LONDON, Sept. 2 (Xinhua) -- The British Fashion Council (BFC) on Monday warned that a no-deal Brexit scenario could cost the fashion industry up to 900 million pounds (1.08 billion U.S. dollars) in one year.
The estimation is based on export figures from 2018, which show that abiding by World Trade Organization rules would drastically increase annual tariff costs for retailers and fashion designers.
The latest figures from the UK Fashion &Textile Association said that the industry could lose between 850 million pounds and 900 million pounds, according to the council said.
According to the BFC, the UK fashion industry is worth 32 billion pounds and employs more than 890,000 people, almost as many as that of the financial sector.
As a result, the organization has released a statement urging the British government to protect the industry and its workers as the risk of a no-deal Brexit is increasing.
British Prime Minister Boris Johnson vowed to take his country out of the European Union (EU) on Oct. 31 with or without an agreement with the regional bloc.
"We urge the government to seek a deal with the EU that would guarantee the healthy and steady growth of the fashion industry," the council said before calling for funding that would help British designers to remain competitive overseas through trading agreements.
The council called upon the British government to secure a deal with the EU that "would guarantee the healthy and steady growth of the fashion industry".
London Fashion Week opens next Friday. Enditem
