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LONDON — Turnover at British wool mills is on the rise, thanks to renewed demand for the fiber from Europe and Asia, according to the Woolmark Company. Woolmark said in a statement to be released on Saturday that nearly every wool mill in the U.K. has seen its turnover advance “substantially.” In particular, the Yorkshire-based Abraham Moons has seen its revenues nearly double to 15 million pounds, or $23.6 million at current exchange, over thepast five years.
The trend looks set to continue: “Consumption of luxury goods is forecast for continued growth during these tougher economic times…This is the case for the U.K. as well as for more dynamic developing nations such as China and India,” said Stuart McCullough, chief executive of Australian Wool Innovation, the not-for-profit parent of the Woolmark Company that is owned by 29,000 wool growers.
Some 70 percent of the wool textiles manufactured in the U.K. are exported, compared to 50 percent in the 1980s. Woolmark also said the value of the U.K. wool apparel market has risen across all categories and is now worth 1.24 billion pounds, or $1.94 billion. The statement also said the Woolmark Company plans to increase its marketing spend for the 2013-14 period to more than $35 million Australian dollars, or $36.1 million.