Fashion Friday: The Perfect Storm for UK Fashion Retailers in the Aftermath of Brexit
In the aftermath of the Brexit referendum, the value of the pound has depreciated by around 17% against the US dollar, and by 12% against the EUR. Retailers in the UK have not reacted as quickly, and UPs remained unchanged for another few months after the currency depreciation. As a result, from a global perspective, prices in the UK were lower and more appealing, which caused an influx of tourism to the UK as consumers hunted for luxury goods. Consequently, the UK has seen a significant rise in tourism spend.