France’s luxury industry breathed a sigh of relief after President Emmanuel Macron was re-elected on Sunday.
Macron recognized the importance of the fashion industry as France’s top export sector in January. At the inauguration of a Chanel-sponsored artisan workshop in January, he said: “If I look at the figures for 2021 today, it (fashion) is our country’s leading export sector.”
Macron is only the second president to serve two terms in the last two decades. He received 58.8 percent of the vote against the right-wing conservative Marine Le Pen. With Le Pen at the head of France, the employment of many foreign workers would have been at risk.
Figures from the Federation de la Haute Couture et de la Mode (FHCM) show that the fashion industry in France is a €150 billion industry, employing over 1 million people and generating 2.7 percent of GDP. This sector is therefore more important for the French economy than the automotive and aviation industries.
French fashion is thriving under Macron’s government
Under Macron, the fashion industry experienced an international upswing. 50 of the largest French fashion companies have an average export rate of 80 percent.
Macron has championed “Made in France” craftsmanship and introduced a law for 2020 to recruit and train artisans to keep know-how in France. French fashion start-ups also have access to finance through the public investment bank BPI, which boosts the growth of French companies by providing loans, guarantees and buyer and supplier credit to promote business abroad.
While many business leaders have kept their personal opinions on the election to themselves, LVMH boss Bernard Arnault Macron has already publicly reiterated.
This translated post previously appeared on FashionUnited.uk.