UK votes Leave: The cosmetics industry's Brexit response

24-Jun-2016

The UK has chosen to leave the EU in a monumental vote that saw 52% vote Leave and 48% Remain

The cosmetics industry has spoken out about the UK’s decision to leave the EU, with many left feeling hesitant over what the government’s next steps will be.

Votes were cast at polling stations up and down the country yesterday. Today, it was announced that 52% of UK voters opted to leave the EU, while the remaining 48% wanted to remain in. Taking the majority vote, the Leave campaign emerged victorious.

Since the news broke, the financial markets have been knocked hard, with many cosmetics companies suffering; the FTSE 250 index plummeted 11.7%, while the pound plunged more than 10% against the dollar to sub-$1.33 – a figure not seen since the 1980s.

The UK’s Prime Minister David Cameron has also announced he will be stepping down from his role with the aim of appointing a new leader by the start of the Conservative Party Conference in October. Betting company Paddy Power has listed Boris Johnson as the favourite to take over at 8/11, followed by Theresa May at 9/4 and Michael Gove at 5/1.

Reactive comments

Cosmetics companies – many of whom were publicly pro-Remain – have been digesting the news, with several surprised by the outcome and turning to social media to air their sentiments.

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