Next Brand is facing the Brexit woes as the cost of buying materials for its clothing and homeware lines will increase by up to 5pc next year due to the pound’s weakness following Brexit. This retail information was revealed by the company as the fashion retailer is already seeing sales slip due to falling footfall after a bout of poor weather.

The retailer further estimates that importing clothes from its overseas suppliers, including factories in China, Bangladesh, Cambodia, and Burma will push up its costs from 2017 as a speculation following the Brexit

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Next, which generates around €200m in revenues from EU countries,would consider expanding its warehouse and operations in continental Europe “in the unlikely event” that selling stock from the UK becomes less efficient.

The company revealed that tariffs and other barriers to trade are unlikely to change, since it already imports most of its stock from factories in Asia.