LONDON — The founder of men’s shirt-maker Charles Tyrwhitt said the
slump in the pound since last year’s Brexit vote spells the end of its iconic four shirts for £100 deal.
Nick Wheeler told Business Insider: “Brexit, the collapse in the value of the pound, was the straw that broke the camel’s back.”
The company’s shirts are made in India, Vietnam, and Sri Lanka, meaning the cost of importing them has gone up.
“We needed to increase the prices. We always knew it can’t go on forever. Everything goes up and you can’t just go on lowering your prices every year. It just doesn’t work.”
“When I started the business in 1986, I was selling shirts at £28.50. Here we are 31 years later and I’m selling shirts for £25. There’s a great ring to four for £100 but all good things must come to an end.”
Retail sales figures released this week show sales grew by 2.9% in June compared to a year earlier, a strong recovery from a slump earlier in the year. However, the CEO of the British Retail Consortium warned last month that we are seeing a “longer-term trend of a decline in consumer spending power.”
“The poor old consumer, the customer, the man on the street is just worried about what’s going to happen. Generally, when they’re worried about what’s going to happen, they batten down the hatches. In the UK the consumer is nervous. From that point of view, that affects us in the UK,” said Wheeler.
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