9th June 2016 Jake Hall
What does leaving the EU mean for the Fashion Industry?
FASHION INSTITUTIONS WOULD LOSE VALUABLE FUNDING
“The European Regional Development Fund has provided millions to London fashion. The London College of Fashion receives huge financial benefits from the ERDF; it sponsors projects which help designers create global opportunities, improve growth and balance innovation with commercial potential. The ERDF also sponsors the British Fashion Council, the non-profit organisation behind London Fashion Week, London Collections: Men and sponsorships such as NEWGEN and the BFC/GQ Designer Menswear fund. With over £5m of funding in the last few years, it’s surely provided vital resources to give a platform to London’s most talented designers, stylists, make-up artists and more.”
CLOTHES COULD BECOME MORE EXPENSIVE
With the value of the pound dropping clothes will become more expensive due to a high cost of supplies from overseas meaning consumers will pay the price.
“Essentially, the only way to recuperate those costs would be to charge more for the final product, meaning you’d end up paying more for the exact same item.”
EU STUDENTS WOULD BE PRICED OUT OF FASHION EDUCATION
EU students would be less likely to spend their money on paying for tuition in a university in the UK meaning less talent, less tourism and less money coming into the country.
“Currently, EU students are protected and pay the same rate as British students – this would all change if Brexit were to become a reality. The likely repercussion is that prospective talents would take their business to countries remaining in the EU, dealing a massive blow to the UK fashion industry.”
TRAVEL ABROAD COULD BECOME MORE DIFFICULT
Models fly to a different country nearly every week, Fashion shows in Milan and Paris would be hard for models to easily fly to as they do now.
” It’s true that nobody knows for sure; the decision would be in Cameron’s hands. Do we want to take that risk?”