BREXIT news and archive

Report: British retail exports to EU fell six billion pounds post-Brexit

New research has shown that international sales to the EU by British brands and retailers have fallen by 5.9 billion pounds since the introduction of Brexit, with uneven impact seen across categories. Among non-food exports, Clothing & Footwear has been one of the most impacted categories, with exports declining from 7.4 billion pounds in 2019...

RetailFeatured

UK sees 750 million pound loss due to tourist tax impact on Chinese tourists

The absence of spending by Chinese shoppers due to the tourist tax is taking a toll on the UK, costing the nation an estimated 750 million pounds annually. A recent report from the Association of International Retail (AIR) has corroborated what many businesses have been emphasizing for months: high-spending Chinese tourists are now choosing to...

Business

Report details Brexit impact on UK fashion and textile industry, makes key recommendations

A new report has detailed the impact Brexit has had on the UK’s fashion and textile industry, and outlined five recommendations to support future growth. The report was jointly published by the Business of Fashion, Textiles and Technology (BFTT) led by the University of the Arts London, and the Future Fashion Factory (FFF) led by the University...

BusinessFeatured

UK and EU agree new Brexit deal for Northern Ireland

The UK and EU have come to a renewed Brexit agreement concerning the Northern Ireland Protocol. Called the Windsor Framework, the aim is to avoid a hard border between Northern Ireland (which is part of the UK) and the Republic of Ireland (which is an EU member state) by keeping Northern Ireland aligned with some EU rules and regulations. The...

RetailFeatured

Covid scars had deeper impact on UK retail than expected

The negative impact of the Covid-19 on the retail industry may have been underestimated, according to new official data. Findings from the UK’s Office for National Statistics (ONS) released on Monday indicate a shrunken economy and ongoing suffering in post-pandemic daily life for many individuals. The ONS said the revised estimates of GDP still...

Business|Interview Featured

Business in uncertain times: How Zalando is dealing with Brexit, inflation and shifted consumer sentiment

Online retailer Zalando is one of the leading destinations for fashion and lifestyle in Europe. The Berlin-based company serves 25 European markets with an overall consumer base of around 49 million. With its Platform Strategy at its centre, namely the marketplace model and connected retail, Zalando aims to achieve international growth by...

Business

Euratex report: “Brexit has been a lose-lose deal for the textile industry”

The European Apparel and Textile Confederation Euratex has looked at the latest trade data from January to September 2021 and found a “dramatic drop” of imports and exports of textile goods between the EU and UK, with exports falling by 44 percent to almost 2 billion euros and exports by 22 percent, corresponding to 1.6 billion euros. This means...

Business

UK signs 'landmark' free trade agreement with Australia

The UK has signed a trade agreement with Australia setting new global standards in customs and services and creating new work and travel opportunities for both nations. Agreed upon by UK prime minister Boris Johnson and Australian prime minister Scott Morrison in June, negotiators have now finalised the agreement with the final deal signed in a...

Business

Marks & Spencer to close 11 French stores amid Brexit border disruption

Marks & Spencer is to close all 11 of its franchise stores with partner SFH in France in the coming months amid disruption caused by new Brexit border checks. The retailer said the decision comes as “lengthy and complex export processes” are “significantly constraining the supply of fresh and chilled product from the UK into Europe and...

BusinessFeatured

Yolke switches to a direct-to-consumer model

British clothing and sleepwear label Yolke are stepping away from wholesale and switching to a direct-to-consumer model via its own e-commerce from September, as a result of Brexit challenges and to become more sustainable. Yolke said that the decision was made in reaction to the additional duties and taxes brought on by Brexit, which has meant...

Retail

New costs of buying from EU-based retailers should be clearer, says Which?

Consumer watchdog Which? has called on the government and businesses to make new costs of buying from EU-based retailers clearer so consumers aren’t caught off guard be extra costs. It comes as new import charges and returns policies have made post-Brexit shopping more difficult for Brits trying to buy from European retailers. Two in five (42...

BusinessFeatured

Ted Baker Q4 sales fall, warns of 5 million pound Brexit hit

Ted Baker has reported a 47 percent dive in Q4 revenue linked to store closures during the UK’s third lockdown. The British fashion retailer said a fall in footfall when its stores were temporarily open and a drop in demand for outerwear and occasionwear during the Christmas period also took a toll on sales. For the quarter ended 30 January,...