No one likes to hear about price increases. Being honest most people don’t like applying price increases! But sometimes your hands are tied & you just have to go where you’re pushed…….
There’s a lot of reasons for the next round of price increases that you’re going to see. Some of them are driven by manufacturers & some are unfortunately driven by other factors within the UK which are constantly pushing up costs.
Clothing is very reliant on the US Dollar as it drives the International economy. It’s used as a standard currency for trade around the world. Unfortunately we’ve now had 3 consecutive years where the exchange rate of the £ versus the $ has been very unfavourable for items entering the UK from around the world (although it has produced benefits for exporters). There was a sizeable shift in clothing costs in 2016 and unfortunately, with no end to the poor exchange rate in sight, there have been ongoing increases over the last 3 years. We now have a further increase on many brands notified for 1st July.
On top of that the UK is proving to be an increasingly difficult place to trade with endless rounds of cost increases forced on to business by the National Government. We don’t really want to bore you with all the details here, but (ignoring wages) business now picks up huge tabs for National Insurance, PAYE, Workplace Pensions, The occasional extra Bank Holiday…… Now there’s further added costs from GDPR, Making Tax Digital and rounds of form filling in for Government analysis…..
So we’re sorry, It’s not us that is wanting the increases but they are coming……..