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.
A quarter of British fashion companies have considered relocating all or part of their business, and nearly 60 percent see the country’s reputation as a fashion hub negatively impacted as a result of Brexit, according to a survey of about 200 industry stakeholders including designers, business leaders and creatives conducted in January and February by industry advocacy group Fashion Roundtable.
The findings underscored the challenges facing Britain’s fashion industry as it contends with the financial fallout of the pandemic, rising costs and complications related to Brexit and new legislation to end tax-free shopping for overseas visitors. Fashion Roundtable is pushing to move the interests of the industry up the UK’s policy agenda.
The country’s exit from the EU at the start of the year has already caused significant problems, including delays, customs complications and rising costs. The end of free trade and free movement with Europe are major concerns for fashion professionals, Fashion Roundtable’s survey found.
Fashion Roundtable called on the government to provide more support to the industry, putting forward 11 recommendations, including a change to visa requirements and salary thresholds for fashion creatives and garment workers; reinstating the tax-free shopping scheme and extending it to EU visitors; clearer, more robust intellectual property and design rights; subsidies or exemptions for moving equipment and samples around the EU; incentives for on-shoring business and manufacturing and financial support packages in keeping with fashion’s contributions to the economy.
A US regulator has banned most uses of the clauses, which started as a way for fashion companies to prevent senior executives from walking off with trade secrets, but have become a standard retention tool.
Check out this week’s new partners and openings on BoF Careers, the global marketplace for fashion talent.
BoF Careers provides essential sector insights for fashion designers this month, to help you decode fashion’s creative and commercial landscape.
This week, talent expert Suki Sandhu OBE and advisor and executive search consultant Karen Harvey shared insights on the core skill sets expected of leaders and managers in the fashion industry today. BoF Careers shares key learnings from the event.