By  on May 7, 2013

LONDON — The U.K. luxury sector is set to grow 12 percent this year to 7.4 billion pounds, or $11.51 billion, and will post double-digit growth annually for the next five years, according to the fourth annual Walpole Ledbury Luxury Benchmark Report.

The report, which is based on interviews with 78 senior luxury executives in sectors ranging from fashion and accessories to watches and jewelry to hospitality, said that brands remain “optimistic” about the outlook, and they have every reason to: The sector is set to double in size over the next five years to 12.2 billion pounds, or $18.98 billion, in 2017.

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