Fashion Week highlights: The global outlook of the fashion and textile industry
Counting the cost of international payments in uncertain times
The arrival of London Fashion Week sees buyers looking to define the trends for the coming season but the nature of the buying cycle means that these are particularly challenging times for importers and exporters of textiles and fashion. Uncertainty in global trade created by Brexit and the US-China trade war has been compounded by fluctuations in the exchange rate putting pressure on prices.
Under pressure
While the fog is lifting from the picture of Brexit, until the transition period comes to an end in December and details of any replacement trade deals have emerged, the industry is under pressure on multiple fronts. As well as the possibility of new trade rules and increased red tape to trade with European partners and suppliers, companies and designers may be looking further afield to new geographic markets to offset the changes. This may increase administration and resource costs and put further pressure on prices.
Currency market volatility in uncertain times
The uncertain geopolitical picture may cause further currency volatility. Given the timescales of the industry, this adds further risk. The fall in the pound after the Brexit vote in 2016 hit many in the industry who are wary of what the future may hold for the value of sterling. The nature of the buying cycle and the need to stay one step ahead of competitors both mean that businesses cannot wait for the storm to pass, they must find a way of working that allows for some uncertainty and volatility in the currency values.
Morning Wire International Payments helps businesses to mitigate currency risk and manage overseas costs
Challenges facing the fashion industry are mirrored across companies and industries across the UK. That’s one of the reasons Morning Wire has teamed up with currency specialist, moneycorp offers a range of tools to help to mitigate the risk of currency fluctuations. Fluctuating currency markets could have a big impact on the bottom line; moneycorp provides tailored services to help companies make international payments and manage their foreign exchange risk. Our specialist team can provide insight and guidance as you identify and analyse your foreign currency exposures and develop a suitable hedging policy. Depending on your strategy, moneycorp has a range of tools at your disposal, from global payment solutions to opportunities to track, target or fix an exchange rate to suit your business goals.
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moneycorp is a trading name of TTT Moneycorp Limited which is authorised by the Financial Conduct Authority under the Payment Service Regulations 2017 (reference number 308919) for the provision of payment services.