A coronavirus crisis fund worth £1,000,000 has been launched by the British Fashion Council (BFC) to help brands and designers struggling during the pandemic.
The BFC said it was using reserves from its charitable foundation to make emergency loans available to fashion businesses, with some funding set aside for students.
The fund has been made possible through the pooling of talent support grants that are usually awarded for early-stage showcasing support or business growth, the BFC added.
Announcing the move, BFC chief executive, Caroline Rush said: “Now more than ever, we are committed to support the businesses and people that make up our industry.
“With the BFC Foundation Covid Crisis Fund and the donations raised, our hope is to support those British businesses that need additional subsidies, beyond government stimulus available, to address their most urgent challenges.”
A host of the UK’s most iconic brands have been forced to pull the shutters as the public has been told to stay home and self-isolate, with many forecasting plunging sales and profits.
Fashion and home furnishing company Laura Ashley announced the closure of 70 stores earlier this month, citing pressure added by the pandemic.