“I really shop when the pound falls in value,” says American Jian DeLeon.
The 31-year-old editorial director at online US fashion website Highsnobiety is unsurprisingly passionate about clothes. He says his favourite luxury brands are now substantially cheaper in London.
“Like anything from Comme Des Garcons. I got a jacket last time I was there for 40% less than I would have paid here,” he says.
Before June last year, when the UK voted to leave the EU, he rarely went shopping on his regular work trips to the UK.
“The littlest things from a pint at the pub to a short Uber ride were murder on my bank account because of the exchange rate.”
Now that some brands are significantly cheaper, he spends about $350 (274; 310 euros) each time he comes, but thinks the favourable exchange rate means he saves around $100.
“It’s easier for me to splurge and sometimes I do it too much for my own good,” he confesses.
Mr DeLeon isn’t the only one indulging.
Just over a year on from the EU referendum, the pound is still around 16% lower against the dollar.
The weakness has lured over a flock of international tourists hungry for high-end brands at relatively bargain prices.
Payments firm WorldPay says non-UK consumers’ card spending at department stores rose by a fifth in the first three months of the year, while spending on electrical goods rose 22.7%.
US shoppers like Mr DeLeon have been amongst the biggest spenders, splashing out an extra 21.5% on their cards during the same period, it said.
‘More for less’
“The extreme currency fluctuations encourages shoppers to buy more,” says Honor Strachan, principal retail analyst at GlobalData.
“They’re getting more for their money.”
But how do companies manage this kind of discrepancy; with precisely the same product priced significantly differently depending on where in the world it is bought?
After all a boom in revenues in one market, can seriously dent demand in the markets international shoppers are coming from.
Many of the world’s most famous brands such as Burberry and Apple simply raised their UK prices to try and make sure what they sold cost broadly the same across their international markets.
But luxury footwear brand Crockett & Jones, which has 12 stores worldwide across locations including London, Paris and New York as well as global wholesale partners, says it has deliberately left prices unchanged.
“The last thing we want to do is abuse our customer confidence and raise prices in the UK.
“We certainly don’t increase our prices at a whim to take advantage of said currency fluctuations,” says James Fox, export sales director at the firm.
Mr Fox believes that in the long term it’s best to keep pricing simple.
“We strive to have a level playing field as and where we can.
“We offer sterling, euro and dollar price lists, which gives our customers piece of mind that they are buying in their own currency at a level price to the potential competitors within their market.”
He says generally any discrepancies tend to average out across currencies, and that re-pricing is only possible “once or twice a year” due to the upheaval it causes for the business overall.
So is he concerned that the firm could be losing out financially?
“We are fortunate to be in a position that we have a few very strong ‘Brexit proof’ markets which underpin the company when the UK is trying its best to screw up international trade,” says Mr Fox.
By selling both through its own stores and through wholesalers the firm’s risk is already spread out, he adds.
Crockett & Jones is not the only retailer which has kept prices steady.
Ray Clacher, executive vice-president at Trinity – owner of premium brands Gieves & Hawkes, Kent & Curwen and Cerruti 1881 – says non-EU tourists using either the US dollar or a currency that trades in line with the dollar, have driven up sales at its London stores.
Nonetheless, these sales are still just a small percentage of Trinity’s total revenue.
“We certainly have not adjusted our retail prices to reflect the influx of tourism, in fact, quite the opposite as we want to encourage more UK [sales],” he says.
However, he admits this strategy could change if costs continue to rise.
“If inflation continues to rise and sterling continues to struggle against the euro and dollar, we will have no choice but to pass on the cost to our customers – but not at present,” says Mr Clacher.
More from the BBC’s series taking an international perspective on trade:
But it is also important not to be too greedy. Many US retailers that have come to the UK have simply swapped their dollar signs on their US price tags for pounds – betting that British consumers will be willing to pay a premium for their goods.
Banana Republic is one such example. After eight years in the UK, it announced last year it would close all eight of its stores. The decision followed six consecutive quarters of falling sales.
