A new group called The House of Britannia aims to invest in luxury goods firms with the ability to compete on an international level, either by acquiring them or taking a significant stake in the business. It has just signed terms with shirt maker Thresher & Glenny, which has had a Royal Warrant since 1783 and is scouring the market for more brands, including young ones.
Simon Petherick, director of The House of Britannia, said: ‘The British luxury sector is forecast to double in size to £12.2 billion by 2017. The global market is currently £127 billion and luxury goods sales are predicted to grow 50 per cent faster than GDP worldwide. "We believe British companies can be part of this growth, but many are family-owned and do not have the resources to take advantage of this ongoing demand. We intend to provide them with those resources."
Petherick was formerly the managing director of Savile Row tailor Hardy Amies and used to go to the Palace and take orders for dresses from the Queen. He added: ‘The opportunity for British luxury goods is now much stronger than it was 10 years ago. After international luxury brands like Louis Vuitton and Dior there is a second wave of demand for much more niche and exclusive luxury goods. ‘There are lots of hidden jewels in Britain. A key driver in growing these businesses will be exports, particularly in the Far East."