A new report by the British Fashion Council (BFC) 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.
THE REPORT: The second edition of Commercialising Creativity 2.0, as a follow-up to the 2014 study commissioned by the BFC is in recognition of the changing and increasingly complex environment the fashion industry (designers, businesses, wholesalers and retailers) continues to face.
- The report is a tangible guide to support business growth, drive revenue, and provide strategic recommendations for industry stakeholders.
- The 2024 report reveals that over the past decade, the fashion industry has undergone significant changes, including challenges of Brexit, the rise of omnichannel strategies, a global pandemic, instability of wholesale models and shifts in buying habits and consumer segments.
NAVIGATING THE TURBULENT LANDSCAPE: 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.
- Build and Thrive: 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.
- Scale Successfully: 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.
The Commercialising Creativity 2.0 report was commissioned by the British Fashion Council, in collaboration with London Business School, and funded by the BFC Foundation.
WHAT THEY 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 BFC Commercialising Creativity 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.
— Caroline Rush
Chief Executive
British Fashion Council
