UK, Spain, France, Italy and Germany discuss growth for luxury market.
The European Cultural and Creative Industries Alliance (ECCIA) has welcomed a proposal by the European Commission to support the European luxury fashion industry, following a high profile round table discussion yesterday.
Representatives from Chanel, Dior, Harrods, Loewe, Emilio Pucci and others attended the meet where the European Commission’s vice president Antonio Tajani began discussions focused on further collaboration to promote luxury goods and increase jobs in the sector, in the UK, France, Spain, Germany and Italy.
Tajani put forward three proposals. The first is for the present ECCIA to become a high level advisory board on competitiveness for luxury brands. The second will be the creation of a European data observatory for the luxury market and the third proposal offers that a second study should take place, following a current report on fashion and the importance of the luxury sector to Europe and its links to tourism.
The European luxury sector was described by the commission as "a key driver of sustainable growth". It is said to be signficant in its contribution to Europe’s economic health, competitiveness, creativity, innovation, employment and export.
European brands account for about 75% of the worldwide luxury market and among the top 25 worldwide luxury companies, 17 are from the European Union.
The European Commission said that the personal luxury goods market remains integral to growth for Europe, accounting for more than €170 billion (£146 billion) of the worldwide luxury goods consumption, employing, in 2010, between 800,000 and a million people.
The commission also offers that the luxury industry’s “sustainable business model and drive for innovation and excellence” has proven its resilience in the financial crisis.
Together the European Commission and ECCIA are aiming to focus on growth and promises to support employment in the luxury sector through promoting and encouraging European artisanship and craftsmanship.
A release from the ECCIA said: “The ECCIA, as the representative of Europe’s Cultural and Creative Industries, highly supports these proposals by the European Commission, in line with its ongoing positioning as key for job creation and competitiveness in Europe.”
The two organisations will also support the European export industry, enabling free trade and encouraging tourism, and intends to increase consumer trust by encouraging luxury brands to grow online.
Growth will also be achievable, it says, by raising the standards of luxury goods and the service of luxury brands.
The European Cultural and Creative Industries Alliance composed of the five major European luxury goods and creative industries organizations, Circulo Fortuny (Spain), Comité Colbert (France), Fondazione Altagamma (Italy), Walpole British Luxury (UK) and Meisterkreis – Deutsches Forum für Luxus (Germany).