The global luxury apparel market revenue was around US$ 6.13 billion in 2022 and is estimated to reach US$ 12.3 billion by 2031, growing at a compound annual growth rate (CAGR) of 8.05% during the forecast period from 2023 to 2031.
Luxury apparel is considered to be high-quality, well-made, branded clothing. They are frequently seen as a status symbol for many people with high purchasing power. Customers frequently spend more money on expensive clothing due to their brand loyalty. The main differences between luxury apparel and regular clothing are high price and styling. Cotton is the most frequently utilized material to create luxurious clothing because of its strength and quality.
Market Driving Factors
The growth of e-commerce drives the market growth. Online platforms offer consumers with many options and are more convenient. The majority of prominent players in the luxury apparel industry are focusing their marketing and sales efforts on their websites as well as those of their chosen retail partners or pure luxury e-retailer partners in particular countries.
A growing number of working women creates a positive impact on the market. The number of working women in the US has been rising over time, this translates to more financial independence, which has a favorable effect on spending on fashion items. Additionally, the US government is also taking many programs and initiatives to fuel female participation in the workforce, including the American Jobs Plan, Protecting the Right to Organize Act, Equity Action Fund and Gender Equity, Women Entrepreneurs Finance Initiative, etc.
The high price of luxury apparel and the high wages of skilled laborers to create clothes may hamper the market growth.
Regional Analysis
Europe dominates the market in terms of the largest shares over the forecast period. Millions of tourists from all over the world are drawn to the region since it is one of the most alluring tourist attractions. Thus, everyone from wealthy business people to affluent women travellers buys luxury clothing while on vacation in the region. As a result, product sales are also increasing due to creative retail concepts and company strategies in the region.
Asia Pacific dominates the market in terms of shares during the forecast period. This is due to the rising brand and consumer awareness among local customers. The countries with the highest levels of luxury clothing penetration are Hong Kong, China, and India. Several brands are opening their outlets and exploring the region's undiscovered market due to the increase in demand. Some businesses are attempting to examine the potential in the market and are trying to enter a market.
Segmentation Analysis
Gender Insight
The male segment dominated the market in terms of the largest share and is estimated to continue its dominance during the forecast period. The surge in sales of luxury workwear for men has boosted the segment's growth. According to a survey, men are more likely to spend money on luxury items and to purchase items for others as opposed to themselves.
Distribution Channel Insight
The specialty stores segment is estimated to dominate the market over the projection period. This is due to the extensive availability of many branded apparel products in these stores, ranging in price from low to high. In addition, the ability for customers to touch and feel the fabric of the clothing throughout the buying process also influences their preference for purchasing fashion wearables from these stores.
Prominent Companies
Segmentation Outline
The global luxury apparel market segmentation focuses on Product, Gender, Distribution Channel, Materials, and Region.
By Product
By Gender
By Distribution Channel
By Materials
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL LUXURY APPAREL MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: LUXURY APPAREL MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL LUXURY APPAREL MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL LUXURY APPAREL MARKET, BY PRODUCT
5.1 OVERVIEW
5.2 TOP WEARS
5.3 BOTTOM WEARS
6 GLOBAL LUXURY APPAREL MARKET, BY GENDER
6.1 OVERVIEW
6.2 FEMALE
6.3 MALE
7 GLOBAL LUXURY APPAREL MARKET, BY DISTRIBUTION CHANNEL
7.1 OVERVIEW
7.2 SPECIALITY STORES
7.3 ONLINE STORES
8 GLOBAL LUXURY APPAREL MARKET, BY MATERIALS
8.1 OVERVIEW
8.2 COTTON
8.3 LEATHER
9 GLOBAL LUXURY APPAREL MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL LUXURY APPAREL MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 LVMH MOËT HENNESSY LOUIS VUITTON SE
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 KERING SA
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 RALPH LAUREN CORPORATION
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 GIORGIO ARMANI S.P.A
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 BURBERRY GROUP PLC
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 PVH CORP.
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 HUGO BOSS AG
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8. PRADA S.P.A
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 HERMÈS INTERNATIONAL SA
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 CHANEL SA
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.11 RICHEMONT SA
11.11.1 OVERVIEW
11.11.2 FINANCIAL PERFORMANCE
11.11.3 PRODUCT OUTLOOK
11.11.4 KEY DEVELOPMENTS
11.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.12 SALVATORE FERRAGAMO S.P.A
11.12.1 OVERVIEW
11.12.2 FINANCIAL PERFORMANCE
11.12.3 PRODUCT OUTLOOK
11.12.4 KEY DEVELOPMENTS
11.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.13 VERSACE S.P.A
11.13.1 OVERVIEW
11.13.2 FINANCIAL PERFORMANCE
11.13.3 PRODUCT OUTLOOK
11.13.4 KEY DEVELOPMENTS
11.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.14 GUCCI GROUP NV
11.14.1 OVERVIEW
11.14.2 FINANCIAL PERFORMANCE
11.14.3 PRODUCT OUTLOOK
11.14.4 KEY DEVELOPMENTS
11.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.15 BOTTEGA VENETA SA
11.15.1 OVERVIEW
11.15.2 FINANCIAL PERFORMANCE
11.15.3 PRODUCT OUTLOOK
11.15.4 KEY DEVELOPMENTS
11.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.16 DOLCE & GABBANA SRL
11.16.1 OVERVIEW
11.16.2 FINANCIAL PERFORMANCE
11.16.3 PRODUCT OUTLOOK
11.16.4 KEY DEVELOPMENTS
11.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.17 MICHAEL KORS HOLDINGS LIMITED
11.17.1 OVERVIEW
11.17.2 FINANCIAL PERFORMANCE
11.17.3 PRODUCT OUTLOOK
11.17.4 KEY DEVELOPMENTS
11.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.18 CHRISTIAN DIOR SE
11.18.1 OVERVIEW
11.18.2 FINANCIAL PERFORMANCE
11.18.3 PRODUCT OUTLOOK
11.18.4 KEY DEVELOPMENTS
11.18.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.19 TOD'S S.P.A
11.19.1 OVERVIEW
11.19.2 FINANCIAL PERFORMANCE
11.19.3 PRODUCT OUTLOOK
11.19.4 KEY DEVELOPMENTS
11.19.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.20 MONCLER S.P.A.
11.20.1 OVERVIEW
11.20.2 FINANCIAL PERFORMANCE
11.20.3 PRODUCT OUTLOOK
11.20.4 KEY DEVELOPMENTS
11.20.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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