One of the world鈥檚 biggest brands is reportedly considering an expansion to beautiful British Columbia.
At press time, the size of the brand鈥檚 potential investment in the province remains rumour, as does the location of the brand鈥檚 potential home base.听
Conjecture aside, however, if the Duke and Duchess of Sussex choose to establish their North American headquarters on Canada鈥檚 West Coast, the economic benefits for certain business sectors could be lucrative.
The couple鈥檚 decision to spin themselves off from a centuries-old household name, modernize their approach to public relations and chart a course to financial sustainability is unprecedented, which makes it difficult to forecast how they might perform and how they might diversify.听
鈥淚n terms of their continued appeal, it might be that there鈥檚 more of a celebrity appeal than a royal appeal,鈥� said royal expert听Sarika Bose, a sessional lecturer at the听University of British Columbia鈥檚 faculty of arts.
鈥淚 think celebrities are thought of in more commercial terms rather than the more honorary terms of the Royal Family. That鈥檚 a very different kind of mindset, I think, in terms of how you brand yourself, how you promote yourself, what you do to make a living. The Royal Family has never had to go on the lecture circuit or they don鈥檛 necessarily have to brand too many products.鈥澨�
London-based consultancy听Brand Finance听estimated that in 2017, the intangible value of the British monarchy 鈥� the benefits the Crown is expected to generate for the U.K. economy 鈥� was calculated at 拢42 million, or more than $72 million in 2020 dollars.
The U.K.鈥檚 tourism sector is the biggest benefactor of the monarchy鈥檚 prestige, history and ceremony, which generates around $947 million annually for the sector, according to Brand Finance. The Crown also generated noteworthy annual economic benefits in the categories of trade (around $258 million), charities and patronage (also around $258 million), media and the arts (around $86 million) and informal endorsements (around $344 million).听
Charitable impact in particular presents a potential opportunity for B.C. organizations.听
鈥淓quity-seeking groups, which need extra support, I think, can benefit from [Meghan Markle鈥檚] public support, for sure,鈥� said Bose.
The听Downtown Eastside Women鈥檚 Centre听(DEWC)听and听Justice for Girls听made international headlines when Markle recently visited their locations to meet with and speak to staff and volunteers.听
鈥淚 am sure that many more people across the world have now heard of the women鈥檚 centre, but what immediate change that might create for women who face overwhelming barriers every day is not yet known,鈥� DEWC acting executive director听Kate Gibson听wrote to听BIV.
She added that the couple could shine a light on issues that affect marginalized women and girls if and when they move to B.C.
Informal endorsements 鈥� sometimes dubbed the 鈥淜ate effect鈥� 鈥� could also be a boon to local artists, designers and retailers.
For example, British retailer听Asda Stores Ltd.听reported a 300 per cent increase in beige coat sales after the Duchess of Cambridge was spotted wearing a similar-looking 鈥� and much more expensive 鈥� version of the coat. A coat from Vancouver-based听Aritzia Inc. reportedly sold out within hours of Markle being photographed wearing it.
The couple鈥檚 social media presence and celebrity appeal could draw locals and royal-curious tourists to certain restaurants, boutiques or areas.听
With a background as a working professional, speaking tours focused on particular causes or additional acting work would be a natural fit for Markle, said Bose. B.C.鈥檚 film, television and animation industries could supply her with opportunities in the latter 鈥� and benefit from the buzz of doing so.听
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