UK Edition
Burberry's Christopher Bailey says there is 'enormous' potential for post-Brexit Britain
The chief creative officer of Burberry has said the potential for post-Brexit Britain is “enormous” as he insisted the British fashion house is “absolutely committed” to keeping its manufacturing in the UK.
Christopher Bailey said there is great potential for the company to grow with Britain outside of the European Union, adding that “Britishness resonates globally”.
Burberry, which is known as a quintessentially British brand, has taken advantage of the weakness of the pound since the vote to leave the EU as tourists have flocked to buy its products more cheaply in the UK.
In July it beat analyst expectations by posting a 3pc rise in retail revenues for the three months to the end of June, while like-for-like sales in its shops rose by 4pc.
Speaking to the BBC, Mr Bailey said London was “an energy hub for the creative industries”, adding that Britain is a “creatively nourishing country that people want to feed off".
He said: “The possibilities and the potential for growth, both locally here in the UK and overseas, is enormous.”
Mr Bailey backed Remain in the EU referendum and was one of a number of business heavyweights to sign a letter calling for Britons to vote to stay in the EU.
He said this morning that maintaining strong relationships with other cultures and countries remains vital to the business.
“Being able to share ideas, to collaborate with people from other cultures and countries, is fundamental to any creative business,” he said.
Burberry revealed in the summer that it would no longer be renovating the Temple Works building in Leeds as part of £50m plans for a new manufacturing factory in the area.
The decision to hold back the investment was a result of uncertainty surrounding Brexit, the company has said.
“Since we made that decision and bought that land a lot of things have changed in the world,” Mr Bailey said. “When you have these big shifts you need to reflect.
“We are absolutely committed to keeping our manufacturing in this country with our factories in Yorkshire, but with the new site we are just taking a moment to make sure we understand the ramifications.”