The global luxury apparels market is expected to reach $81.23 billion by 2023, registering a CAGR of 3.9% during the forecast period.
The rise in disposable income has elevated the consumer lifestyle and shifted their preference towards premium products. Moreover, the escalation in online and web purchasing is likely to supplement the luxury apparels market growth. However, currency depreciation, increased prices of raw materials, and economic turbulence in some developed countries could hamper the luxury apparels market growth.
This luxury apparels market is segmented on the basis of material, mode of sale, gender, and geography. The material segment includes cotton, silk, leather, and denim. In the year 2016, cotton accounted for maximum revenue with more than 30% market share. The material possesses better cooling and insulating properties than the other materials and hence, generated highest revenue in 2016.
The mode of sale includes offline or online sale, in which offline mode of sales includes mono-brand stores and franchise stores. Most customers prefer the retail mode of sale while buying luxury apparels. However, the online mode of sale is expected to grow at the highest CAGR of 5.6% during the forecast period.
The luxury apparels market is extremely dependent on the economic stability of any particular region as these goods are mainly purchased by the upper economic classes. Furthermore, with the advancements in technology and increase in consumer demands, leading market players have developed various designs and patterns in different categories of luxury apparels and adopted different strategies to combat competition.
The market is analyzed across four regions-North America, Europe, Asia-Pacific, and LAMEA. Europe is expected to dominate the global market during the analysis period due to the presence of large number of established manufacturers of luxury apparels in Italy, France, and UK. The market in Asia-Pacific is expected to grow at a significant rate due to increase in number of high net worth individuals and a growing tourism industry.
The report includes comprehensive analysis of the key players in luxury apparels market such as Ralph Lauren Corporation, Christian Dior, Michael Kors, Coach, Inc., Gianni Versace S.P.A., Giorgio Armani S.P.A., Nike, Inc., Hermes International, Inc., Tommy Hilfiger USA Inc., and Burberry Group, Inc.
Dolce & Gabbana, Fendi, Societe Cartier, Calvin Klein Inc., True Religion, Chanel S.A., and Guess, Inc. among others are some of the other prominent players operating in the luxury apparels industry.
KEY BENEFITS
This report provides an in-depth analysis of the global luxury apparels market to identify the potential investment pockets.
It outlines the current trends and future scenarios to determine the overall market potential and gain stronger market foothold.
Key drivers, restraints, and opportunities and their detailed impact analysis are elucidated.
Quantitative analysis of the market from 2016 to 2023 is highlighted to recognize the financial competency of the market.
Porter's Five Forces model illustrates the threat of new entrants, threat of substitutes, and strength of the buyers & suppliers.
KEY MARKET SEGMENTS
BY MATERIAL
Cotton
Silk
Leather
Denim
BY GENDER
Male
Female
BY MODE OF SALE
Offline
Online
BY GEOGRAPHY
North America
U.S.
Canada
Mexico
Europe
UK
Italy
Germany
Rest of Europe
Asia-Pacific
China
India
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
KEY MARKET PLAYERS
Ralph Lauren Corporation
Christian Dior
Michael Kors
Coach, Inc.
Gianni Versace S.P.A.
Giorgio Armani S.P.A.
Nike, Inc.
Hermes International, Inc.
Tommy Hilfiger USA Inc.
Burberry Group, Inc.
THE OTHER PLAYERS IN THE MARKET INCLUDE THE FOLLOWING:
Dolce & Gabbana
Fendi
Societe Cartier
Calvin Klein Inc.
True Religion
Chanel S.A.
Guess, Inc.
