Issue
37:
November 2017
Product Overview
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Talking strategy: impact of Brexit on the UK fashion and textile industry—threats and opportunities |
14 pages,
published in Issue 37, November 2017
Report price:
Euro 305.00;
US$ 400.00
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In June 2016 a majority of voters opted in a referendum to end 43 years of UK membership of the EU. No EU member state has left the EU before, and so there is considerable uncertainty which is making it difficult for the business world to plan. This edition of Talking strategy is based on a keynote speech by the chairman of the UK Fashion & Textile Association (UKFT), Nigel Lugg. The speech was presented at a conference, "Beyond Brexit – Helping the Fashion Industry Turn Uncertainty into Opportunity", which was organised by the Association of Suppliers to the British Clothing Industry (ASBCI). In Talking strategy, Nigel Lugg discusses UKFT's concerns regarding the impact of Brexit on: the future availability of talent if inward migration is restricted; future access to the single European market, given that 74% of UK textile and clothing exports go to other EU countries and 45% of UK textile imports and 25% of UK clothing imports come from other EU countries; potential delays in the movement of goods across borders; protection of intellectual property; and funding for research and development. On the positive side for the UK industry, the value of sterling against the euro and the US dollar has fallen and this has improved the price competitiveness of UK exporters. It has also made imports more expensive, prompting UK retailers to look at sourcing more from UK suppliers. In addition, it has made the UK market less profitable for foreign suppliers and prompted the latter to divert some of their exports to other markets. Another positive for the UK industry is that Brexit will enable the UK to conclude its own trade agreements and this could boost exports. Also, tighter border controls will make it easier to prevent the entry of counterfeit brands, and there will be opportunities for reshoring to supply the growing market for fast fashion as imports from "near shore" countries become more expensive. Opportunities will also lie in the supply of technical clothing for the military, the police, the fire service, the National Health Service (NHS) and transport infrastructure, and, more generally, there will be opportunities for some easing of regulations relating to labour, health and safety, and the environment.
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practical and strategic advice from industry experts