Before COVID-19, UK fashion was estimated to contribute £35bn to the UK economy in 2019 but the pandemic threatens to reduce this to £26.2bn, according to Oxford Economics data published by the British Fashion Council.
The impact of the pandemic could hit the fashion industry twice as hard compared to the UK overall, effectively wiping out the above-average growth achieved by the UK's fashion industry over the previous decade.
Oxford Economics estimates that there could be 240,000 direct job losses in fashion, rising to 350,000 when the impact on the wider economy is included.
Revenues are predicted to drop from £118billion in 2019 to £88billion in 2020.
In July 2020, whilst welcoming support measures implemented by the government, the BFC pointed to research that found many fashion businesses had not been able to access these schemes.
In order to ensure future employment, whilst re-setting the industry with a focus on clean growth and positive change on the planet and its people, the BFC asked the government to consider the future of the sector through a series of seven measures.
Read more about the BFC's recommendations.
This would be a reversal of the industry's track record of economic growth and increased productivity.
In 2014, Oxford Economics estimated the fashion industry had grown by 23% since 2009. The economic consultancy also wrote The Economic Value of the UK's Fashion Industry in 2015.
Read the 2015 BFC/Oxford Economics report