Strong euro prompts action
Friday, 30th November 2007 by Catherine Woods
The strength of the euro is already having an impact on some UK businesses. Gardiner Brothers FD James Gardiner says the footwear distribution company will hike up the price of its euro-based products next year.
“We’re being helped by the weak dollar but we’re being hit by the strong euro,” he says. “Exchange rate fluctuations is an issue we have to deal with.”
The euro is going from strength to strength. One euro will get you around 71 pence these days.
Gardiner says the company has been forced to react. “We have bought currency forward," he says. "We do sell al little bit of product in the Republic of Ireland so there’s a bit of hedging there.
"But we will be putting the prices up by 3 to 5 per cent in January for euro-based products.”
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