The results of Britain's choice to leave the EU have been far-reaching. The country has been thrown into confusion, debate is still ongoing and the value of the pound has been pushed down by about 10 per cent against the euro. However, this economic change has resulted in the UK becoming the world's cheapest luxury market, which has actually so far helped to buoy a number of labels.
Speaking to the Business of Fashion, Luca Solca, the head of luxury goods at Exane BNP Paribas, said: "A weak British pound will boost travel inflows to the UK, helping British luxury goods players like Burberry, Mulberry and Jimmy Choo." Basically, as everything in the country is now cheaper, more people will travel there and tourist spending inflows will help boost the economy. What does this mean for us? Cheaper luxury goods.
While this is good news for the big brands who dominate the UK market, smaller brands like Stella McCartney and Prada's Church won't see much of a boost. Still, we'll take a cheaper luxury good where we can find one.
As these luxury labels have so far made no plans to raise prices, and as the European luxury market is already one of the cheapest in the world, the price differences are already substantial. Compared to Asia, which is the most expensive luxury market, the price differences are mind boggling.
Time to book a shopping holiday to the UK then.