If you happen to be sitting on a large pile of cash and if you also happen to be fretting about your insufficient wardrobe, then you might want to solve the problem now.
Fashion retailers and suppliers are bracing for price increases of more than 6 percent for spring 2009, according to Drapers magazine.
The majority of companies buy their goods in US dollars, even when it comes to sourcing in Asia, and the pound continues to weaken against the dollar. As of this morning, it’s £1 to $1.77. That’s a 10 percent drop in just a month.
On the bright side for British companies, the levelling of currencies could make it easier to sell their goods in America. So the next time you pop over to Disney World, take a side trip to a boutique or two and try to spot your favourite brands.
– Jill Hilbrenner