The British Fashion Council (BFC) is hoping to encourage philanthropy to promote growth in the industry by creating its own patronage scheme called the BFC Fashion Trust. The scheme, which will officially be launched later this year, aims to set up a global network of patrons who offer financial support and mentoring.

In a report, Future of Fashion Strategic Considerations for Growth, published during London Fashion Week last month, the BFC said: “In the arts the concept of patronage is well established with individuals becoming patrons of the arts as a means of giving financial support to individuals, groups or venues. There is now a growing interest in becoming a ‘patron of fashion’ as a parallel form of philanthropic giving to creative activity.”

Fashion tycoon Sir Philip Green has already pledged to help more young people get ahead in the designing and manufacturing of clothes. Speaking at the press launch of London Fashion Week, he said: "Now more then ever it is important that we continue to help to develop all the young talent that we can.” Sir Philip also announced that his retail clothes chain Topshop has renewed its sponsorship of NewGen, a scheme set up by the BFC to showcase and promote new designers.

The BFC report states: “New audiences are now looking at British fashion businesses for many different reasons. Investors are attracted by the combination of creativity, innovation and commerciality that is coming out of London through designer and online businesses. This interest supported by the government EIS [Enterprise Investment Scheme], has the potential to see a new wave of investment into the sector that could support growth.” The EIS offers a series of tax reliefs to encourage investments in small enterprises.

Download the report for free here