Famed for reinventing the ‘it bag,’ luxury group Mulberry was named Walpole’s 2012 Best British Luxury Brand at a ceremony in London.

Mulberry beat off stiff competition in the category from a resurgent Stella McCartney who has had a shining Olympic year, and Alexander McQueen.

Mulberry creative director Emma Hill accepted the award at a ceremony at London’s Banqueting House, held in association with private bank Coutts.

In other catergories, the Best Luxury Brand Online prize went to Burberry, while Best Emerging British Luxury Brand was won by designer swimwear label Orlebar Brown.

Mulberry was founded in 1971 but has been revitalized by the presence of Emma Hill and the success of the brand’s famous ‘Alexa’ bag. The company announced a renewed focus on Asian markets.

“We just opened a flagship store in Singapore a couple of weeks ago and we’re really looking at expanding our stores, expanding our flagships and specifically expanding our men’s collections. The male Asian consumer is growing hugely.”

Previous recipients of the awards include Vivienne Westwood, while Victoria Beckham won Emerging British Luxury Brand in 2011.