Strong growth forecast for British luxury industries
The British luxury industries is estimated to reach £51.1 billion by 2019 from the £32.2 billion in 2013 – a growth of 60% in two years - according to consultancy Frontier Economics.
The report, commissioned by luxury industry association Walpole, says 158,000 people will be employed in the sector in five years. The growth will mainly be driven by sales of British cars.
The luxury apparel and footwear sector was worth £4.1 billion in 2013, accessories were worth £1.4 billion, while car manufacturing was worth £18.3 billion.
Edward Craig, head of retail group Charles Russell Speechlys, said: “British fashion, luxury products, cultural industries and design are amongst the UK’s most prolific exporters. But businesses in the sector risk losing ground in a competitive global marketplace: threats range from Chinese counterfeiters to an inability to secure visas for skilled workers to work in the UK.
“For the growth forecasted in this report to materialise, companies must assertively protect their intellectual property, commercial and digital rights around the world, and they must continue to access and export to global markets. Visas and digital governance issues will become more important. Our luxury sector is the jewel in the crown of UK industry, and it is important that the right policies and legislation are in place to foster their continued growth.”
Image: Leathergoods brand Ettinger's collaboration with Bentley
