In the new EU Industrial Policy strategy, published on 10 October, the European Union announces its intention to focus on creative industries, such as the European fashion and high-end industry.
As part of the strategy, the EU notes that "Given their economic significance, it is important to ensure that adequate policies are in place at EU level that take into account these business models and help the companies to continue to grow and create jobs."
In particular, the luxury industry has proven resilient to the crisis: A recent study shows that the industry corresponds to 3 % of EU (non-financial) GDP with an annual turnover of above € 400 billion. Some 990 000 people are directly employed in this sector in Europe. By merging traditional craftsmanship and quality manufacturing with high-end technologies, design and innovation, the European high-end industry promotes European values, culture, art, creativity and know-how in the world – leveraging European soft power.
European Commission Vice-President Tajani, in charge of Industry said "In recent years, along with my services, I have closely studied the business model and performance of different creative industries including the high-end industry. Indeed, the world high-end market is dominated by European entrepreneurs, such as Bernard Arnault-led LVMH, that have continued to drive growth and create jobs in Europe".