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Despite recent news surrounding Brexit and Psyche's rebranding, it seems the relaunch of this iconic British brand is going well for the brand. The rebranding was the result of the closure of the company's former owners Steve Cochrane and the Coronavirus pandemic. In addition, Brexit uncertainty has prompted the company to turn into Flannels. But what's the future for this iconic brand?

Psyche's rebranding

Psyche was originally a Greek word, borrowed into English. The story revolves around a princess named Psyche who fell in love with the god of love, Eros. Psyche endured terrible trials to marry the god, but the story is often interpreted as a tale of soul redemption through love. Psyche also means butterfly in Greek, and the word sounds much less intellectual or spiritual than mind or soul. It also sounds much more private than personality.

In January, the Fraser Group acquired Psyche's stores, online business, and brand. Middlesbrough's Psyche store will close on August 9 and will reopen in September as Flannels. The Psyche brand was launched in 1982, but last year it was purchased by the Sports Direct and House of Fraser group. However, the value of the company has not been disclosed. The current Middlesbrough store will remain open as Flannels, but will now specialise in children's clothing.

The solar array will power Psyche's propulsion system and measurement equipment. The solar array will generate 21kW of electricity when the craft is on Earth. Psyche's solar array will produce only about two kilowatts when it is farther from the sun, about the amount of energy needed to power a hair dryer. The solar arrays were designed to be lightweight and radiation-resistant to minimise the spacecraft's mass and drag. If all goes well, Psyche may make first contact with the asteroid in 2026.

Steve Cochrane's closure due to Coronavirus pandemic

Princeton University announced on Wednesday that it is halting all admissions, citing a nationwide Coronavirus pandemic. The move will affect thousands of students and their families. Cochrane spent years visiting high schools and talking to parents about the importance of a liberal arts education. After a successful career as a teacher, Cochrane went on to earn his Master's in higher educational administration from Harvard University. He has since returned to Princeton University as assistant dean of students.

Brexit uncertainty

The ongoing economic uncertainties have been negatively impacting consumer psyche, with recent sales figures indicating that only the grocery sector experienced growth in September. Non-food sales were also down compared to last year, with the exception of the household appliance sub-sector. The warmer weather, along with uncertainty around Brexit, has dampened the demand for autumn clothing. The sale of clothing during the autumn is usually a time for new arrivals, but uncertainty about Brexit has also dampened this year.

The consequences of leaving the EU are uncertain. Without a deal, Britain would no longer enjoy seamless tariff-free access to the world's largest economy. Instead, the UK would become subject to WTO trade rules. As an example, the EU currently adds a 11.5 per cent duty to clothes and textiles imported into the UK. Furthermore, the British government might levy an undetermined tariff on all goods imported to the UK, putting companies with complex supply chains at risk of double taxation. Meanwhile, businesses are also expecting queues and delays at borders.

Retailers are cautiously optimistic that political stability will translate into increased sales in 2020. While Brexit uncertainty will thwart growth plans in the short term, retailers will be able to profit from a recovering housing market in 2020. Retailers that have already adapted their operations to these uncertain circumstances will do well in the coming years. While it is too early to forecast what the future holds, retailers should consider these factors and plan ahead accordingly.

With the UK economy under pressure, retailers must adapt to the uncertainty. The uncertainty surrounding Brexit is playing a role in consumers' psyche. Negative language surrounding Brexit, such as the need for a new trade agreement, may make consumers fearful of a possible economic crash. As such, Psyche clothing sales should be a welcome sight for retailers. With the pound likely to rise in value, retailers will need to prepare for a higher price of goods. Furthermore, businesses must also prepare for increased transport costs and lack of cheap labour.

Cochrane's rebranding into Flannels

Cochrane, a Middlesbrough designer clothes firm, has been bought by a serial entrepreneur. The deal will see Steve Cochrane stay on as CEO, but the business will also be rebranded. The company was set to shut in June, and the rebranding is said to secure the future of the bricks-and-mortar store. The previous owner, Studio Retail Group, had owed Cochrane more than £80m when it collapsed last year. Cochrane's rebranding into Flannels will allow it to continue trading.

The new name for the brand is a result of a deal between the two companies. The former Psyche has been renamed Flannels, and its flagship store in Middlesbrough town centre will remain open. Both stores will continue to sell designer clothes for men, women, and children. Psyche was purchased by Mike Ashley last year, who owns House of Fraser and Sports Direct.

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