Chief Executive's Report from the Walpole AGM 2023

Our 2023 financial statements were audited by Grant Harrod Lerman Davis. We closed the year with a robust balance sheet, increasing our reserves to £600,840, up 13% from the previous year. This reflects a year of consolidation and a strong foundation for future growth. Our investments focused on enhancing flagship activities – such as the Summit, the Awards, and Brands of Tomorrow – and increasing the value to our members through support in exports and sustainability efforts. Additionally, our new headquarters in Chelsea is being developed to better serve our members and we continued to put additional emphasis on pertinent engagement with policymakers in Westminster and Brussels. 

Helen Brocklebank, CEO, Walpole

As the only sector body representing luxury in the UK, Walpole serves as the collective voice for a sector that is a significant national asset. Our mission is to promote, protect, and develop the interests of our member brands both domestically and internationally and in 2023 we had five key priorities:

1. Continue to build on Walpole’s policy and public affairs expertise to protect the unique luxury business model and extend the understanding of British luxury’s contribution amongst political stakeholders, not least in the growing anticipation of a change of government at the next election, underlining our key campaigning priorities to policy makers and media.

2. Invest in the knowledge and insight we need to promote, protect and develop the sector, not least with developing new economic impact data and the launch of an annual study into the strength of London as a global luxury capital.

3. Continue to commit to supporting members internationally with trade missions and to further developing our support for members on sustainability.

4. Promote the British Luxury Sector through high profile public facing events like the Awards, the Summit, Culture Week, and through our content

5. Strengthen the collaborative and collegiate network of Walpole members with high touch, engaging face to face events and by facilitating collaborations and partnerships and by developing Walpole HQ into a space accessible to members.

Walpole’s work on behalf of its members is across three key pillars: representation, knowledge and insight and community. In 2023, we focused on the following activities in those areas:

Representation

• We continued our efforts to ensure the government's recognition of the luxury sector's economic contribution. This included campaigning for the return of tax-free shopping, which is critical for attracting high-end tourists and supporting jobs and growth.

• We engaged with policymakers, submitting evidence to the Treasury and publishing a report on trading challenges with Europe, which provided recommendations to improve trade conditions post-Brexit.

• Our involvement in the ECCIA and collaboration with European partners helped us mitigate the impact of EU regulations on luxury brands.

Knowledge and Insight

• We invested in new economic impact research, such as the Jobs and Skills study by BAIN & Frontier Economics and the State of London Luxury report in partnership with The Cadogan Estate.

• We launched stage two of the British Luxury Sustainability Manifesto with McKinsey and continued to support international trade missions to the US, Middle East, and Japan.

Community

• We continued to develop our new Chelsea HQ so it can serve as a hub for members, providing a space for collaboration and engagement.

• We organised numerous events, including the biennial trade mission to the US and a delegation to Dubai, to enhance international connections and business opportunities for our members.

Representation Activities

• We prioritised seven campaigning areas, including economic contributions, jobs and skills, international trade, tourism, selective distribution and IP, economic and business policy, and sustainability.

• Significant efforts were made to influence government policies, particularly regarding tax-free shopping, where we garnered support from key ministers and launched a public campaign highlighting its economic impact.

• Our collaboration with ECCIA and participation in policy discussions at both UK and EU levels ensured that the luxury sector's voice was heard in legislative processes.

Knowledge and Insight Initiatives

• We commissioned important research studies to provide insights into the luxury market and its economic impact.

• Our flagship events and member-focused programs, such as the Brands of Tomorrow and partnerships with educational institutions, offered valuable opportunities for professional development and networking.

Community Engagement

• The new HQ in Chelsea will be a central point for our activities, facilitating better engagement and collaboration among members.

• We continued to expand our international presence through trade missions and partnerships, resulting in new business opportunities for our members.

2023 has been a year of significant progress for Walpole. We have strengthened our financial position, expanded our services, and increased our influence in policy-making. As we look forward to 2024, we remain committed to supporting the British luxury sector and ensuring its continued growth and success.