Cosmetics retailer Lush dealing with Brexit ‘shockwaves’

Cosmetics retailer Lush is exploring growth options outside the UK after the result of the European Union referendum sent “shockwaves” through its business.

A lack of clarity over the government’s approach to Brexit negotiations is a key uncertainty for Lush, the closely-held company said in its results statement Monday.

Its main risks are higher import duties and an inability to get staff with the necessary skills.

British prime minister Theresa May, who has indicated she is willing to sacrifice Britain’s membership of the single market in return for regaining control of immigration, is poised to formally begin the exit process as soon as Tuesday if she clears remaining hurdles in Parliament.

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About 20 per cent of Lush’s workers do not have British citizenship and were made to feel “unwelcome and understandably upset” by the Brexit vote, the company said.

Lush has moved to reassure staff there will be no redundancies and has offered roles in Germany to those wishing to leave the UK.

More than 80 have taken the company up on the offer. For Lush, Brexit did not affect UK sales in 2016, although the company said it is bracing for more challenging economic conditions this year.

Pre-tax profit rose 76 per cent to £43.2 million (€49.5 million) in the year ended June 30th.

– Bloomberg