Thanks to Brexit, the United Kingdom's impending exit from the European Union, the British pound has fallen more than 17 percent against the dollar since June, according to research from Deloitte, as reported by the BBC. What does this mean for us average shoppers? Take the Speedy 30 LV handbag, for example. The purse normally costs around $970 in New York, and $850 in Paris (€760), but has dropped to a mere $802 (£645) in London as of Oct. 7.
"The trend in luxury pricing in the UK is being driven mainly by the depression on the sterling—thus making the same item more affordable in the UK market than in any other major luxury market," said Nick Pope, fashion and luxury director at Deloitte.
Deloitte's research also showed that 64 percent of luxury products comparable to the Louis Vuitton Speedy 30 are now cheaper in the UK than anywhere else: Balenciaga's Foulard Fringe Dress costs about $400 less in the UK than in the US.
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Although luxury brands are usually hesitant about en masse price adjustments, Pope says that if the current sterling postion becomes the "new normal" within the next six to 12 months, "I would expect more brands to respond with pricing adjustments."
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