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The fashion and textiles industry is huge both in the UK and globally and involves vast sums of money. It is one of the most creative industries in the world. According to the Value of the UK Fashion Industry report commissioned by the British Fashion Council, it contributes an impressive £21 billion to the British economy. The industry has continued to expand, despite the shrinking economy. In the past decade sales of UK designer fashion have increased by approximately 20%.
An increasingly globalized industry such as fashion brings with it, its own challenges. There are a variety of issues pertinent to this fast changing and constantly evolving industry.
In the context of the growing importance of the fashion industry it is essential to consider the importance of intellectual property “IP” of fashion designs and brands.
The Mulberry logo, the Oscar De La Renta wedding dress and the Nike Air Max trainers are all the products of tremendous creativity and skill in the fashion industry. There is no doubt that the value of intellectual capital to the creation and marketing of items in the fashion industry is huge, regardless of whether it is high end fashion or ready to wear. Therefore it is surprising that many small and medium sized businesses do not invest in protecting their intellectual property. The effects of copying designs are particularly damaging for emerging designers for whom every sale counts.
Intellectual property is a form of property. Just like physical property it can be sold, bought, inherited or otherwise transferred, like any property rights IP law allows the owner to benefit from their work and investment in that creation. It is a valuable asset. It is vital that businesses identify such valuable assets and invest accordingly in protecting them through the intellectual property framework. It is hugely important that designers recognise creative Intellectual Property “IP” rights as financial assets and place importance upon trade marks.
It is important to note that creativity is not limited to the act of designing an item, it also includes the ad campaign which is creatively put together to achieve the competitive edge that is vital for success. All this intellectual capital when linked to a unique brand becomes of significant value for a fashion company.
Michael@trademarkroom.com
