They were funded by businessman Wilf Boardman, who has been campaigning for a statue of Arkwright since 2013, and said it was “deeply satisfying” to see his dream realised.
“Arkwright’s pioneering work in mechanised spinning helped shape the modern industrial world,” he said.
“This long-overdue recognition ensures his legacy is properly celebrated for generations to come.”
Adrian Phillips, chief executive at Preston City Council said: “The Harris plays a vital role in sharing Preston’s stories, and these new sculptures are a fantastic addition to the collection.”