What Brexit Means for the Fashion Industry. Today's news that Britain has voted to leave the European Union has sent stock markets plunging and hammered the British pound, which hit its lowest point in decades.
Although it will likely take years for Britain to untangle itself from the EU, many in the fashion industry are left questioning what the change could mean for their livelihoods. Of course, London is a major fashion player, with the fashion industry contributing an estimated $38 billion to the UK economy in 2014, according to the Business of Fashion. Advertisement - Continue Reading Below A weak pound and uncertainty about new tariffs could mean major challenges for UK-based businesses, which often source fabrics and produce in other parts of Europe.
Before last night's vote, the British Fashion Council surveyed its members and found that the vast majority—90% of members—wanted to remain in the EU. Fashion retailers cash in on the 'lipstick index' Supermarket beauty products September 2016: Dove, Maybelline and Topshop. Sales of designer lipsticks are always reported to surge during a recession, and with good reason.
Treating yourself to a luxury lippy is a quick way to boost your mood without shelling out the sort of cash required for a really amazing pair of shoes. But those little purchases can quickly add up, and while you want to feel pampered and ensure an end result that says supermodel rather than supermarket, being a savvy beauty shopper is about knowing where you can afford to scrimp. The secret is to spend only where necessary – a good foundation is non-negotiable – but there are lots of products that can be substituted for ones that cost the big bucks with very little sacrifice in the end results.
Lipstick effect. The lipstick effect is the theory that when facing an economic crisis consumers will be more willing to buy less costly luxury goods. Instead of buying expensive fur coats, for example, people will buy expensive lipstick. It has been rumored that lipstick sales doubled after the 9/11 attacks on the United States; however, other sources[who?]
Say this is an overstatement. In a New York Times article published May 1, 2008, Leonard Lauder is quoted as saying that he noted his company's sales of lipstick rose after the terrorist attacks. He did not claim they doubled. The underlying assumption is that consumers will buy luxury goods even if there is a crisis. When consumer trust in the economy is dwindling, consumers will buy goods that have less impact on their available funds. Amancio Ortega Temporarily Overtakes Bill Gates As Richest Person In The World. The richest man in the world stands at the A Coruna International Show Jumping competition in Arteixo, Spain on July 31. / Photo credit: MIGUEL RIOPA/AFP/Getty Images Amancio Ortega, the Spanish retail genius who started Zara, passed Microsoft cofounder Bill Gates to become the richest man in the world on Wednesday and Thursday, before Gates reclaimed the title Friday morning.
Shares of Ortega’s business Inditex, parent company to Zara, Massimo Dutti and Pull&Bear, ticked up 2.5% Wednesday, boosting his personal fortune by $1.7 billion, then fell 2.8% by Friday. As of 10 a.m. Friday morning, Ortega was worth $77.8 billion, while Gates was worth an estimated $78.1 billion. Uniqlo Opens Biggest Southeast Asia Store, Looks Abroad for Growth. TOKYO, Japan — Casual clothing chain Uniqlo is taking its biggest chance in Southeast Asia.
The unit of Fast Retailing Co. is opening a store on Singapore’s iconic Orchard Road that will have 2,700 square meters (29,000 square feet) of shopping space on three floors. The store will be Uniqlo’s largest in the region as the brand looks for growth outside Japan to revive flagging profits at its parent. Fast Retailing is busy opening stores in the US, London and across Asia to help reduce its dependency on a home market where Japanese household spending is falling. Prada Sales Slide on Weak Demand. MILAN, Italy — Prada SpA reported the first decline in opening-half sales since its 2011 listing as weak demand in China and terrorist attacks in Europe continued to weigh on the Italian luxury-goods maker.
Revenue fell 15 percent to €1.55 billion ($1.8 billion), the Hong Kong-listed company said in a statement Friday, missing the €1.65 billion average analyst estimate compiled by Bloomberg. Earnings also declined, though by slightly less than analysts predicted. As the wider luxury industry struggles for growth, Prada has been hit harder than most. Why The Hermès Birkin Bag is a Better Investment Than Gold. Brexit boosts tourist spend in July. H&M Accused of Working With Underpaid and Overworked 14-Year-Olds in Myanmar Factories. Fast fashion comes at a cost, as shown by a new book published in Sweden.
Economy Of Fashion: How Different Trends Reflect The Financial State. It's common knowledge fashion is cyclical in nature.
The concept of “newness” in fashion doesn't refer to the premiere of a trend, but rather its revival. Why fashion cycles in this manner, however, is less obvious.