French tyre manufacture Michelin said Tuesday it had raised prices in Britain to tread on the creation of a black market in tyres in response to a falling pound following the Brexit vote.
The company's financial director Marc Henry said the direct impact to Michelin from Britain leaving the European Union wasn't that large, but acknowledged that it had raised prices there to "avoid the creation of a parallel" market for its tyres.
The pound plunged following the unexpected decision last month of British voters to leave the European Union.
Sterling has shed 20 percent from peaks hit last year against the euro, creating the potential for profit on the resale of goods in the single currency zone.
Expatica: Michelin jacks up UK tyre prices to avoid Brexit bargains
Comments