Brexit leaves UK luxury sector at risk of decimation
Walpole, the official body for the UK luxury industry, is one of the signatories of an open letter to the UK prime minister complaining about the effects of Brexit on fashion and luxury brands.
Sent at the end of January, the letter states that the trade arrangements the UK has in place with the European Union now that it is no longer a member state puts “at real risk of decimation” a sector that contributes £35 billion to the UK economy and employs almost 1 million people.
Commenting on the letter, Walpole chief executive, Helen Brocklebank, told the Financial Times that 42% of UK luxury brands’ export sales come from the EU. But under the new arrangements, the cost and administrative burden of selling to customers in EU member states mean many of Walpole members have concluded that “they simply can’t afford to continue selling to those countries”.
Ms Brocklebank called on the government to make the new arrangements simpler and to put measures in place to boost the retail tourist trade.
Image from Walpole member Ettinger.
