The fashion world responds to Brexit

London – It would seem the recent poll conducted by the British Fashion
Council that saw the majority of designers asked said that they wanted to
remain in the European Union is obsolete now. The implications of Britain
leaving the EU on the UK’s fashion industry will become apparent over time,
but with 122 billion pounds wiped off the FTS100 this morning and the pound
at an all time low against the dollar since 1985, the economic after math
will be far reaching. It would be fair to say the majority of business did
not want Britain to leave the EU. Here are some of the industry’s first
responses to Brexit:

Caroline Rush, Chief Executive British Fashion Council

“There was an overwhelming support from our designer survey for the UK to
remain in Europe and there will no doubt be upset and dismay at today’s
result that will prompt an outreach to our friends, partners, business
colleagues in Europe. We now have a role to play in keeping the government
updated on our industry’s priorities and keeping the designer community
updated on any likely impact to business as our country prepares to leave
the EU over the coming years.”

Christopher Raeburn

A dark day indeed. Image credit unknown (sorry). Heading to Paris for SS17 sales, to continue to meet and work with our European friends and to work out how this will impact in the longer term. #Brexit

A photo posted by Christopher Ræburn (@christopherraeburn) on Jun 23, 2016 at 11:34pm PDT

London fashion week designer Chirstopher Raeburn shares his feelings on the outcome of the EU referendum on Instagram.

Luca Solca, head of luxury goods Exane BNP Paribas

“I think the industry has to brace for more demand retrenchment,” Luca
Solca to the Business of Fashion. “The most important consequence of
‘Brexit’ – I think – is a dent to global GDP prospects and damage to
confidence. This is likely to develop on the back of downward asset markets
adjustments. Hence, more than ever, the industry will have to work on
moderating costs and capital expenditure.”

Dame Vivienne Westwood

Celebrated designer Vivienne Westwood posted this message in response to the Brexit this morning.

A photo posted by Vivienne Westwood (@viviennewestwoodofficial) on Jun 24, 2016 at 1:24am PDT

Carolyn Fairbairn, CBI Director General

“The British people’s vote to leave the EU is a momentous turning point in
our history. The country has spoken and it’s for us all to listen. Many
businesses will be concerned and need time to assess the implications. But
they are used to dealing with challenge and change and we should be
confident they will adapt.”

“The urgent priority now is to reassure the markets. We need strong and
calm leadership from the Government, working with the Bank of England, to
shore up confidence and stability in the economy. The choices we make over
the coming months will affect generations to come. This is not a time for
rushed decisions.”

“The CBI will be consulting its members and business is committed to
working with Government to shape the best possible conditions for future
prosperity.”

Mario Ortelli, Senior Research Analyst at Sanford Bernstein

“The biggest impact of Brexit is increased volatility in the market that is
already volatile which probably means a decrease of consumer sentiment,”
Ortelli told the Business of Fashion. “This is not good for the luxury
goods companies and if we look at the trading of the shares of the luxury
goods companies, probably this Brexit decision will increase the pressure
of the market going down, probably the luxury goods companies valuation
will falter in the short term amidst this volatility.

Nick Knight

Xenophobia , ignorance, stupidity and fear are now the forces driving this country . The politicians both left and right have totally let us down . This completely unnecessary referendum was called for self serving political reasons by Cameron who has now fled leaving the country in the hands of nationalistic bigots and fools . I am ashamed , disgusted , heartbroken and very very angry .

A photo posted by Nick Knight (@nick_knight) on Jun 24, 2016 at 12:57am PDT

The Fashion Law

After Brexit, brands holding patents and trademarks would need to
reconsider their registrations. The “UK would no longer be part of the EU
Trade Mark (“EUTM”) system, which is only available to EU Member States,
and as a result, existing EUTM registrations would cease to apply in the
UK. It is likely, however, that transitional provisions would be put in
place to allow brand owners to convert part of their EUTMs to national UK
registrations (possibly retaining their original priority dates).”

Pascal Morand, executive president Fédération Française de la
Couture

“The fashion industry has now to overcome this structural crisis,” said
Morand who is also executive president of Prêt-à-Porter des Couturiers et
des Créateurs de Mode. “Beyond the political process, it raises the
question of European identity and European values of international openness
and diversity. They also are core values of the fashion industry, which
should not only stick to them but encourage and promote them more than
ever.”

University of Arts London

“We highly value our place within the European cultural environment, and
believe that knowledge and scholarship are borderless,” said the University
of Arts London, the university organisation which includes both Central
Saint Martins and the London College of Fashion, in a statement to its
students, adding that it did not expect the decision to affect its current
students. “Leaving the EU will undoubtedly have an impact on UAL in the
longer-term. We are working on our plans for the transition period and
beyond. All of our plans will reflect our ongoing commitment to European
collaboration and to our student body.”

Sibling London

A photo posted by SIBLING LONDON (@siblinglondon) on Jun 23, 2016 at 11:02pm PDT

London Fashion Week brand Sibling posted on its Instagram account: #SIBLING
ARE #EUROPEAN #SIBLINGsquad IS STRONG THROUGH UNITY & WILL CONTINUE TO BE
#PEACE #LOVE #ACCEPTANCE #HOPE WE WILL NOT BE DEFINED THROUGH THE ACTS OF
OTHERS #SIBLINGsquad #NOtotheReferendum #REJECT #REVOLT.

Images:Public Domain Pictures, Instagram