Luxury Apparels Market Overview:
Global Luxury Apparels Market size was valued at $62.62 billion in 2016, and is expected to reach at $81.23 billion by 2023, registering a CAGR of 3.9% from 2017 to 2023. Cotton is considered as one of the luxury apparels widely used as natural fabrics in the global textile industry. Pure cotton is considered the real luxury because of the type of weave, namely plain and twill weave used. More than half of the consumers globally demand for cotton shirts, dresses, and tops, owing to its durability, requires low maintenance, and cooling ability. Thus, the cotton fabric material generated the highest revenue in 2016 in the global luxury apparels industry.
The factors that drive the luxury apparels market growth are change in lifestyle patterns due to rapid urbanization, rise in disposable income, surge in e-commerce sales, and growth in emerging countries, such as Asia-Pacific and LAMEA. However, high cost of raw materials restrains the luxury apparels market growth.
Based on mode of sale, the luxury apparel market is classified into offline and online. Offline sales channel includes mono brand stores or franchise stores, which constitute the best platform to reach out the customers and analyze their needs. By analyzing consumer behavior and buying patterns allows manufacturers to improve their existing products and innovate new products. Thus, offline mode of sales generated the highest revenue in 2016. However, online platforms have become a popular medium to purchase designer apparels among consumers. Increased preference of consumers for luxury products through online mode has encouraged many new market entrants to launch their own e-commerce sites. Thus, online sales platform is expected to exhibit the highest growth rate by 2023 in the luxury apparels market.
The global luxury apparels market is segmented into material, gender, mode of sale, and geography. Based on material, it is classified into cotton, silk, leather, and denim. Based on gender, it is bifurcated into male and female. Fashion designers have always been experimenting with women fashion in terms of material, design, and pallet. Thus, the female segment has dominated not only the global fashion market but also luxury apparel market. Women in entertainment, modeling, and sports prefer premium fabric clothing made of satin, lace, fur, and polyester that provides them comfort dominating the global luxury apparels market. Geographically, the luxury apparels market is analyzed across North America, Europe, Asia-Pacific and LAMEA.
The report includes comprehensive analysis of the key players in the luxury apparels market, such as Ralph Lauren Corporation, Christian Dior, Michael Kors, Coach, Inc., Gianni Versace S.P.A., Girogio Armani S.P.A., Nike, Inc., Hermes International, Inc., Tommy Hilfiger USA Inc., and Burberry Group, Inc.
The other prominent players in the luxury apparels industry include Dolce & Gabbana, Fendi, Socit Cartier, Calvin Klein Inc., True Religion, Chanel S.A., and Guess, Inc.
The availability of cheap labor in Asia-Pacific is expected to contribute in excess denim production, thereby supplementing growth of the luxury denim market. In addition, advances in the denim industry have increased the customer base. For instance, the initiation of Lycra hybrid technology in the industry has gained popularity due to its super stretch properties. The blend of Lycra with denim has made denim material more stretchable than the conventional material, which allows customers to choose from a variety of options.
- 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.
- Porters Five Forces model illustrates the threat of new entrants, threat of substitutes, and strength of the buyers & suppliers.
Luxury Apparels Market Key Segments:
By Mode Of Sale
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
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
- Socit Cartier
- Calvin Klein Inc.
- True Religion
- Chanel S.A.
- Guess, Inc.