Brexit 'means economy faces 50/50 recession chance' Image copyright Reuters The UK has a 50/50 chance of falling into recession within the next 18 months following the Brexit vote, says a leading economic forecaster. The National Institute of Economic and Social Research (NIESR) says the country will go through a "marked economic slowdown" this year and next. It says inflation will also pick up, rising to 3% by the end of next year. "This is the short-term economic consequence of the vote to leave the EU", said Simon Kirby of the NIESR. Overall the institute forecasts that the UK economy will probably grow by 1.7% this year but will expand by just 1% in 2017.
Fashion’s Fourth Industrial Revolution LONDON, United Kingdom — In the 18th and 19th centuries, the first and second industrial revolutions harnessed water, steam and electric power to mechanise the making of clothing, challenging the traditional system of craft-based production. In the mid-20th century, a third industrial revolution — in information technology and data analysis — radically changed the business of fashion once again, giving rise to fast fashion giants like Inditex and forcing the industry to rethink its ‘broken’ system for the age of Instagram. Now, a fourth industrial revolution — powered by a constellation of new innovations across the physical, digital and biological worlds, from 3D printing and artificial intelligence to advances in biomaterials — is driving a new wave of change across the economy, with major implications for fashion.
Top 5 Global Cities To Live And Do Business In 2016 Article provided by Bayut.com When it comes to living in a foreign city, one has to consider the population, infrastructure, overall size, political context, per capita income and development path. The city’s economic growth, real estate developments and entertainment facilities also play a vital role in making decisions towards moving to a city or investing in it. Here we compile a list of five cities to look out for while aiming at living or investing internationally in 2016. Rising costs pile on the agony for Britain’s fashion retailers From culottes to “cold shoulder” tops and woven loafers last seen in Miami Vice, many Britons have struggled with this summer’s fashions, but now there is an even more unpalatable trend on the horizon – in the shape of higher prices. The devaluation of sterling following the June Brexit vote has had major ramifications for store chiefs who pay in dollars for large quantities of imported goods. The first indication of where prices could be heading came last week from Next, one of the UK’s biggest clothing retailers, which pencilled in increases of up to 5% in 2017. “We have always taken the view that if our costs go up, our selling prices will go up,” said Next chief executive Lord Wolfson.
Is the Customer Always Right? LONDON, United Kingdom — When talking about the digital world, fashion designers and business leaders often mention the “direct conversation” the internet enables them to have with consumers — the instant feedback they get on every image or product they publish online. Now, some companies are using this direct line to their customers to ask: what do you want to buy? “What better way to make something that people want than actually asking people what they want?” asks Kevin Chan, co-founder of Maderight, the global sourcing company behind Orin, its in-house activewear label that will launch its first collection in November.
Sustainability in the Fashion Industry - Supply Chains Effect on the Environment As one of the biggest players in the global economy, the fashion industry has a responsibility to help protect the environment. We’re commemorating this Earth Week by asking some tough questions about our impact on the planet and what we can do about it. We’ll also be profiling people and companies who are instigating change. We’re calling the series “,” and to kick things off, Maya Singer takes a look at the harsh realities of the fashion supply chain. I used to have nightmares about plastic. Back in 2008, I spent New Year’s Day immersed in The World Without Us, Alan Weisman’s thought experiment about what would happen to Earth if the human race was suddenly raptured off the face of it.
Retailers challenge national living wage Don-Alvin Adegeest London - While the government has thus far been successful in its policy to increase the UK's national living age, some businesses and retailers are keen for the policy, set to come into full affect by 2020, to be revised or abandoned. According to the Financial Times, 16 trade associations are challenging the policy, having written to new business secretary Greg Clark recommending he “exercise caution” on the national living wage in light of the “economic uncertainties the country faces” after the Brexit vote. The national living wage is one of George Osborne's legacy policies, to ensure over 25 year-olds earn a median income, which by 2020 would be just over 9 pounds per hour. The wage was increased as of April 1st this year to 7.20 per hour. Fashion chains, supermarkets and the hospitality sector are expecting to have to raise wages.
Couture in the Age of Fast Fashion: Will It Survive? Each season, Couture Fashion Week passes with little fanfare. Unlike seasonal fashion weeks which often feature 20 or so shows in a single day, the Couture Fashion Week schedule is minimal and uncluttered. The reason for the scarcity of shows is simple: couture is by far the most tightly-regulated division of the fashion industry. Prime slots are reserved for storied houses such as Dior and Chanel, whose elaborate presentations strengthen their illustrious reputations and provide valuable promotion opportunities. Alongside these industry behemoths are the likes of Viktor & Rolf; avant-garde couturiers using their status to explore the boundaries of garment construction without budget restrictions. Couture collections are the antithesis of fast fashion.
The Global Economics of Fashion and Clothing - Part 1 – Clothing How Important Personal appearance – how we look – is important to most people. Nevertheless, we spend very little on clothing. Table 1 provides consumption expenditure shares for selected developed nations. Fashion's Richest: Top 10 Wealthiest Moguls in H1 2016 It is no secret that fashion sells. The global fashion industry is currently valued at an astounding 3 trillion US dollars, according to FashionUnited's global statistics page, making it one of the most valued sectors in the world. The only thing which sells more than fashion, is "fast fashion", which sells in enormous, unimaginable quantities. Haute Couture fact file Get clued up about the lavish world of couture as spring/summer 2015 Paris Haute Couture Fashion Week gets underway BY Charlotte Core | 26 January 2015 Cara Delevingne closes the Chanel Haute Couture spring/summer 2014 show Photo: PA The definition Haute Couture literally translates as 'high sewing' (and thus high fashion). It is the art of dressmaking on a luxurious and grandiose scale. Items are made-to-measure by hand, resulting in pieces of clothing that are both unique and painstakingly perfect.
Brexit causes dramatic drop in UK economy, data suggests Image copyright Getty Images Britain's decision to leave the EU has led to a "dramatic deterioration" in economic activity, not seen since the aftermath of the financial crisis. Data from IHS Markit's Purchasing Manager's Index, or PMI, shows a fall to 47.7 in July, the lowest level since April in 2009.
Britain Now World's Cheapest Luxury Market LONDON, United Kingdom — In the wake of Britain's vote to leave the EU, which pushed down the value of the pound about 10 percent against the euro, the country has become the cheapest luxury goods market in the world, helping to buoy British luxury labels, at least in the short term, according to new research by Luca Solca, the head of luxury goods at Exane BNP Paribas. "The Brexit vote has made the UK the cheapest market in the world for luxury goods,” Solca told BoF. “A weak British pound will boost travel inflows to the UK, helping British luxury goods players like Burberry, Mulberry and Jimmy Choo."
Li Edelkoort publishes manifesto on why "fashion is obsolete" News: trend forecaster Li Edelkoort has published her Anti_Fashion manifesto, outlining why she believes the fashion industry "is going to implode". The 10-point printed manifesto, published by Edelkoort's Paris-based agency Trend Union and subtitled "Ten reasons why the fashion system is obsolete", follows her declaration in an interview with Dezeen this weekend that we are witnessing "the end of fashion as we know it." "These ten points argue that the industry has reached a vanishing point of fashion," she writes in the manifesto. "This means that the economy of clothes will take over from the turnover of fashion." The manifesto is divided into 10 chapters dedicated to topics including education, manufacturing, designers, retailing and marketing.