“They thought that because they were a big brand, they could demand higher prices.
But UK consumers “are savvier than that,” says Ms Strachan.
Yet for retailers doing a straight currency conversion from their local currency to the country where they are selling their goods also doesn’t necessarily work.
“Asos made a big thing about launching local websites with a straight currency conversion and it didn’t work – local pricing didn’t fit in line with competitors.
“Brands need to look at who else is operating in that space, the wealth of consumers there, and what they’re willing to pay, and then price accordingly using localised pricing structures,” says Ms Strachan.
Many firms, particularly larger brands such as Hermes also use currency hedging to protect themselves. This involves working with a bank to buy currency at the current rate to protect themselves against adverse future volatility.
In the end, though Ms Strachan says a company’s ability to cope with currency volatility comes down to how much people want to buy what they sell.
“If they still want it customers will buy it,” she says.
Read more: http://www.bbc.co.uk/news/business-40352908
The brilliant Palmeiras and Brazil forward tells the Guardian about the phone call from Pep Guardiola that convinced him to connect Manchester City and that his mum is never pleased with him unless he helps out defensively too
No one wants to be told off by their baby and Gabriel Jesus is no different. The Brazilian wonderkid, who signed for Manchester City in the summer for 27 m and will join the Premier League leads in January, has the potential to become one of best available forwards in “the worlds” but what obligates him stand out even more is his desire to too help out defensively.
It is not a peculiarity he shares with too many forwards but then they are not able to get a rollocking from their baby if they do not is to assist at the back. Gabriel Jesus does. Yes, its true-life that my mother has a go at me when I dont track back, he reads in his first interrogation with non-Brazilian media since signing for City. We are very, very close and she challenges a lot from me, which is great. She only praises me if I have done something are worth accolade. I am really happy to have a mum like that, that actually upkeeps. She always tells me the truth and her franknes helps me a lot.
Mrs Vera Lcia is a constant and staggeringly positive spirit in Gabriel Jesuss life and that is no surprise considering his upbringing. The participates parent were killed when Gabriel Jesus was young and his mother elevated him and his three brethren on her own. She was a cleaner back then and there was not a lot of money around. A football actor grows up faster than other people, he suggests. I grew up very quickly because of certain difficulties and responsibilities that I have always had.
Gabriel Jesus is a really mature 19 -year-old. We gratify at Academia de futebol, Palmeirass training centre and he is respectful and humble. He does not wear sunglasses or headphones and does not play with his mobile during the interview. He starts by apologising for running late. I had to do the sparkler soak, he explains.
It has been a stormy 18 months for “the mens” from Jardim Peri, a humble community on the suburbs of So Paulo( it is a comunidade , a kind of favela , exclusively a little bit more peaceful ). In March 2015 he made his debut for Palmeiras after tallying 37 objectives in 22 games in the Paulista Under-1 7 competition and at the end of the season he was identified the best beginner of the Brasileiro .
And that was just the beginning. This summer he won Olympic gold with Braziland then stimulated his debut for the elderly crew, tallying two destinations in a 3-0 away prevail against Ecuador. And he is still a teen. The former Brazil and Real Madrid striker Ronaldo, for one, is a devotee: When I attend Gabriel I think about my own past. He has a phenomenal outing ahead, Ronaldo told TV Globo recently.
It is not that long ago Gabriel Jesus was playing for the amateur crew Pequeninos do Meio Ambiente on the tars of the military prison camp Romo Gomes. He moved on to Anhanguera but, unlike many colossal talents these days, he did not join a upper side Palmeiras until persons under the age of 15 so his profession was very much shaped by street football.
His childhood neighbourhood is always on his knowledge and on his scalp. On his forearm there is a tattoo demo a son with a ball in his hand looking at a favela in front of him, fantasy of a better future in football. The tattoo is almost identical to the one that his sidekick Neymar has.
