The European Commission‘s high-level advisory board on the competitiveness of the European Fashion and Luxury Industries, that includes the CEOs of LVMH brands Dior, Thomas Pink, Emilio Pucci, and Le Bon Marche, had its second meeting with European Commission Vice President Tajani.
At the meeting of the high-level advisory board announced that he would adopt specific policy recommendations for EU action in three key areas that impact the competitiveness of the sector:
– Investing in skills, innovation, creativity, and excellence;
– Ensuring the protection of European Creativity and Promoting Growth in the Digital Space;
– Ensuring Reciprocity and a Level Playing Field in the International Business Environment and Promoting Fashion Tourism.
The LVMH group, part of Europe’s Cultural and Creative Industries, supports these priorities by the European Commission, and believes specific policy initiatives in these areas are essential for the right framework conditions for job creation and competitiveness in Europe.
The European luxury sector, that includes among others 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. It’s annual economic output is estimated at 440 billion Euros, and the sector
employs 1,5 million people (directly and indirectly). Furthermore, 69% of Europeans believe the luxury sector plays a
vital role for the creation of employment and the competitiveness of Europe in relation to the rest of the world.
Vice-President Tajani 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”.