A study by the French Fashion Institute (IFM) shows that the sales revenue of the French fashion industry and fashion-related industries (such as jewelry, eyewear, watches and high-end beauty products) is higher than the two major industrial sectors of the aerospace industry and the automotive industry.
According to Reuters, this research report estimates that French fashion and related industries have annual sales of 150 billion euros, aerospace industry annual sales of 102 billion euros, and automotive industry 39 billion euros.
The study was carried out in collaboration with independent economists and statisticians from the Insee, and also used official customs data.
Ralph Toledano, chairman of the French High Fashion Council, said the importance of the French fashion industry was severely underestimated by government authorities. “The French are not very aware of the importance of the lifestyle industry in their country. But abroad, people’s after-meal talk is not Airbus, but Chanel, Yves Saint Laurent, I can guarantee that,” he said.
The French Haute Couture Union and the French Women’s Ready-to-wear Federation have jointly submitted the study.
The study also specifically points out that the six annual fashion weeks in France (2 women’s clothing, 2 men’s clothing and 2 high-definition) generate a total of 10.3 billion euros in annual revenue.
In addition, Paris Fashion Week brings 1.2 billion euros of tourism revenue each year, including other expenses such as accommodation, dining, taxis, and the revenue generated by the fashion show itself.
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The study concluded that French fashion brands and foreign brands controlled by French shareholders generate a total of 70 billion euros in sales revenue (including overseas revenue) each year.
However, due to terrorist attacks, bad weather and other factors, the sales situation of the French garment market has also been negatively affected. According to the French Women’s Clothing Association, sales of women’s clothing in the French local market fell by 2.8% year-on-year to 4.9 billion euros, the highest decline since the first half of 2013.
Contrary to weak domestic consumption, exports of women’s ready-to-wear increased by 2% year-on-year to 1.5 billion euros. The export value of the French garment industry accounts for 35% of France’s total exports. The top three export markets are Italy, the United States, and China.