Members of the fashion industry took to social media to voice their opinions on the outcome of Brexit - overwhelmingly, disappointment. I’ve never been so unproud to be British, Katie Grand, the editor in chief of Love magazine, wrote on Instagram.
Fear has been the common motivator on both sides of the issue, the New York Times wrote. That underlying xenophobia was a large part of fashion players’ frustration with the outcome. As Jonathan Anderson of Loewe and J.W. Anderson said on Instagram, ‘Fear is just a virus.’ But the Brexit, as the departure from the E.U. is known, could create challenges for their businesses, too, and even for shoppers.
Many British luxury brands, like Burberry, buy fabrics and produce clothing in Europe. A weaker pound could send manufacturing prices soaring. Either the brand absorbs that, or it passes the cost on to consumers. On the flip side, that might create an opportunity for French and Italian fashion brands, which already make up half of the global luxury market, to gain further market share.
For foreigners who happen to be in London this weekend, however, it might not be a bad idea to take a shopping trip. A pair of heeled Gucci loafers, currently available on Net-a-Porter, currently cost £420 - $580 at current exchange rates. A month ago, they would have cost you about $613. A metallic jacquard Mary Katrantzou dress from Selfridges, which goes for £1,785, translates to $2,468 at the moment — down from roughly $2,606 last month.