London’s well-heeled shoppers can breath a sign of relief, after labels owned by luxury goods powerhouse Kering said they are prepared if Britain does end up crashing out of the EU without a deal.
Alexander McQueen, Balenciaga and Yves Saint Laurent gave the reassurances alongside reporting a jump in UK sales.
New accounts from the three firms said they have “prepared for a no-deal [Brexit] scenario across business activities including supply chain and compliance”.
Of these brands, accessories firm Balenciaga recorded the biggest UK sales leap in 2018- up 75% to £75.6 million. It benefited from “high levels of trade” from tourism here helped by the weaker pound, and enjoyed good demand for its trainers, a pair of which typically cost over £500.
Yves Saint Laurent’s turnover in Britain rose to £64.7 million from £57.8 million, and Alexander McQueen edged up growth to £11.8 million.
Balenciaga and YSL improved pre-tax profits respectively to £12 million and £8.6 million. Alexander McQueen narrowed losses slightly to £4.1 million.
