Orient - The Official Magazine of the British Chamber of Commerce Singapore - Issue 72 June 2019
Anyone who has spent as long as I have in one industry would surely have experienced a few economic/ business cycles of change including regulatory changes, consolidation etc. The most significant event in my career was the global financial crisis and the long lasting impact of the regulatory changes that resulted from this.
Even in more recent times, there are developments that concern us and our clients and we actively monitor these, whether they are trade disputes, geo political risks or country specific events. While Brexit has been a key topic for us, when we talk to our global multi-national firms and our clients in this region, they are concerned beyond Brexit, with the US-China trade negotiations of note and certain sectors that are likely to undergo significant change in the coming years.
There is also an ongoing concern about cyber crime and the vulnerability of certain sectors to data breaches. In the banking sector this becomes a specifically important risk as we need to protect not just client data but also client funds. This is, understandably, driving a lot of investment in technology in the banking industry and also training since ultimately, our colleagues are our best defence.
The International Trade Portal in Action: Devon based, luxury outdoor wear manufacturer expects to double its turnover within the next 13 months
A Devon clothes manufacturer has secured a new contract to export its range to Japan with the support of Lloyds Bank Commercial Banking.
Fortis Clothing, which was established in Axminster in 1997, has seen an increase in demand for its luxury outdoor wear from a number of international markets in the past year.
The new contract will see three Japanese fashion retailers stock its range of coats, trousers, bags and vests for three years. With the new contract in place, Fortis Clothing is expecting to double its turnover in the next 13 months.
Fortis Clothing makes clothes for the military, police force, farmers and outdoor enthusiasts across the country. It currently exports its products to Denmark and New Zealand and has an annual turnover of £300,000, employing 10 members of staff.
Oliver Massy-Birch, Director of Fortis Clothing talks about their journey into exporting.
Capitalising on growth opportunities overseas:
The contract was secured after the business used Lloyds Bank’s International Trade Portal to identify and prioritise the best overseas opportunities for its products or services.
"The demand for British-made clothing is growing, and being able to tap into new markets in Japan is a big step in our international growth plans," says Oliver Massy-Birch, Director of Fortis Clothing.
"Before we started exporting, and due to the seasonal nature of our products, we would see a spike in sales during the UK’s colder months. Exporting to countries experiencing winter at different times in the year has resulted in our sales book becoming more consistent year-round. This has given us the headspace to explore new markets. British-made products are now more competitive than ever to businesses buying in other currencies due to the weaker pound, opening up an opportunity for manufacturers to take advantage of this growing trend."
ABOUT THE COMPANY Lloyds Banking Group is a UK-focused retail and commercial bank with more than 30 million customers across the globe, including 1 million business customers and more than 80% of the FTSE 100 amongst its clients. The Group’s strategy is built on being the best bank for customers and colleagues alike, and creating value by investing where we can make a real difference for our clients. Acting as a gateway to expert Asia-UK financial services, teams of sector and product specialists deliver industry insight and experience alongside tailored solutions to suit our clients’ individual business needs. Lloyds Bank Commercial Banking has teams in Singapore, London, Frankfurt, Amsterdam, Paris and New York. For more information visit: commercialbanking.lloydsbank.com/international/asia/