Seraphine warns of the cost of a ‘No Deal’ Brexit

In August 2013 the first official picture of Prince George (attached) was released to the world. The Duchess of Cambridge chose a fuchsia dress from Seraphine, making the specialist British brand an instant global hit.

Since then, Seraphine has grown into an international success story with an annual turnover of £22 million. In March it reported a boost in profits of 35% to £3.2m. Today it is warning of the unacceptable risks of a rapidly emerging ‘No Deal’ scenario that threatens years of hard work building global markets.

The warning follows leaked predictions of disruption to UK ports lasting 3 to 4 months, with potentially massive effects on exports and the import of materials. 70% of Seraphine’s lines are exported internationally to 40 countries, with 40% of all exports going to mainland Europe.

Another imminent danger comes from the Home Secretary’s call for immediate restrictions on freedom of movement for EU citizens working and living in England on October 31, with no transition period. Seraphine’s UK workforce is evenly split between UK and continental nationals from several countries. Its multilingual and multicultural staff are a business benefit in expanding international markets and their departure would only benefit competitive EU brands.

Seraphine’s concerns mirror those of the wider British fashion sector, worth £26 billion to the UK economy; namely border issues, talent exodus, unspecified tariffs, rising prices, red tape and unending paperwork on imported goods and the growing cost of raw materials.

Says Seraphine Founder and CEO Cecile Reinaud; “A ‘No Deal’ Brexit shows No Consideration for growth businesses such as ours, successful exporters flying the flag across the world, who will be the first to suffer from border chaos and talent flight. The government is making up policy on the hoof. ‘No Deal’ is the perfect way to ensure UK SMEs lose their global standing”.