RAPAPORT... An advisory board created by the European Commission (EC) from the fashion and luxury goods industries laid out its recommendations to officials in an effort to increase global competitiveness. Specific policy recommendations for E.U. action involve three key areas: Investing in skills, innovation, creativity, and excellence; ensuring the protection of European creativity and promoting growth in the digital space; and ensuring reciprocity and a level playing field in the international business environment and promoting fashion tourism.
The LVMH Group, which holds a place on the board along with Dior, Le Bon Marche and others, supports these priorities and believes that specific policy initiatives are essential for the right framework for job creation and competitiveness in Europe.
LVMH contends that high-end fashion is a key driver of sustainable growth and is of particular significance to Europe by contributing to its overall economic health, competitiveness, creativity, innovation, employment and export. The sector's annual economic output is estimated at $555 billion (EUR 440 billion) and it employs 1.5 million people both directly and indirectly.
Antonio Tajani, the vice president of the European Commission, said, “The example of luxury brands has shown that a sustainable business model based on culture, creativity and craftsmanship creates jobs and growth – we as policy makers need to ensure our policies support this by creating the right framework conditions.”