The pound has plunged against the dollar by more than 17 percent since Britain voted to leave the European Union earlier this year, and while that might not be the best news for the state of our economy, it seems there is a silver lining for fashion fans. According to new research from Deloitte, designer handbags and other big-name additions to your wardrobe now cost less in London (in dollar terms) than anywhere else in the world.
Picking up one of Louis Vuitton’s iconic monogrammed Speedy 30 bags will currently set you back £642 or $802 (as of October 7), compared to €760 or $850 in Paris, $970 in New York or 7,450 yuan ($1,115) in Beijing.
The study concluded that 64 percent of luxury products are now cheapest in the UK. Balenciaga’s Foulard fringe dress will set you back the equivalent of $1,312, compared to $1,560 in Paris, $1,665 in China and $1,765 in the United States.
Speaking to the BBC, Deloitte’s Fashion and Luxury Lead Nick Pope revealed, ‘the trend in luxury pricing in the UK is being driven mainly by the depression on the sterling – thus making the same item more affordable in the UK market than in any other major luxury market.’
So, if you’ve been biding your time waiting to make that big designer purchase, it’s certainly worth taking the plunge – before the brands catch on and crank up their prices accordingly. ‘Luxury brands are usually – and rightly- cautious about en masse pricing adjustments,’ explains Pope. ‘But if over six to 12 months this sterling position becomes the “new normal” – and hence margins are under continued pressure – I would expect more brands to respond with pricing adjustments.’
Speedy by name...