The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
LONDON, United Kingdom — L'Oreal SA, the world's largest cosmetics maker, will be cautious in raising prices in the UK to make up for the slump in the pound, chief executive officer Jean-Paul Agon said in the wake of a pricing dispute between Unilever and Tesco Plc.
“We will be very cautious to respect both consumers and our relationships with retailers,” Agon said Friday in an interview with Bloomberg Television, adding it’s not the fault of customer that some production costs are rising.
For companies that make products with imported raw materials, Brexit is raising a conundrum in the UK that they’re more used to facing in markets such as Russia and Brazil: how to pass along part of the burden of higher costs after a currency devaluation starts eroding margins. Tesco, Britain’s biggest supermarket chain, and food giant Unilever had a standoff over UK pricing this week, leading the retailer to temporarily remove Unilever products such as Marmite from its online offerings.
The pound has slumped 15 percent against the euro since voters opted for Brexit on June 23. Last week, Swiss cheesemaker Emmi AG said prices will need to go up in the UK, while Nestle SA said in August the pound’s devaluation is raising the cost to import cocoa and coffee.
By Thomas Mulier and Francine Lacqua; editors: Matthew Boyle, Phil Serafino and Kim Robert McLaughlin.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.