Brexit: Burberry’s Christopher Bailey sees ‘enormous’ potential

Latest news

    Christopher BaileyImage copyright Getty Images

    The potential of a post-Brexit Britain is “enormous”, according to Christopher Bailey, the chief creative officer of British luxury brand Burberry.

    But he told the BBC he hoped an anti-immigration climate would not endanger the UK’s “thriving creative culture”.

    “Being able to share ideas, to collaborate with people from other cultures and countries, is fundamental to any creative business,” he said.

    Mr Bailey was chief executive of Burberry until July.

    He returned to a more creative role, handing the chief executive reins to Marco Gobetti.

    ‘Creatively nourishing’

    “The possibilities and the potential for growth, both locally here in the UK and overseas, is enormous,” Mr Bailey said in an interview with BBC Radio Four’s Today Programme.

    “I think the Britishness resonates globally,” he said.

    Burberry is considered by many to be the quintessential British brand, thanks to the resilient popularity of its check scarves and trench coats, that consumers abroad regard as a classic British look.

    Image copyright Reuters

    Mr Bailey described London as “an energy hub for the creative industries” and he said the UK boasted the best design and art schools, attracting people from around the world.

    “We’ve got this creatively nourishing country that people want to feed off,” he said.

    When asked whether he thought the political climate towards immigration might pose a risk to that, he said he “desperately” hoped not.

    Flying the flag

    Burberry has benefited from the weakness of sterling since the Brexit vote with tourists, especially from China, taking the opportunity to shop more cheaply on visits to the UK. The company also manufactures some of its products in the UK, providing another benefit from the weaker pound.

    Currently the Far East accounts for nearly 40% of Burberry’s sales. The firm doesn’t publish a breakdown for individual countries.

    Carla Busazi, an analyst with trend forecasters WGSN, said Burberry was in a strong position with its focus on exports and its clearly identifiable brand.

    “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.”

    Yorkshire on hold

    Brexit, and changes in the industry combined with changing consumer behaviour, have created uncertainty for Burberry, Mr Bailey said, resulting in the suspension of a planned £50m investment in Leeds.

    Burberry already has two manufacturing sites in Yorkshire, where its trench coats are made, but shortly following the Brexit vote last year the company said they were putting on hold the decision over whether to continue with the new development.

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

    View the original article:

    “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.”

    In the same category are

    XXXTentacion’s girlfriend is pregnant Image copyright Jack Mckain XXXTentacion was expecting a baby with his girlfriend when he was murdered, the star's mother has confirmed."He left us ...
    Sophie Gradon: Friend says ‘Love Island needs to offer more aftercare’ Image copyright PA Reality TV stars need to receive more care after leaving shows like Love Island, a former contestant has said. Malin Andersson fe...
    Bomb threat closes London’s Charing Cross station Image copyright Alan Buckingham Image caption Armed police were at the scene A man on the tracks claiming to have a bomb forced the evacuation of ...
    Home and Away’s Orpheus Pledger helped stop street attack Image copyright Getty Images Image caption Orpheus Pledger plays Mason Morgan on Home and Away Home and Away actor Orpheus Pledger has described h...
    Sophie Gradon: ITV2 leads tributes to ex-Love Island star Image copyright PA Image caption Gradon was crowned Miss Newcastle and Miss Great Britain in 2009 ITV2 has led tributes to former Love Island cont...
    World Cup 2018: Germany walking a tightrope – Cesc Fabregas column It is a different feeling once you have lost your first game at the World Cup - Germany's players will know that now.Straight away the pressure is on...

    Leave a comment

    Your email address will not be published. Required fields are marked *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.