The British fashion industry has called for more financial aid from the government amid fears the coronavirus crisis could wipe out half of the sector.
On the day the British Fashion Council (BFC) announced the recipients of its £1m emergency fund, the organisation said the amount was meagre in light of the sum needed to help small, independent fashion companies.
“One million pounds sounds like a lot of money, but when you split it among so many businesses, it is just a drop in the ocean,” Caroline Rush, the BFC chief executive, told the trade website Business of Fashion. “Much more needs to be done.”
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Alongside the threat of closure, fashion designers have experienced massive financial losses from production changes, cancelled orders and rescheduled catwalk shows. Retailers have suffered an 80% decline in footfall, the sector’s “greatest ever” drop, in the four weeks between 5 April and 2 May.
Thirty-seven labels, including Craig Green, Bethany Williams and Ahluwalia, are due to receive the financial help from the BFC Foundation fashion fund of up to £50,000 each. “It will allow our team to have stability during this time,” said Eden Loweth of Art School, one of the recipients of the fund. He added that the money will be used to “invest in our direct team of assistants and manufacturers, supporting them and therefore the company infrastructure over the course of the coming months”.
Source: UK fashion industry pleads for more aid to survive Covid-19 crisis
