Earlier today, I arrived in Tokyo with the Department for Business and Trade’s Retail & Luxury Trade Mission – a celebration of British luxury in Japan, taking place ahead of the G7 Trade Ministers’ Meeting in Sakai, Osaka later this month. I have a superb selection of Walpole members with me who represent the values of heritage and excellence that make our sector resonate so loudly with a Japanese customer: Anabela Chan, Sabina Savage, Ettinger, Rapport London and Johnstons of Elgin.
The reason I'm here is that Japan remains a strong market for luxury brands, particularly so for those based in Britain – as discussed by Tokyo-based writer Ashley Ogawa-Clark in our most recent Walpole Book of British Luxury. The UK and Japan have much in common, especially the consumers in London and Tokyo. Both are united by social values, an appreciation for perseverance and modesty, and rich cultural histories such as long standing monarchies. Both are also united by their respect for craftsmanship, their relentless focus on quality and their exceptional manufacturing standards. With these deep-rooted shared values, it’s no wonder that Japan is one of the most important Asian markets for British luxury brands.
According to McKinsey, the Japanese luxury market is set to grow by approximately 4% through to 2025. This solid growth will come from two sources: domestic customers whose appreciation for the quality, history and style of British-made products hold particular appeal, and travelling Chinese customers for whom Japan has always been a popular destination. As Chinese consumers start to travel overseas once more, Japan tops the list as the international destination of choice at 32%, followed by Europe (21%), Korea (17%) and South-East Asia (16%).
The three day trade mission will include a programme of meetings with key department stores, buyers, and partners as well as market briefings and a showcase at the British Embassy in Tokyo. The trip culminates in a gala dinner, held at the British Ambassador’s Residence, in recognition of the strong business and cultural ties between the UK and Japan. The dinner will be prepared by lauded British chef, Niall Keating, and hosted by Julia Longbottom CMG, British Ambassador to Japan, and the Rt Hon Kemi Badenoch MP, Secretary of State for the Department for Business and Trade.
Next week, I will write about our activities here in Japan. In the meantime, follow the Walpole Instagram account for live updates from Tokyo.
