Charles Tyrwhitt founder Nick Wheeler has said its “four shirts for £100” offer has become unviable following the drop in the value of the pound after the Brexit vote.
Wheeler – who voted for the UK to leave the European Union – told the Mail on Sunday the price would likely go up to about £110.
”People are very price sensitive, but we are going to put the price up, we’ve got to,” he told the newspaper. ”It’s a currency issue, our shirts are costing us 20% more than they used to.”
Wheeler said he voted for Brexit knowing it would be “painful for my business” in the short term, but added: “In the long term I thought it would be good for Britain.”