Subjects: ECO, FOR, TRD
Secretary of State For International Trade Launches British Luxury Sector's Trade Mission to New York
NEW YORK, October 23, 2018 /PRNewswire/ --
Secretary of State for International Trade and President of the Board of Trade, The Right Honourable Liam Fox MP and Consul General, Anthony Phillipson welcomes the British luxury sector to New York, at reception at Hearst Tower.
Walpole, the sector body for the British luxury industry which counts 250 of the UK's finest luxury brands amongst its members, today launches its second annual trade mission to New York with a reception hosted at Hearst Tower to honour Glenda Bailey OBE, editor-in-chief of Harper's Bazaar and attended by Secretary of State for International Trade and President of the Board of Trade, The Right Honourable Liam Fox MP and Consul General, Anthony Phillipson.
"UK luxury is a jewel in the crown of British businesses, generating more than £50 billion in sales annually and employing more than 113,000 people," the Secretary of State said. He added: "The partnership between the GREAT Britain Campaign and Walpole is an excellent example of government and industry working together to increase exports as a proportion of GDP to 35% as set out in our ambitious Export Strategy. I look forward to the commercial outcomes of DIT's continued partnership with Walpole and its member companies."
Helen Brocklebank, CEO, Walpole said: "As the UK looks beyond its borders into its future global trading relationships, it's particularly important that British luxury, a sector with an export value of over £25 billion, shows how successful high-end British brands are at doing business overseas. Not only is the US the single biggest market for British luxury, but also it offers a huge growth opportunity for the sector, as the appetite of the US customer for our brands and services grows every year. I'm hugely excited about returning to New York to show the creativity and innovation that typifies luxury in the UK, and to fly the flag for Britain for US visitors thinking of making a trip here."
The transatlantic trading relationship for the British luxury sector, whether driven by luxury goods on sale in the United States or American tourists visiting the UK, has never been more valuable. Almost 80% of what the British luxury sector produces is destined to export and as the United Kingdom navigates its departure from the European Union the luxury sector is forging ahead with strengthening its trade and investment ties with its key export markets through its trade delegation to New York.
America is the largest and most important luxury market in the world valued at $85 billion, forecast to reach $103.5 billion by 2021 (Source: Euromonitor, 2016). New York alone accounts for $25.5 billion or almost one third of the total US luxury market size (Bain 2014) and 75% of British luxury brands have identified the US as a priority growth market 2021 (Source: Walpole and McKinsey & Co: Key Growth Drivers of British Luxury, 2016).
The USA is also the UK's most valuable source market for visitor spending in Britain. According to Visit Britain, 3.91 million Americans visited the UK in 2017, an annual increase of 13.16% on the previous year, and spent a total £3.64 billion with an average single transaction spend of £813 (Source: Global Blue). The leisure market leads the reasons to visit the UK and holidays account for 45% of all visits to the UK. When here, American travellers show a strong emotional connection to luxury, with rich history and collectability leading the reasons to buy luxury products (Source: YouGov Affluent Perspective).
New York Trade Delegation
On Tuesday 23rd October, a delegation of 17 British luxury brands led by Michael Ward, Chairman of Walpole and MD Harrods and Walpole's CEO, Helen Brocklebank will hold a programme of events in New York to build long-term relationships that drive export opportunities by engaging with top business leaders, buyers and media.
The three-day event spans an insights briefing on US media and the luxury landscape, commercial and diplomatic meetings, and an experiential media showcase at The Glass Houses. Glenda Bailey OBE, editor-in-chief of Harper's Bazaar, will be honoured with an Award for Excellence for her work to promote British luxury overseas.
The trade delegation is taking place in partnership with the GREAT Britain campaign and the UK's Department for International Trade, that promotes UK trade and investment to a global marketplace and supported by New West End Company which represents over 600 business in London's West End and Mayfair.
Sarah Anderson, Head of Brand Partnerships, GREAT added: "The GREAT Britain campaign celebrates the best of the UK overseas so we are delighted to partner with Walpole to present this outstanding showcase of British luxury to US audiences. We look forward to promoting British craftsmanship, quality and heritage in beautiful settings and with the valuable expertise of the industry's finest talent."
About Walpole
Walpole is the official sector body for UK luxury. Founded in 1992 as a not-for-profit organisation, it counts more than 250 British brands in its membership and is recognised in both Westminster and Brussels. As the voice of British luxury, Walpole's purpose is to promote, protect and develop a sector worth £32.2 billion to the UK economy and the jewel in the crown of UK business.
Walpole actively seeks out UK and international business opportunities, promoting growth in the industry through a programme of initiatives, including the annual trade mission and press showcase to the US. As founders of the European Cultural and Creative Industries Alliance (ECCIA), Walpole cements and champions relationships with Europe's luxury and creative sectors, lobbying the EU on key policy issues like selective distribution and IP protection, and supporting pan-European business and cultural connections post-Brexit.
Dedicated to creating a pipeline of growth for Britain's luxury brands, Walpole also runs the annual mentoring programmes Brands of Tomorrow and the Programme in Luxury Management at London Business School.
About the GREAT Britain campaign
The GREAT Britain campaign is the UK Government's ambitious international marketing campaign and showcases the very best of what Britain has to offer in order to encourage the world to visit, study and do business with the UK. The campaign unites the international growth promotion efforts of the Department for International Trade, VisitBritain, British Council, FCO and is currently active in over 144 countries. Visit http://www.great.gov.uk for more information.
GREAT aims to deliver significant and long-term increases in trade, tourism, education and inward investment in support of HMG's prosperity and growth agenda. GREAT messages are organised around a series of 'pillars' - Heritage, Culture, Countryside and Sport for tourism audiences, Innovation, Business, Entrepreneurs, Technology, Creativity and Green for businesses and investors and Knowledge and Education for students.
For further information contact:
Dominic McCarthy, ANM Communications LLP
+44-(0)-20-7940-2918
[email protected]
Carly von Speyr, Walpole
+44(0)-207-803-1389
[email protected]
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