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London's luxury sector sees growth

London now houses two-thirds of the world’s top 100 high end retailers with spending in the Luxury Quarter reaching £3bn a year.

The area - which spans 42 streets, lanes and arcades across Bond Street, Picadilly, Savile Row, St James’ and Mount Street - has in the last year welcomed new brands such as Alice Temperley, Celine, Isabel Marant and Oscar de la Rent

The area now represents 66% of retailers in the sector - up from 42% in 2005.

The first London Luxury Quarter Report, published this week, predicts spend will increase from current levels of £3bn to £4.2bn by 2017.

More than £500 million worth of spend comes from global luxury shoppers with key markets being China, Middle East and Russia.

Markus Meijer, chief executive of property investment firm Meyer Bergman and co-owner of Burlington Arcade, said: “Undoubtedly we have benefited from a growing number of international visitors in the Quarter who come to London not just in search of international luxury brands, but also because they want a uniquely British experience.”

However the report highlights that visa issues, particularly with the Chinese market, could see tourists opting for other luxury destinatiions such as Paris, New York or Milan.

Over the past decade £1.82bn has been invested into the London Luxury Quarter.

The report is published as Drapers conducts its first ever Luxury Market Report, aimed at dissecting the sector in the wider UK and its impact internationally.

If you work in the luxury fashion sector, as a retailer, brand, etailer agent or distributor, and you want to find out exactly how your sector is performing, please fill in this short survey: https://www.surveymonkey.com/s/DrapersLuxurySurvey.

The report will be published in November in Drapers and drapersonline.com.

  

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