Brexit and its meaning to the fashion

Since the Brexit happened, pound plunged to new lows, economy is staggering and the element of uncertainty appeared for this new future. I am going to analyse what meaning Brexit has to fashion and its talent in Britain.

Newspaper “The Guardian” states: “Brexit is a disaster for British fashion” – and WGSN questioning: “What now for “Brand Britain”? How Brexit may affect the British fashion industry”? I will look into the content of the articles and extract important information about Brexit’s and fashion relationship in the UK.

There are many questions raised in the articles, one of the main is more visible discrimination against foreigners that now, after Brexit feel like they are unwelcomed to the country. That takes away a cosmopolitan reputation from London as a fashion capital, and invites stagnation to take its place.

“Middle Eastern consumer accounts for 30% of non-EU spend at Westfield London and 23% of non-EU spend at Westfield’s luxury quarter, The Village.” (WGSN). Keeping that in mind, it is obvious that tourists have a significant amount of buying power. Hate towards tourists and immigrants in general, won’t lead to the better future, UK’s market will only lose money because of it.

Investors do not want to put their capital into risky businesses, especially those from overseas. With this uncertainty they would rather create jobs and business in their own home countries. With financing cut out, UK’s fashion might suffer significantly. One thing is sure – there is uncertainty about what’s going to happen next.

Karl Lagerfield talking fashion and Brexit

References:

https://www.wgsn.com/blogs/brand-britain-how-brexit-may-affect-the-british-fashion-industry/

https://www.theguardian.com/fashion/2016/oct/17/disaster-british-fashion-industry

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