Fashion Week brings in €1.2 billion to Paris economy

Fashion Week brings in €1.2 billion to Paris economy
Photographers take pictures of a model as she walks by the Grand Palais in Paris. Photo: AFP
While Kim Kardashian’s robbery may have over-shadowed the headlines, Paris Fashion Week still managed to bring a major economic boost to the city.

The French Fashion Institute (IFM) released a study on Tuesday that found the week long event – which consists of 300 runway shows around the city – brings in €1.2 billion in revenue.

With six different fashion weeks per year, this results in as much as €10.3 billion annually.

According to federation leaders, the industry, which is perhaps one of the more underrated in its significance, is worth up to €150 billion, or 2.7 percent of France's GDP, and accounts for up to 1 million jobs.

This tops the annual revenues of France’s aeronautic industry (the largest in Europe – at €120 billion per year) and automobile industry (at €39 billion year per year).

So despite celebrity scandals, longer queues at the city’s trendy cafés, and paparazzi-crowded parks, the Fashion Week craze carries more benefits for Paris and France than the headlines indicate.

Isabel Miller-Bottome

 

 


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