Burberry on the Brexit vote: "The potential for growth is enormous"

The chief creative officer of luxury fashion brand Burberry has said the potential for UK trade deal in a post-Brexit world is “enormous”.

Yet Christopher Bailey, the brand’s officer, is hoping such an ‘anti-immigration’ climate would not endanger Britain’s thriving culture and creativity.

Speaking to BBC News, Bailey commented: “Being able to share ideas, to collaborate with people from other cultures and countries, is fundamental to any creative business.

“I think it’s a much smaller world today than it’s ever been in terms of being able to trade. The possibilities and the potential for growth, locally here in the UK and overseas, is enormous.”

Burberry was chief executive for Burberry until July 2017, when he moved back to a more creative role. Burberry is considered to be the epitome of British fashion due to its trench coats and checked scarves that consumers abroad regard as a classic look for the UK.

Burberry has managed to benefit from the weakness of the British pound since the Brexit vote in 2016, especially from China. The business also manufactures some of its products in British factories which is far less expensive than importing its clothes from overseas.

At the moment, the Far East accounts for 40 per cent of Burberry’s profits. Bailey has described London as “an energy hub for the creative industries… that people want to feed off”, with the UK boasting some of the best art and design schools in the world.

Carla Busazi, trend forecaster’s WGSN analyst, also said: “I think it’s good that a brand that flies the flag for Britain sees Brexit as a positive thing. I’m sure there are a lot of fashion brands who are very concerned about what that might mean for them.

“It’s going to be something some British brands are going to struggle with and designer brands who predominantly sell in the UK are going to have challenges ahead.”

Despite such positivity, Burberry has faced uncertainty because of Brexit, resulting in the delay of a planned £50m investment in Leeds. The brand already has two manufacturing sites in Yorkshire, but following the Brexit vote, the company said the decision to continue with the development is on hold.

Bailey continued: “Since we made that decision and bought that land a lot of things have changed in the world and as many responsible organisation, when you have these big shifts you need to reflect.

“We are absolutely committed to keeping our manufacturing in this country with our factories in Yorkshire, but with the new site we’re just taking a moment to make sure we understand the ramifications.”

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