Showers and taps manufacturer Crosswater has announced a 10% price hike effective from August 24.
In a letter to its distributors and retailers, the company revealed that the increase was a result of “a detailed review” of the depreciation of the pound against the euro and US dollar.
Speaking exclusively to kbbreview, group chairman David Hance (pictured) said the company anticipates “that the value of sterling will continue to erode further in the medium term”.
Currently, the pound is trading at 1.19 against the euro and 1.32 against the US dollar.
Crosswater said the price increase had been “carefully considered” and was “reflected product by product”.
“We are well aware that this is difficult news and an unfortunate result of recent events, but be assured that much thought has gone into individual increases to ensure that we continue to provide the consumer with great choice and value,” said Hance.
“These types of economic ‘shocks’ often have the effect of highlighting the weak and the slow in the market. Crosswater is neither. We believe our swift and measured reaction to the EU referendum, while difficult, is sensible and is likely to have to be considered by others over the next few months.”
Responding to claims that suppliers may be taking advantage of uncertainty in the market, Hance said Crosswater was “definitely not taking advantage. We have been careful, measured and completely open about what we are doing, and why.”
He added: “We have an unwavering commitment to all our trading partners and you can be assured that, in true Crosswater style, we will continue to invest in our brands over the coming months to ensure that we keep providing initiatives and new products that stimulate our customers and consumer purchases.”
Crosswater said it would continue to review the situation, in the light of fast-changing and volatile markets and currencies, as it sets out its plans for 2017.