Talent Creation and Development | My Assignment Tutor

FUTUREOF FASHIONSTRATEGICCONSIDERATIONSFOR GROWTH16 • Future of Fashion • Talent Creation and Development 17 • Future of Fashion • Talent Creation and DevelopmentTalent Creation and DevelopmentThe priority is to build a global market for British fashiontalent. Not only does that generate strong economic benefitsfor UK plc but it also strengthens our international reputationfor creative excellence.The industry understands the role that top-end talent playsin engaging consumers and driving sales both at thedesigner end and throughout the fashion retail business.Indeed design innovation is in many ways the R&D departmentfor the entire industry. Everyone benefits when a young designeris supported from college all the way through to establishingand expanding a global business.We have much to be proud of in the creation andnurturing of UK talent. The challenge going forward is toprotect our existing strengths, ensuring for example thatLondon Fashion Week remains a world-class event, whilstaccelerating the pace at which that success is translated intothe creation of sustainable businesses. London is now knownglobally for ideas, creativity, and commerciality— we must build on that.“MUCH HARD WORK HAS LED TO BRITAIN BEINGTAKEN SERIOUSLY AS A FASHION BUSINESS HUBAS WELL AS A CREATIVE HOT HOUSE.”CAROLINE RUSH, CEO, BRITISH FASHION COUNCILLondon Fashion Week is the route throughwhich British fashion design talent is ledto market. It is a phenomenal success,establishing London as one of the four mainfashion capitals in the world. Twice a yearit acts as a magnet for the most influentialglobal fashion commentators, attracts over£100m of media coverage, boosting thebrand of British designers and Britain, andbringing millions of pounds of additionalspend to the London economy.London Fashion Week is at the forefront ofinnovation — it was for example, the firstFashion Week to live stream catwalk showsand create a dedicated digital innovationstrategy. The British Fashion Council,organisers of London Fashion Week, createnew focuses on British businesses each yearthrough the creation and development oftalent support initiatives in response to thefast moving needs for businesses to driveprofile and growth in this global industry.This year the British Fashion Council extendsits initiatives to embrace fine jewellery(RockVault) and fashion film (Fash/On Film).It has already announced the creation of abrand new showcase for British menswear,culture and style (London Collections: Men)which will launch in June.And it travels well. Twice a year the BritishFashion Council takes a selection of designersto meet prospective buyers, media and otherpotential partners/influencers in Paris, NewYork, Los Angeles, Hong Kong, and for thefirst time this year, mainland China.As a result, sales are up. Oxford Economicsestimates that sales of UK designer clothinghave been rising by around 20% a year inthe last decade, and are currently worthsomewhere between £2.5 and £2.9 billion.Behind the catwalks, huge efforts have goneinto nurturing talent to a level of qualitywhere it can hold its own on the worldstage and then, crucially, transition into asustainable business. This work has paid off:Britain is now taken seriously as a fashionbusiness hub as well as a creative hot house.The BFC NEWGEN programme, now in its15th year, and sponsored by Topshop forthe last ten years, provides financial supportfor the costs of showing at London FashionWeek, as well as business mentoring.Alexander McQueen was one of the firstdesigners on the programme; many othersuccesses have followed.The British Fashion Council now providesa pathway of support for the most talentedbusinesses throughout the early years ofdevelopment. A programme with Elle, theBFC/Elle Talent Launch Pad, supportsdesigners to build relationships withretailers throughout the UK. BFC FashionForward supported by the Mayor ofLondon, provides support for designers postNEWGEN to continue to show and developtheir businesses in London. Working withVogue, the BFC/Vogue Designer FashionFund, develops global profile and providesinfrastructure support.Separately other organisations includingFashion Fringe and Fashion East huntfor new talent and support individuals todevelop portfolios that are good enough toshow at London Fashion Week. The Centrefor Fashion Enterprise is an incubation unitthat provides studio space and mentoringfor designers “who already have the pressbuzzing”, supporting them as they developinto sustainable businesses. There are alsoa number of other organisations thatshowcase and support fashion talentthroughout the UK.Now that we have learnt what works whenbringing design talent to market, it is timeto put our foot on the accelerator.The first priority must be to secure the futuregrowth and development of our highly effectiveshowcases. The British Fashion Council,working with the industry must do its part toremain cutting-edge. But politicians have arole as well. Specifically, funding for LondonFashion Week (the UK’s global showcase fortalent) from the Mayor of London must beprotected. And, the government agency UKTrade and Investment (UKTI) must be sureto continue funding the guest programme,that enables important influencers to cometo London and experience Fashion Weekwhich in turn generates millions of pounds ofmedia coverage raising the profile of Britishbusinesses, and millions of pounds of orderssupporting growth.Next, we must expand our internationalshowcases particularly in new and emergingmarkets, securing both public and privatesupport as required. The European RegionalDevelopment Fund and UKTI have enabledthe British Fashion Council to kick-start thehighly effective programme of London showRooms with strong support from industryambassadors Sarah Mower and Tim Blanks.This initiative is now a proven method ofsupporting emerging talent to grow andthe British Fashion Council to promote thebreadth of British talent internationally. Itneeds support to develop further and toensure it becomes sustainable — allowingit to support future generations.The British Fashion Council’s existing talentpathways must be strengthened, learningfrom what works, with alumni encouragedto give a helping hand to future talent.The British Fashion Council aims to broadenaccess to its knowledge through there-launch of the Designer Fact File, providingan on-line, up to date, education resourceand information hub for emerging talentand developing businesses.And finally, the progress that has beenmade in supporting young designers tobuild sustainable businesses needs to beaccelerated and replicated. Our ambition isthat London should continue to be the bestplace in the world to incubate and grow afashion business with support to go fromstrength to strength.18 • Future of Fashion • Talent Creation and Development 19 • Future of Fashion • Talent Creation and Development4.1. Showcase Success 4.2. BFC Talent Pathway 4.3. Buildingon our SuccessDesigner Support Events and celebration Education and Industry InsightMARKET REPORTSBUSINESS SUPPORT NETWORKBFC Talent Pathway“THE BRITISH FASHIONCOUNCIL IS COMMITTEDTO ASSISTING DESIGNERBUSINESSES TO GROW ANDTHE SECTOR TO FLOURISH,SEEKING OUT ANDDEVELOPING NEW WAYS TOBUILD PROFILE, AUDIENCEAND OPPORTUNITY”HAROLD TILLMAN,CHAIRMAN,BRITISH FASHION COUNCIL““NINE YEARS AGO THEDESIGNERS IN OURSTABLE WOULD SHOWON THE CATWALK FORTWO SEASONS THEN GOBUST, NOW SUSTAINABLEDESIGNER BUSINESSES ARESEEING THEIR TURNOVERGO UP AND UP AND UP.”WENDY MALEM, DIRECTOR,CENTRE FOR FASHIONENTERPRISE