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.
In an open letter to Prime Minister Boris Johnson, more than 400 executives and creatives said that the current agreement with the European Union will “decimate” the £35 billion fashion and textile industry, with new taxes and tariffs, as well as travel restrictions, making it increasingly difficult to conduct business.
Cosignatories include designer Roksanda Ilincic, photographer Juergen Teller, Dazed Media’s Jefferson Hack and others.
“To survive post-Brexit and safeguard our future, we need to ensure we can trade with overseas businesses and are also supported to grow the internal market,” the organisers said in a release.
Fashion entrepreneur Samantha Cameron, whose husband called the 2016 Brexit referendum when he was prime minister, said last week that she was having difficulty conducting business in a post-Brexit world, according to The Financial Times.
The luxury goods maker is seeking pricing harmonisation across the globe, and adjusts prices in different markets to ensure that the company is”fair to all [its] clients everywhere,” CEO Leena Nair said.
Hermes saw Chinese buyers snap up its luxury products as the Kelly bag maker showed its resilience amid a broader slowdown in demand for the sector.
The group’s flagship Prada brand grew more slowly but remained resilient in the face of a sector-wide slowdown, with retail sales up 7 percent.
The guidance was issued as the French group released first-quarter sales that confirmed forecasts for a slowdown. Weak demand in China and poor performance at flagship Gucci are weighing on the group.