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Premium overtakes value as fastest growing clothing category

The premium sector of the UK fashion market is set to outstrip the value sector in terms of growth this year, according to retail analyst Verdict Research.

Verdict said the likes of Hobbs, Reiss and Burberry are experiencing year-on-year growth of 13.9%, compared to the value sector's 8.9% growth.

Verdict added that the premium market had grown nearly four times faster in 2007 than the overall clothing market, taking its market share to 18.5% - an increase of 1.6 percentage points.

Although the premium sector occupies the smallest segment of the UK clothing market - the value sector accounts for 24.6% and the mid-market for 56.9% - Verdict predicts that shoppers will spend an extra £785 million at premium retailers in 2007, surpassing the extra £697m being spent at value retailers.

According to Verdict, the middle-market is losing market share - down 2.8 points in 2007 - but it said that individual middle-market retailers were benefiting from extending their ranges to include more premium collections.

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