It comes after a report by Bain & Co and Spanish luxury industry group Circulo Fortuny last week showed the Spanish luxury market was growing at twice the global average rate.
Worth €9.2 billion last year, it is still three times smaller than France and Italy, but it will more than double to €20 billion by 2025.
The news is set to benefit Spanish luxury brands like Loewe, Puig, Tous and San Patrick, which are looking to capitalise on this growth.
“The Spanish luxury market is still quite small, but it is growing fast,” said Claudia D’Arpizio, a partner at Bain and lead author of the report.
“It is a big opportunity for companies in this sector.”
The growth comes as Spain exits its decade-long financial crisis and has since 2014 turned into one of Europe’s fastest-growing economies.
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