‘Cool Britannia’ risks going out of fashion in Brexit fallout

Sep 26 , 2018

Burberry’s Riccardo Tisci mined several British references – from sleek overcoats to Sex Pistols lyrics – offsetting them with a suite of streetwear-inspired logo hoodies and sneakers. Photos: AFP

London Fashion Week

Britain’s decision to quit the European Union has sent shock waves through the country’s couture industry, which faces stiff competition in maintaining its appeal as a leading trendsetter

In the 1990s heyday of “cool Britannia”, designers John Galliano and Alexander McQueen ruled the runway, Burberry’s tartan was the design of the moment and model Kate Moss zipped around the globe to the tune of Oasis and the Spice Girls, sporting a Union Jack blazer.

But the music has stopped and today’s fashion kids are more likely to wear a European Union flag hoodie. The royal blue and gold-starred sweatshirts are a sign of a shifting fashion landscape, with industry angst growing over whether the UK can maintain its trend-setting reputation as it prepares to leave the EU.

“I know Brexit is responsible for a great deal of uncertainty and concern,” Margot James, minister for the creative industries, said as she opened London Fashion Week, with talks on leaving the bloc deadlocked. “One thing that keeps me going is that the creativity in this country exemplified by your industry knows no borders.”

All eyes were on British brands at this month’s London Fashion Week, where former Spice Girl Victoria Beckham celebrated her brand’s tenth anniversary by making her debut.

As luxury’s image-makers gathered for the twice-a-year event, which ends this weekend, the spotlight on British brands has been even brighter than usual. Burberry Group debuted a new designer, and Victoria Beckham brought her runway show home from New York for the first time in 10 years. Tailors on London’s fabled Savile Row staged a street party to showcase their ateliers.

At first glance, Britain’s fashion industry is doing just fine. It contributed £32.3 billion (US$43 billion) to the UK economy last year, up 5.4 per cent from 2016, according to Oxford Economics, as the Brexit-induced weakness of the pound boosted tourist spending and made exports more attractive.

Farfetch, Chanel

UK luxury upstart Matchesfashion.com garnered a US$1 billion valuation when it sold to a private equity firm last year, while London-based online luxury platform Farfetch is set for an initial public offering in New York. Chanel is moving some global corporate functions to the British capital from the US.