I have always experienced working hard and thats why I try to give my best tactically as well as going forward. From an early age, in my vrzea eras[ a special type of Brazilian street football ], I tried to take in all the instructions of all the tutors I had. I am the same today. After all, it is very important to enter the tar knowing what I have to do to help the team.
He no longer was living in Jardim Peri but goes back to visit friends. When doing so in December he was stopped by the police while driving his expensive vehicle. A dark-skinned son cannot drive a neat automobile in the region where he grew up without being stopped by the police. Everyone knows how hard it is to be pitch-black in local communities, he wrote on Instagram.
He remain in Jardim Peri until last year. He could have left for So Paulo as early as 2010 but the club did not give him adaptation, meaning that he would have had to travel for four hours to get to and from instruct, and that would have had a negative impact on his institution work.
Not that Gabriel Jesus paid too much attention to anything apart from football. My whole life had all along been football and that simply, he remarks. Since I was six years old Ive only really was just thinking about football. I used to watch it on Tv, gambling video games and so on. I only cherish football. Some beings joke that I am too into it but football merely summing-up up my life.
His discipline is surprising for the purposes of the a young age, and “its probably” one of the things that has impressed Pep Guardiola, the manager who was desperate to draw him to City. Gabriel Jesus was a red-hot prospect even before the Olympics and City were able to beat off challenger from Barcelona, Manchester United, Real Madrid, Bayern Munich and Paris Saint-Germain partly because of a phone call from their new manager.
It was a complicated decision, but in the end my desire to learn acquired, Gabriel Jesus says. The spirit of Guardiola as a administrator at City and the facts of the case that it is a great club were very important factors in my final decision. Guardiolas phone call was a huge part of me deciding to go there. It induced me realise that Id love to work with him. I dont know him personally hitherto but he already prepared me feel very safe about his assignment there.
New information continues tocome to the surface about former BachelorChris Soules alleged hit-and-run car accident this past week, in which he had allegedly left the background of a fatal crash.
Soules was reportedly driving a Chevy pickup truck in Iowa when he allegedly moved another operator and vehicleoffthe road, as to be provided by TMZ. A statement provided to Elite Daily by such other representatives for Soules suggested of the incident 😛 TAGEND
Chris Soules was involved in an accident Monday evening( April 24) in a urban part of Iowa near his house. Hewas destroyed to learn that Kenneth Mosher, the other person in the accident, passed away. His thoughts and prayers and with Mr. Moshers family.
According to Perezhilton.com, Soules claimed to have handled the appalling occasion appropriately by remaining with the main victims until the EMTs arrived, calling 911 and checking for a pulse. However, lawyers are now lending more claimsto the action against him.
The prosecution claims the Iowa native bought alcohol before the accident and apparently destroyed it just before the crash.
In a new legal document, the prosecution alleges Soules scaped demonstrating written explanations about the empty and partly downed open alcoholic drink located in and around his vehicle that he was understood obtaining at a convenience store shortly before the accident.
However, “there wasnt” evidences or video evidence of Soulespurchasing the alcohol to support the claim. Additionally, officials were not able to experiment his blood alcohol material( BAC) or look for signalings of delirium when he left the scene of the crash.Elite Daily reached out to such other representatives for Soules on the charge, who said 😛 TAGEND
Neither Mr. Soules nor his legal counsel is likely to be responding to the numerous tabloid form clauses and journalists who have been reporting false and confusing stories by quoting unnamed generators. Rather, they will be focusing on presenting the truth, which will divulge how inaccurate and unfair so many of these news histories ought to have. We are confident that the fair-minded citizens of Iowa will do what theyve always done reserve judgment until all of the accurate information is properly presented.
Souleswas initially held ona $10,000 bail, which he posted.
In Iowa, the laws and regulations territory a driver Must end after road traffic accidents. If they do not, like in the event of a hit-and-run, that person could face a class D felony charge and up to five years in prison.
The reality TV star is currently aiming to have the felony charge descended, according to PerezHilton.com.
Right now, we move continued supportto both Soules and Moshers families.