their customers, and instilling financial and operational discipline.
Meanwhile, the second phase focuses on accessing talent and selecting partners who will support growth, offering a go-to-market framework that considers the role of wholesale, owned channels as well as third-party opportunities like licensing, collaborations and incubators.
It also outlines the economic impact of the fashion industry and highlights the opportunity and need for the government to reset priorities for fashion policy based on the challenges the sector faces, as well as the strategic actions for various industry stakeholders.
Caroline Rush, CEO of the BRC, said: “The last decade has brought extraordinary change and profound challenges to the fashion landscape, and while the resilience of the British fashion industry is truly commendable, much work remains ahead.
“We are thrilled to partner once more with the London Business School for the second edition of the report, which provides vital insights for the industry and policymakers in understanding the next steps for driving commercial growth and creative success.
“Now, more than ever, we must ensure that collaboration across the industry supports both emerging and established talent to navigate these challenges.”
The Commercialising Creativity 2.0 report represents a follow-up to the British Fashion Council and London Business School’s 2014 study and is funded by the BFC Foundation, which was created in 2019.
Main image: Simone Rocha, London Fashion Week, September 2024
