Weak pound attracts Euro shoppers

Link to the article: Channel 4 (PA News)

Last Modified: 22 Mar 2009
Source: PA News

French fashionistas are flocking to London because the weak pound lets their euros go further on shopping sprees, retailers have said.

The chic shoppers are crossing the Channel to buy wares by iconic French brands including Chanel, Chloe and Louis Vuitton, according to Selfridges.

The department store, which has a flagship shop on Oxford Street, said credit card reports showed trade from France soared 70% in January and February compared to the same months in 2008.

The trend held for shoppers from other countries using the euro, with trade growing more than 40%, while almost all countries within the Eurozone showed double digit growth.

The pound's weakness means European customers can make big savings on pricey purchases such as designers handbags, with a classic Chanel quilted leather bag costing the equivalent of £1,780 in Paris available for £255 less in Selfridges at £1,525.

Likewise the Paddington Classic bag by trendy French label Chloe can be bought for £778 here but would cost £1,002 in Paris - £224 more.

The savings would more than cover a return Paris to London ticket on the Eurostar which can be bought for £59.

Happily, the euro shoppers are also using the favourable exchange rate to snap up British brands, with sales of handbags by Vivienne Westwood and Paul Smith up more than 50% since January.

Accessories by Westwood, the grande dame of London style, had seen particularly "outstanding" triple-digit growth, the department store said.

Other best-selling accessory brands for the year so far include the French label Yves Saint-Laurent, Gucci and Miu Miu which are both Italian, and the prestige Spanish label Loewe.