Luxury goods and services brands have been lauded for their achievements in the industry in a ceremony in London, highlighting how the sector continues to prosper despite difficult economic conditions.

At the 16^th annual Luxury Briefing awards, held at Whitehall’s Corinthia Hotel this week, products ranging from hospitality services to luxury goods were recognised across 11 categories.

The panel of judges included Luxury Briefing founder James Ogilvy, chief executive of Couture Lab Carmen Busquets, Simon Burstein, Mimma Viglezio, Jamie Jouning of Conde Nast digital and Chris Sanderson, founder of Future Laboratory.

With the number of millionaires on the planet currently at 17 million people, a figure expected to rise to 22.1 million by 2015, the luxury retail sector has cause for celebration with an ever-increasing pool of potential clients. This is likely to interest wealth management firms that view the robust performance of luxury retailers as an indicator of high net worth spending trends.

Brands such as Mont Blanc and Tiffany & Co - awarded gongs at the event - realise how development in the luxury retail sectors of emerging markets have benefited sales, where private wealth accounts for nearly $11 trillion in Asia alone. With growth in luxury sales (22 per cent year) outpacing that of general retail products (11 per cent per year) in Brazil, emerging markets are the driving force of the industry’s growth.

Alternatives strategy

Luxury goods are no longer simply unnecessary expenditures for the affluent, but are increasingly an alternative investment strategy. Wealth management firms dedicating resources to follow trends in the luxury market, such as the Julius Baer Luxury Brands Fund, highlight the importance of the sector. As demand for luxury goods shows no signs of abating, events such as the LB awards will be viewed with considerable interest by wealth management firms for the foreseeable future.

Winners at the Luxury Briefing awards included:

·       Luxury Lifestyle Award: Harrods By Appointment “Beyond”, an executive service offered by the department store to its private clients;

·       Luxury Leisure Brand: The Maybourne Hotel Group, a collective that includes the famous Claridges, Connaught and Berkeley hotels;

·       Brand of the Year (Men): Spencer Hart, a luxury tailoring retailer;

·       Brand of the Year (Women): Stella McCartney, the designer notably appointed to design the Olympic strip for Team GB;

·       Commitment to Sustainability/Corporate Social Responsibility: Tiffany & Co, for their ethos of sustainability in the mining of precious metals;

·       Breakthrough Brand: Bremont, a newly created British handmade watch producer;

·       Inspiring Luxury Loyalty Award: Burberry, for its experimental and dynamic approach to customer loyalty;

·       Innovation of the Year: The IOU Project, a clothes and home furnishings manufacturer and distributor that uses the internet to alter traditional supply chain and logistics processes;

·       Support for Art and Culture Award: Mont Blanc, for its continued support of the arts across the world;

·       Emerging Luxury Leader: Mary Katrantzou;

·       Individual Outstanding Achievement Award: Sarah Burton, for her leadership and success within women’s luxury fashion.