The apparel industry in Britain is worried about the impact of Brexit. For now retail sales continue to be strong and consumer spending at home is high. British brands continue to perform well in export markets and London is still home to the best talent in the global fashion industry.
Also retail sales suffered only a slight dip in August, after a strong July. The weaker pound since the referendum boosted sales of luxury items to foreign tourists by making them cheaper.
But high street retailers feel prices may rise as the weak currency makes it more expensive to import goods from overseas suppliers. Many fashion designers wanted to stay on in the European Union, and there are fears about the impact of exiting on exports, costs and Britain’s ability to attract design talent. The EU accounted for 70 per cent of British textiles and apparel exports in 2014.
From home grown start-ups to international fashion houses, every business in the industry has to play a major role in ensuring Britain makes a success of Brexit. The country has to take advantages of the opportunities that leaving the EU gives it and plays to its strengths as a great trading nation.