Britain, the go to destination for luxury goods

There’s good news for Britain’s luxury goods market as Rolls-Royce Motor Cars announces its second highest sales record in over a century, competitor Jaguar Land-Rover reports a rise in annual sales for 2016, and the UK’s superyacht industry reaches its highest level since the 2008 financial crisis.

Rolls-Royce saw a 6 per cent increase in sales globally compared to 2015, a record in its 113-year history. The West Sussex-based firm, which is owned by auto giant BMW, saw a 26 per cent sales spike in sales in the UK, 10 per cent in the US and 23 per cent in China. Sales in Japan soared by a massive 51 per cent.

Rolls-Royce Motor Cars chief executive Torsten Muller-Otvos says: “This remarkable result emphatically affirms the global appeal of the very finest British luxury goods to the world’s most discerning patrons.”

The news comes as Jaguar Land-Rover reports a 20 per cent increase in sales last year, with sales of luxury Jaguar models rising 77 per cent in the same period.

Adding to this, a report from industry body British Marine shows that British luxury yacht makers have not been affected by Brexit, with sales in 2016 surpassing their pre-crisis record as overseas high net worth buyers take advantage of the fall in the value of the pound. Revenue grew 1.6 per cent last year to £3.01 billion.

Speaking to the Guardian, Antony Sheriff, executive chairman of Plymouth-based Princess Yachts, who describes his client base as “very wealthy people with a passion for boating”, said sales had been “supercharged by the announcement of Brexit,” with revenues up 20 per cent.

Adding to this, David Lewis, group managing director of Sunseeker London, said “Brexit has given us a great advantage, and it’s also making it difficult for our competitors.”

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