High-end fashion brand Wolf & Badger has announced it will cancel its plans for UK expansion after the Brexit vote.
One of the first retailers to solidify the fears of many economists, Wolf & Badger said they would cancel plans to open four UK stores following the referendum, according to the Evening Standard.
The retailer has instead opted to increase expansion plans across the pond in New York, opening a 2500 sq ft outlet in February next year.
“With Brexit looming and the UK entering a period of uncertainty, we are extremely pleased to be entering the US market and facilitating continued opportunities for independent labels even if the European market starts to close up,” co-founder George Graham said.
RELATED: Brexit’s intellectual property law changes could kill London Fashion Week
This comes amid increasing warnings from business leaders that the move will deter international brands from investing in London and the UK.
Earlier this week a campaign was launched warning of the effects of Brexit on the fashion industry and primarily London Fashion Week, as intellectual property laws will no longer be relevant across the EU, preventing brands from launching products in the UK.
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