We are month two into a post-Brexit world and it seems like it’s not going to well for some industries. One example of this is the fashion industry. Over 400 figures from the fashion industry based in the UK have addressed a letter to UK Prime Minister Boris Johnson warning him of the threats the industry faces with the new EU trade regulations.
The fashion sector is said to have a value of $35 billion and has about one million employees. Some fashion companies have already started relocating to the EU for fear of shutting down. Initially, when the trade agreement was finalized, there was a promise of frictionless trade in the future. However, it seems like they failed to keep that promise.
Being a part of the fashion industry, especially being a model, meant a lot of projects require free travel within the EU, and, sometimes, on short notice. With new EU trade agreements, it may prove to be difficult for many. Samantha Cameron, wife of former prime minister David Cameron, finds post-Brexit trading “challenging and difficult”. David Cameron is known as Brexit’s architect.
The fashion industry isn’t the only industry facing threats to survival. Other sectors, such as the music, motor and film sectors also worry about their future. However, in the letter addressed to the prime minister, it is said that the fashion industry contributes more to the country’s GDP than other sectors combined.
The government is said to be working together with the fashion industry as they continue to strike deals with the EU. They have invested millions to expand the customs intermediaries sector as they continue to shift to a post-Brexit world.