UK luxury sector ‘to double’ in next five years
08/05/2013
Around 83% of British luxury brands expect to see a rise in sales this year, with Walpole suggesting 12% growth is likely.
Julia Carrick, CEO of Walpole British Luxury, commented: “Despite the backdrop of the eurozone crisis and a difficult economic environment, the UK luxury industry remains extremely robust and is forecast to grow significantly.”
The BRIC economies (Brazil, India, Russia and China) are seen as the most interesting overseas markets, with 52% planning to enter Brazil on the back of the Olympics and World Cup. Outside of the BRIC economies, South Korea, Mexico, Indonesia and Vietnam were seen as the next most important target markets.
Walpole members include leathergoods and footwear companies such as Albert Dunhill, Burberry, Church’s Shoes, Ettinger, Smythson and Jimmy Choo.
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