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.Some 83 percent of luxury brands said they are expecting to see a rise in sales in 2013, according to the study by Walpole, the not-for-profit organization that represents British luxury companies, and Ledbury, a market research firm specializing in the luxury sector.The study added that tourists remain “crucial” to the British luxury industry, with 64 percent of respondents targeting this group specifically through various initiatives such as foreign payment methods, and hiring foreign speaking staff. While Americans remain the most important nationality of luxury visitors to the U.K., the Chinese are considered the fastest growing group of luxury shoppers to the U.K.“The findings from this year’s study provide an insightful look at the changing landscape of the U.K. luxury industry and the key priorities and challenges facing senior luxury executives in the coming year,” said Julia Carrick, Walpole’s chief executive.“Despite the backdrop of the euro zone crisis and a difficult economic environment, the U.K. luxury industry remains extremely robust and is forecast to grow significantly,” she added.The report said that key potential growth regions for U.K. luxury brands include the BRIC economies, Brazil, India, Russia and China. With the Olympics and World Cup coming up, 52 percent of brands have plans to enter the Brazilian market.Outside of the BRIC economies, South Korea, Mexico, Indonesia, and Vietnam were seen to be the most important target markets for U.K. luxury brands. The report said that, looking ahead, the two most important challenges facing British luxury businesses in 2013 are “maintaining product quality, and reaching the next generation of consumers.” The report said that 98 percent of the brands surveyed believe that reaching the next generation will be a challenge to some degree.
Exclusive: @longchamp is planning to stage its first official runway show at New York Fashion Week this fall. The French leather goods firm has expanded into ready-to-wear as part of its repositioning as a lifestyle brand. The show, scheduled for September 8, will also cap the brand’s 70th anniversary celebration. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @dominiquemaitre)
The Duke and Duchess of Sussex undertook their first overseas engagement as a married couple in Dublin. The trip included multiple events and outfits changes, including this black dress by @emiliawickstead that Meghan Markle wore for a party at the British Ambassador’s home. #wwdfashion #royals
At 20 years old – and with an estimated net worth of $900 million - @kyliejenner is the youngest person to ever make @forbes’ annual list of America’s Richest #SelfMadeWomen. “It’s incredible to be recognized for something I’m so passionate about, and I’m really grateful for that. I’ve always loved makeup and worked really hard to bring the first lip kit to the market,” said Jenner on founding @kyliecosmetics. See who else is on the list on WWD.com. #wwdnews #wwdbeauty (📷: @rainerhosch)
“The collection is inspired by Tulum and the Mayan Riviera – its laid-back luxury, life of cabanas, untouched coastline, natural habitats, exotic cocktails and jungle parties with renowned DJs,” said Matteo Maniatty, creative director and cofounder of @descendantofthieves, on the brand’s inspiration for its latest collection. See more designer sketches and inspirations on WWD.com. #wwdfashion #nyfwmens #nyfw
@riccardotisci17 is releasing a limited-edition capsule collection as part of his anticipated runway debut for @burberry in September. Delivered in a series of instant drops, this is the second Burberry capsule collection announced since Friday, when Tisci broke the news on his collaboration with @viviennewestwood. Get all the details on WWD.com. #wwdfashion #wwdnews
“It’s like a Cinderella story. You get a little fake, you get a little real, you put it together and voilà,” said legendary rapper Slick Rick, who helped pioneer the merge of luxury and streetwear. WWD’s @ariahughes spoke to @therulernyc about his jewelry collection, his collaboration with @bally and how the industry has evolved – link in bio. (📷: @kristaschlueter)
@ragandbone and @eminem are teaming up on a special capsule collection of streetwear pieces. Sold at a one-day pop-up in London’s Soho on Friday, the collection features three different T-shirt designs and a hoodie. The capsule is set to kick off the rest of Eminem’s shows in his European Revival Tour, which ends on Sunday. Get all the details on WWD.com. #wwdfashion