Could the Fashion Industry be Influenced by Brexit?
The UK is still reeling after a shock Brexit vote that will allow them to leave the EU. As fashionistas, we’re left thinking what will happen to the fashion industry as a result. With so much up in the air right now, the industry could change immensely in the coming months.
Fashion is big business in the UK, with London taking up a large portion of where these businesses are based. This mini economy of its own is filled with designers, buying and selling their products. This has already been slammed by the drop in the value of the pound and it won’t be getting any better soon. The wholesale price of fabric has increased, which may mean that we pay more for the end product.
The free movement of people in the EU has been a coup for the fashion industry but this could change. The ability to move around the union and work without a visa is huge for designers. A visa system could put this all at risk, as they would technically be working while at fashion shows. This is a time consuming process and could lead to shows being cancelled if models cannot make the trip.
The Brexit outcome is hitting other areas hard, too. If you enjoy casino gaming, for example, then this could also be set to change with potential new restrictions imposed. These are usually licenced somewhere in the European Union and brought to players in their territories. The PayPal casino sites on www.paypal-casinos.co are operating as usual and are hoping to continue to do so. These two industries are linked by their post Brexit scramble, as they try to find their feet.
The British Fashion Council has stated that they’re planning on going ahead with London Fashion Week this year. For the foreseeable future, this will be fine but when Article 50 is triggered the economy will change once more. This could lead to another slump in the economy, which will throw the whole industry back into turmoil.
Of course this affects the big designers on a grand scale but it also affects the smaller companies that make this industry great. While the larger companies will see more shifts in their stocks, the smaller businesses are more likely to close during this time. This will be where we see the most casualties in the industry and it could mean a large loss of creativity.
The market is already volatile, which means that it’s about to get a whole lot more competitive. Designers at home will be more popular than in other countries, as they may have to pay taxes to import their goods. It will be a big loss for the industry if these negative aspects occur as a result of Brexit and an even bigger loss of the consumer.
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