Footwear, Handbags, and Accessories - Market Scope
Fashion accessories such as bags and shoes are always a great business idea for product manufacturing. The growing demand for leather goods is expected to drive the leather handbags sector, due to the rise in the re-export operations conducted by two luxury brand importers: Hermes and Louis Vuitton. Depending on end-users, the women segment led in terms of market share in 2019 and is expected to retain its dominance during the forecast period. By distribution channel, the specialty stores segment led the market, in terms of value, in 2019, owing to an increase in urbanization, rise in working-class population, and competitive pricing, which boost the popularity of specialty stores in a developed and developing region. Fashion accessories are items used to complement the whole outfit, including bags and purses, ties, belts, scarves, caps, hats, and shoes. China is the single largest manufacturer of fashion accessories in the world.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Adidas (Germany), Nike (United States), Tapestry Inc. (United States), Fossil Group Inc. (United States), Tory Burch LLC (United States), Gucci America Inc. (United States), Prada SpA (Italy), Calvin Klein (United States), Chanel SA (France), Michael Kors (United States), Essilor International (France) and Fielmann A.G. (Germany) |
CAGR | 7.4% |
In terms of, Footwear, Handbags, and Accessories, the leading manufacturers have achieved their height by introducing Accessories with new, attractive, comfort and design. Companies are focusing on new products and Qualities features to improve product sales in order to stand out in the competitive marketplace. Companies are now concentrating their efforts on partnership, merger, and acquisition to extend their market and remain competitive.
Adidas (Germany), Nike (United States), Tapestry Inc. (United States), Fossil Group Inc. (United States), Tory Burch LLC (United States), Gucci America Inc. (United States), Prada SpA (Italy), Calvin Klein (United States), Chanel SA (France), Michael Kors (United States), Essilor International (France) and Fielmann A.G. (Germany) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Safilo Group S.p.A (Italy), LVMH Inc. (France) and Burberry Group Plc (United Kingdom).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Footwear, Handbags, and Accessories - market by Type and Region with country level break-up.
On the basis of geography, the market of Footwear, Handbags, and Accessories - has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
On Jan 18, 2024, Capri Holdings (owner of Michael Kors, Jimmy Choo, Versace) announced a strategic partnership with Farfetch, a global e-commerce platform, to expand its digital reach and brand awareness.
On 15 Feb 2021, Tory Burch, an American lifestyle brand introduces its new product Miller Cloud, the next generation of the iconic Miller Sandal. It's not only fashionable, but it's also light, comfortable, and feels like bliss.
Influencing Trend:
Growing Trend of Online Apps with Multiple Choices and Features
Market Growth Drivers:
Increasing Consumer Towards Active Lifestyle and Leisure Activities and Growing Demand of Consumers to Look Stylish and Fashionable
Challenges:
Increasing Easy Availability of Popular and Demanding Products and Large Promotions and Offers During Festive Season on Social Media
Restraints:
High Value-Added Taxes Imposed on Premium Fashion Accessories by Government
Opportunities:
Increasing Easy Availability of Popular and Demanding Products and Large Promotions and Offers During Festive Season on Social Media
Key Target Audience
Footwear, Handbags, and Accessories Manufacturer, Footwear, Handbags, and Accessories Distributors and Suppliers, International Traders, Research and Development Institutes, Financial Institutes and Investors, Regulatory Bodies and Others