The fashion industry has been hit hard by the Brexit vote and the UK is no longer a fashion destination, according to a new report.
The report, The UK Fashion Industry: Impact on Consumers, Companies, and the Economy, argues that Brexit has already affected many fashion businesses, especially in the UK, where a number of fashion brands have lost key staff due to the vote.
The authors say the UK has lost nearly half its retail fashion, which accounted for around 30% of the UK’s total retail retail sales last year.
This figure is down from around 30.5% in 2016.
This is a significant decline from the UK as a whole, which has had an average of more than 40% growth in the industry since the Brexit referendum.
The UK has been losing fashion talent in recent years, as retailers have seen their profits decline due to a lack of quality and high quality labour.
The findings of The UK Clothing Industry: Trade and Competition report, released on Tuesday, say the sector has suffered from:A loss of talented and experienced workersThe loss of talent that can be acquired through trade deals and other forms of direct investmentThe loss in the number of highly skilled, quality, and experienced people who are employed in the clothing industryA reduction in the size of the retail market and a decrease in the level of investment into new, high-quality and innovative clothing, including in high-street boutiques and boutiques owned by international brands.
The study notes that the majority of the decline in the retail sector has been in the textile industry, where the report finds a reduction of about half in the amount of clothing produced by the UK and Ireland, compared to a year ago.
The paper also points out that a lot of this decline is due to factors such as the introduction of the EU-27 customs union, which will make it harder for retailers to source imported goods.
The loss is also due to rising trade barriers.
In particular, the report notes that tariffs on imported garments and accessories are now set to increase by a further 20% in 2019, from an average increase of about 5% in 2018.
However, it is not all bad news for the industry.
The report says that the UK will see a rebound in retail sales next year as consumers return to buying locally.
The researchers point out that the fashion industry can benefit from these changes, as consumers and businesses will be able to switch to buying their own clothes.
This could be especially important for fashion brands which have a huge impact on the overall economy.
For example, the study notes the retail sales of Victoria’s Secret are a key driver of the global economy.
As well as a decrease, the authors say that the industry could also see a recovery in the quality of the clothes produced.
In addition to the UK being a leading export market for the global fashion industry, it accounts for more than a quarter of all fashion exports in the EU.
According to the report, Britain will also continue to be a key player in global fashion, as the country will be the destination for over 60% of all imports.
The authors argue that a significant amount of this will be clothing, as manufacturers in the country are able to take advantage of the fact that the country has already implemented some of the most important trade agreements.
This includes the EU Free Trade Agreement with China, which is the largest in the world, and its Free Trade Area with Canada and Mexico.
As a result, it will also be important for the UK to continue to negotiate and finalise trade deals with other countries.
This is due in particular to the fact the UK still relies heavily on imports from China, with around 40% of its clothes imported from China in 2018, according the report.
It is also important for Britain to continue negotiating its own trade deals, which could be critical to its future trade strategy.
For example, if the UK stays in the Single Market, it would be crucial to continue negotiations with the European Union, which the UK currently refuses to do.
However the authors also acknowledge that the overall economic impact of Brexit is likely to be very minimal.
They note that it could only impact a small number of industries and businesses, and that the trade impact will be limited to a small percentage of goods exported to the EU, with other sectors not impacted.