‘Brexit was good for us’; says London-based Harrods

The U.K.’s decision to leave the European Union and the subsequent fall in sterling have benefited some sectors, in particular luxury retail, such as the London-based luxury department store, Harrods.

Harrods said it saw a boost in business in the aftermath of Brexit, in particular from Chinese consumers.

“Brexit was good for us, it drove the Chinese business,” Michael Ward, managing director at Harrods, told CNBC on Friday.

“The year started off well for us and the premium sector has always done well. We did a little bit from Brexit, but also we had very, very strong sales from the Middle East, which was largely the Middle East congregating in London because of safety issues,” he added.

Tourists have flocked to London as the pound sank to a 31-year low after Brexit. One of the biggest beneficiaries of Britain’s vote has been the luxury goods sector. However, many retailers expect to increase prices as import costs rise, making current luxury bargains much more pricier.

Harrods registered its best sales week prior to Christmas, Ward said.

Source: CNBC