Brexit has dominated just-style’s coverage over the past week, with stories looking at what lies ahead for the apparel industry, what it might mean for pending EU trade deals, why clothing deflation will come to an end, and how British brands and retailers should start planning now in order to try to minimise the damage – and the role they can play in building a new post-EU market.
Brexit and the apparel industry – what lies ahead?
The apparel industry must accept Brexit is going to happen – and start planning now in order to try to minimise the damage, writes Mike Flanagan, in his latest assessment of the UK’s vote to turn its back on the European Union (EU). There are six things we all need to understand about the potential ramifications of Brexit going forward.
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Brexit sparks uncertainty over pending EU trade deals
Brexit creates deep uncertainty over the fate of EU trade deals that are pending ratification, such as the deal with Canada, and those under discussion, such as the Transatlantic Trade and Investment Partnership, or TTIP, with the US.
Brexit to halt deflation in UK clothing and footwear
The UK’s Brexit vote to leave the European Union (EU) will ensure inflation returns to the country’s clothing and footwear sector, an analyst has said, with the sharp decline in the pound leading to increased import costs. Kate Ormrod, senior clothing and footwear analyst at Verdict, notes that currency hedging will protect retailers in the short term, but adds: “We expect higher costs to filter in from the back end of Q2 2017.”
How apparel retailers should react to Britain’s Brexit
The UK yesterday (23 June) voted in favour of ‘Brexit,’ a decision that means the country will leave the European Union (EU) – well, soon. Mike Flanagan believes British apparel brands and retailers stand to gain a lot from post-Brexit trade negotiations, but only if they sharpen up their acts.
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A focus on innovation in industrial engineering and information technology (IT) is helping manufacturing giant Crystal Group maintain its competitiveness in the face of a difficult business climate – as well as contributing to greener, more sustainable manufacturing processes, the company says.
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