The British Fashion Council (BFC) is announcing today the first round of recipients of the BFC Foundation Fashion Fund, supporting creative fashion businesses and individuals to survive the Covid-19 crisis. Financial support will be given to 37 British designer businesses, with grants taken from £1,000,000 emergency fund, allocated to businesses depending on their urgency and capability to come through and flourish post-crisis. A portion of funds has also been allocated to students, highlighting the next generation of creative leaders.
E. Tautz FW20 Backstage shot by Lewis Soames for Fucking Young!
The emergency fund was made possible through pooling the BFC talent support grants that would have traditionally been awarded for either early showcasing support or business growth and promotion: BFC/Vogue Designer Fashion Fund, BFC/GQ Designer Menswear Fund supported by JD.COM, INC, BFC Fashion Trust, and BFC NEWGEN. As the BFC Vogue Designer Fashion Fund had already completed the judging process, it was decided that the cash prize and mentoring award would be split across each of the six shortlisted brands for the very first time.
This is the first announcement of recipients to receive funding from the BFC Foundation Fashion Fund for the COVID Crisis, which has seen over 220 applications to date. Fund recipients are entitled to a £50,000 sum, and will also be given access to the BFC business support and mentoring from the BFC’s Fashion Business Network including DLA Piper, Eco-Age, Farfetch, FashionEx, Google, HSBC, Instagram, among many others, and will be mentored across the business value chain.
All applicants that didn’t receive funding through this round will be informed on new rounds of funding, government support schemes, and webinars to collectively help business in challenging times. While one million poundings could be classed as a great start, the scale and need is much greater as the BFC has called on both the government to step in to work on industry stimula, and on the industry/individuals to support the Fund through donations to compensate further. Donations towards the next round of funding have been received from Alexander McQueen, Browns, Clearpay, and Coach Foundation.
Caroline Rush, Chief Executive BFC said: “Over the last couple of weeks, we have seen an astonishing amount of applications come through from British designer businesses all over the country, asking for help to survive the crisis. The need for support is immense. Our hope is to re-open the fund for future rounds, to help as many businesses as possible, and ensure the future growth and success of the British fashion industry.”
Recipients for the Fund are:
