Industry association TFWA has just issued the following statement regarding the UK vote to exit from the European Union:
Comment re Brexit
From Erik Juul-Mortensen – President, TFWA
As yet, it is not possible to predict how Brexit will affect the duty free and travel retail industry, and it is wiser not to make assumptions about exactly what the impact will be. The decision will, however, result in a period of considerable uncertainty and will clearly present a number of challenges to the UK and EU duty free and travel retail sector. Together with other trade bodies and stakeholders we will be examining the issues and their consequences fully with EU and UK governments over coming weeks and months so that these issues can be addressed as quickly as possible. People will of course however continue to travel, and the duty free and travel retail sector, currently valued at over $60 billion globally, will remain an important retail channel in the UK as in the rest of the world.