London Luxury

from Walpole Yearbook 2023

Working in luxury Walpole’s upcoming report tells the magical story of cultivating jobs & skills in the luxury sector

It is not only London’s size, energy and diversity that defines it, it’s also its resilience; something that can be seen by how rapidly it has come roaring back post-pandemic. London has long been synonymous with a cool, edgy British creativity in its music, art and fashion. It’s a shapeshifter and a trendsetter.

London is the world’s best luxury capital, with its exceptional ecosystem of international and homegrown luxury retail, of fivestar hotels and Michelin-starred restaurants, of museums and art galleries, residential and commercial property, and an unrivalled annual calendar of events beloved by well-heeled residents and well-off visitors alike.

This is what Walpole aims to explore in The State of London Luxury 2023 report, produced in partnership with Cadogan. This new annual study analyses the success drivers key to London’s strength in luxury. It looks at the unique components that make the capital so alluring to HNWIs. It explores the vital interdependence between British luxury goods companies manufacturing throughout the UK and sales in London. It examines the symbiotic relationship between culture, retail and hospitality.

Key takeaways from the report include:

• 71 per cent of respondents expressed positivity about the prospects for their business at present (a sentiment that rises to 81 per cent over the next two to three years)

• 69 per cent of participants ranked Bond Street among the world’s top three luxury streets

• While two Chinese cities outrank London in volume, data from Savills demonstrates that London leads the world with the highest number of new store openings between 2019 and 2022 Savills Luxury City Fundamentals ranking 2022 positions London second only to New York when comparing size of retail market, international visitor appeal, affluence and growth potential

The State of London Luxury 2023 report captures for the first time a full 360-degree view of the capital’s strengths: by developing a deep and thorough understanding of what works, we can work together to build on the success of British luxury’s most powerful national asset.