London - It would seem the recent poll conducted by the British Fashion Council that saw the majority of designers asked said that they wanted to remain in the European Union is obsolete now. The implications of Britain leaving the EU on the UK's fashion industry will become apparent over time, but with 122 billion pounds wiped off the FTS100 this morning and the pound at an all time low against the dollar since 1985, the economic after math will be far reaching. It would be fair to say the majority of business did not want Britain to leave the EU. Here are some of the industry's first responses to Brexit:
Caroline Rush, Chief Executive British Fashion Council
"There was an overwhelming support from our designer survey for the UK to remain in Europe and there will no doubt be upset and dismay at today's result that will prompt an outreach to our friends, partners, business colleagues in Europe. We now have a role to play in keeping the government updated on our industry's priorities and keeping the designer community updated on any likely impact to business as our country prepares to leave the EU over the coming years."
London fashion week designer Chirstopher Raeburn shares his feelings on the outcome of the EU referendum on Instagram.
Luca Solca, head of luxury goods Exane BNP Paribas
"I think the industry has to brace for more demand retrenchment," Luca Solca to the Business of Fashion. "The most important consequence of 'Brexit' – I think – is a dent to global GDP prospects and damage to confidence. This is likely to develop on the back of downward asset markets adjustments. Hence, more than ever, the industry will have to work on moderating costs and capital expenditure."
Dame Vivienne Westwood
Celebrated designer Vivienne Westwood posted this message in response to the Brexit this morning.
Carolyn Fairbairn, CBI Director General
"The British people’s vote to leave the EU is a momentous turning point in our history. The country has spoken and it’s for us all to listen. Many businesses will be concerned and need time to assess the implications. But they are used to dealing with challenge and change and we should be confident they will adapt."
"The urgent priority now is to reassure the markets. We need strong and calm leadership from the Government, working with the Bank of England, to shore up confidence and stability in the economy. The choices we make over the coming months will affect generations to come. This is not a time for rushed decisions."
"The CBI will be consulting its members and business is committed to working with Government to shape the best possible conditions for future prosperity."
Mario Ortelli, Senior Research Analyst at Sanford Bernstein
"The biggest impact of Brexit is increased volatility in the market that is already volatile which probably means a decrease of consumer sentiment," Ortelli told the Business of Fashion. "This is not good for the luxury goods companies and if we look at the trading of the shares of the luxury goods companies, probably this Brexit decision will increase the pressure of the market going down, probably the luxury goods companies valuation will falter in the short term amidst this volatility.
Xenophobia , ignorance, stupidity and fear are now the forces driving this country . The politicians both left and right have totally let us down . This completely unnecessary referendum was called for self serving political reasons by Cameron who has now fled leaving the country in the hands of nationalistic bigots and fools . I am ashamed , disgusted , heartbroken and very very angry .
The Fashion Law
After Brexit, brands holding patents and trademarks would need to reconsider their registrations. The "UK would no longer be part of the EU Trade Mark ("EUTM") system, which is only available to EU Member States, and as a result, existing EUTM registrations would cease to apply in the UK. It is likely, however, that transitional provisions would be put in place to allow brand owners to convert part of their EUTMs to national UK registrations (possibly retaining their original priority dates)."
Pascal Morand, executive president Fédération Française de la Couture
"The fashion industry has now to overcome this structural crisis,” said Morand who is also executive president of Prêt-à-Porter des Couturiers et des Créateurs de Mode. "Beyond the political process, it raises the question of European identity and European values of international openness and diversity. They also are core values of the fashion industry, which should not only stick to them but encourage and promote them more than ever."
University of Arts London
"We highly value our place within the European cultural environment, and believe that knowledge and scholarship are borderless," said the University of Arts London, the university organisation which includes both Central Saint Martins and the London College of Fashion, in a statement to its students, adding that it did not expect the decision to affect its current students. "Leaving the EU will undoubtedly have an impact on UAL in the longer-term. We are working on our plans for the transition period and beyond. All of our plans will reflect our ongoing commitment to European collaboration and to our student body."
London Fashion Week brand Sibling posted on its Instagram account: #SIBLING ARE #EUROPEAN #SIBLINGsquad IS STRONG THROUGH UNITY & WILL CONTINUE TO BE #PEACE #LOVE #ACCEPTANCE #HOPE WE WILL NOT BE DEFINED THROUGH THE ACTS OF OTHERS #SIBLINGsquad #NOtotheReferendum #REJECT #REVOLT.
Images:Public Domain Pictures, Instagram