With the 29th March fast approaching and still no clear plan as to what government will do and the implications such decisions will have on not just the Fashion Industry but EVERY industry – we need to be prepared.
But how can we prepare for the unknown?
Future Proofing the British Fashion Industry
As a £28 billion sector the fashion industry is by no means a small one, and the potential implications of Brexit could have a dramatic effect on what this sector will look like five years from now.
As a fashion professional in a sector that will undoubtedly feel the implications of Brexit, areas we need to potentially consider in order to protect our futures, include:
Trading with countries in the EU.
Trading could take on many different challenges as well as tariffs when it comes to importing and exporting goods. Tariffs, which ultimately could affect your bottom line and the overall cost of your products (an increase that may also be felt by your customer). Working on your margins and preparing for potential price increases should be part of your business forecast going forward.
Fashion houses will also have to take into consideration HR and the pool of staff available, or rather the potential shrinking pool of talent available, when it comes to shop staff, designers, warehouse staff, delivery drivers and more – prepare to be disrupted.
We also as an industry need to take into consideration protecting as well as continuing to develop the talents of the next generation of designers and creative minds. This is an area that Fashion Rider will continue to support through the promotion of our membership – bringing together a diverse group of creatives within the fashion industry, sharing best practice and promoting some of the most talented individuals and businesses around the world.
Also linked to this area is The British Fashion Council who are working with the Home Office’s Tier 1 visa scheme to support 2,000 top designers from outside the EU with fast-tracked visas.
Exchange rate fluctuations also need to be thought about. For example, you may carry out your commercial transactions in Euros but sell your goods in (GB) Pounds – hence margins need to be considered and adjusted (also taking into account changes in customs duties too).
Trade Marks and Designs
Brexit will also have implications for Trade Marks and designs.
Kelti a supplier to Fashion Rider has recently provided some valuable information surrounding this area with some particular highlights including:
The Future of Brexit Fashion
We have to remember as a nation, Brexit has not happened yet, things could and do change regularly.
The fashion Industry has always seen periods of highs and lows, but what makes it so successful is that a designer’s ideas and vision is never limited to one nation and will always break through barriers if deemed appropriate.
The threat of Brexit and the potential losses the fashion industry could see is real. Protecting brands, people and business is what our focus needs to be on, ensuring that our sector thrives stronger than ever.
If you have any questions or comments, we’d love to hear from you, firstname.lastname@example.org.
Note: At the time of publication continuing debate on the potential delay of Brexit plans is being taking into consideration by Government, however no solid outcome has been provided as of yet.
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