Demand for luxury goods in Britain is holding up despite economic uncertainty, according to new accounts from influential designers Vivienne Westwood and Stella McCartney.
The fashion experts’ eponymous brands were joined by diamond jewellery retailer Boodles in this week revealing annual UK sales growth.
Vivienne Westwood, controlled by its environmental campaigner founder and her husband, said the majority of its turnover in 2017 was made in the UK.
Total group sales rose to £40.8 million from £37.5 million and profits were flat at £1.9 million.
It said the period was “challenging” but added that the brand “remains attractive”.
Growth comes despite some rivals warning of lower footfall in London following terror attacks, and economic uncertainty deterring shoppers.
Stella McCartney’s results show sales edged up to £42.5 million last year, from £41.7 million. UK turnover was up 4%.
The firm, which was owned by Kering during the period and is known for its fur-free clothing, said its pre-tax profits slipped to £9.1 million from £9.5 million.
At Boodles, which has a number of London shops, turnover rose 5.5% to £70.8 million in the 12 months to February 2018, but profits were hurt by one-off costs.
The family-run company said it is upbeat about current trading.
Luca Solca, luxury goods analyst at Exane BNP Paribas, said: “Consumer discretionary expenditure in the UK – at least in the high end – seems solid.”
