LONDON--(BUSINESS WIRE)--The EU Referendum has brought uncertainty to many British industries, including fashion. While there will be several challenges as Brexit plans move forward, the UK fashion sector continues to be a mainstay in the country. Details on these developments and more can be found on BizVibe. BizVibe is the world’s smartest B2B marketplace and allows users to discover high quality leads, contact prospects, and source quotes. Register today to connect with over seven million companies around the globe.
UK Fashion Industry Helps Drive Britain’s Economy
The UK is one of the world’s most influential players in fashion. According to the British Fashion Council (BFC), it directly contributed £28 billion to the UK’s economy in 2015, employing over 880,000 people. Textile and fabric exports in the country are worth over £6.5 billion a year, with total sales of £10.3 billion in 2015.
The UK is the world’s leader in fashion education, and is home to six of the world’s top 20 leading fashion universities. London Fashion Week is one of the “big four” international fashion festivals, and has an audience of over 35 million across different channels and platforms every year. Over £100 million worth of orders are placed during London Fashion Week each season, over 70% of which come from abroad. The UK fashion industry plays a significant role both within the country and internationally.
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Brexit Brings New Challenges to UK Fashion Industry
The Brexit decision is looming large over the UK and the EU, with a great deal of uncertainty around trade agreements, EU funding, and the flow of people between Britain and the rest of Europe. The degree to which it will benefit or harm the UK fashion industry will depend on how these matters are decided over the coming years.
Despite challenges such as a weaker pound and difficulty finding and keeping enough workers, growth in the GDP and the increased business from outside the country mean that not everything Brexit brings is negative. It remains to be seen whether sales offset the increased production costs that stem from buying supplies outside of the UK, but there is potential for beneficial changes to the market. Departure from the EU may bring with it new tax incentives and deregulation that help fashion companies to operate and thrive. While there are challenges to overcome, there will also be new opportunities.
Connect with over 20,000 textiles companies in the UK listed on BizVibe
Connecting with textiles companies on BizVibe
In addition to the United Kingdom, BizVibe is home to over 150,000 textiles and apparel companies in over 70 countries. Connecting with any of these companies is simple thanks to the aggregating, categorizing and parsing of data from thousands of sources using machine learning tools and several sophisticated algorithms. This advanced match making program provides the user with a full set of inbuilt tools designed to connect like-minded business with each other, making business life easier.
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