A report released by Bain & Company and Spanish luxury industry group Circulo Fortuny last week showed the Spanish luxury market was worth €9.2bn last year, three times smaller than France or Italy, but growing a twice the global average rate.

“The Spanish luxury market is still quite small, but it is growing fast,” said Claudia D’Arpizio, a partner with Bain & Company and lead author of the report, speaking days ahead of the World Retail Congress in Madrid this week where luxury is to be a key theme. “It is a big opportunity for companies in this sector.”