A still from the new Netflix series The Crown.
The Brexit vote looks good for luxury shoppers from outside the UK including those from India. The picture for luxury brands, however, is more complicated
British prime minister Theresa May?s visit to India and trade talks with her Indian counterpart takes me back to the midsummer?s day in 2016. We woke up in Britain to find that the Leave campaign, colloquially called Brexit, had won the referendum. The pound plummeted and for a while the stock markets were in chaos. Markets stabilised but the pound continued a downward trend, beating historic lows.
Britain?s luxury brands are known for their heritage, design, craftsmanship, and quirky individuality which together shape a luxury narrative matched by none other. London has been a choice destination for the experience of buying both British and non-British luxury brands. The weakened pound was good news for tourists visiting the UK. The month of Ramazan, which brings wealthy visitors from the Middle East to London, followed. Flight bookings from Europe and Asia reportedly rose after Brexit. Premium and luxury hotels benefited, too. All this made London the hottest, cheapest luxury shopping destination this summer. Much shopping took place as is evident from UBS?s analysis of tax refund receipts. Tax refunds, sought on big ticket goods, rose by 36% in August.
So far, the Brexit vote looks good for luxury shoppers from outside the UK including those from India. The picture for lux...