About Luxury Apparels
Luxury apparels which can also be called as superior or Veblen apparels, includes leather, cotton, silk, woolen and many others garments such as coats, jackets, trousers, over-coats and other apparels which are comparatively expensive than the conventional garments. These type of apparel products are highly demanded by the higher and middle income population. In addition to this, the export potential of these garments is decided by the quality as well as uniqueness of the apparel. Since the historic times, only the rich could afford luxury apparels, but growing Asia Pacific economies and increasing disposable incomes will lead to generate significant demand for luxury goods in the forecasting years.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
CAGR | 4.1% |
The global luxury goods market is regionally concentrated to European region only. Since all the leading manufacturers such as Kering SA, Ermenegildo Zegna, Kiton, Hugo Boss A.G, Hermes International S.A., Versace, and many others are headquartered in Europe. Moreover, due to volatile demand for luxury apparels comparatively less number of manufacturers are available in the global market. Moreover, the threat of new entrants is moderate since the initial investments are high. Thus, the global luxury apparels market will show moderate competitive rivalry.The Vendors having a strong hold in the market are Kering SA, Ermenegildo Zegna, Kiton, Hugo Boss A.G, Hermes International S.A. and Versace. Analyst at AMA Research estimates that European Vendors will contribute the maximum growth to Global Luxury Apparels market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Kering SA (France), Ermenegildo Zegna (Italy), Kiton (Italy), Hugo Boss A.G (Germany), Hermes International S.A (France), Versace (Italy), Prada S.P.A. (Italy), Dolce and Gabbana (Italy), Burberry Group Inc. (United Kingdom) and LVMH Moet Hennessy Louis Vuitton S.E (France) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Giorgio Armani S.P.A (Italy), Ralph Lauren Corporation (United States), Gucci (Italy) and Christian Dior SE (France).
Segmentation Overview
AMA Research has segmented the market of Global Luxury Apparels market by , Application (Men, Women and Children) and Region.
On the basis of geography, the market of Luxury Apparels 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, Spain, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Europe region held largest market share in the year 2022. North America, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Distribution Channel, the sub-segment i.e. Offline will boost the Luxury Apparels market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Material, the sub-segment i.e. Silk will boost the Luxury Apparels market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Huge Demand for Leather Luxury Apparels and Growing Adoption of Cotton Apparels
Market Growth Drivers:
Growing Disposable Income across the Globe and Increasing Demand for Soft, Comfortable, and Breathable Apparels
Challenges:
Volatile Consumer Demand as well as Fashion Preferences and Increasing Need for Sustainable Alternatives to Conventional Textile Manufacturing
Restraints:
Comparatively Expensive than the Conventional Apparels and Continuously Changing Fashion Trends
Opportunities:
Rising Adoption of Online Sales in Apparel Industry and Surging International Trades for Luxury Apparel Market
Market Leaders and their expansionary development strategies
On 06th December 2018, a leading luxury apparel manufacturers ‘Kering’ has collaborated with The Savory Institute to recognize the positive impact of agriculture industry on the fashion industry. Being the global leader, the company has become a frontier founder under Savory’s land to advocate verified regenerative sourcing solutions and expand the regenerative agriculture framework in fashion’s global supply chains.
In April 2022, Ermenegildo Zegna N.V owner of the ZEGNA and Thom Brown brands acquired Tom Ford International LLC. This acquisition helped Ermenegildo Zegna to expand its presence in luxury apparels market
The United States Government’s ‘Customs and Border Protection (CBP)’ and ‘the Federal Trade Commission (FTC)’ has enforced the labeling laws and acts in the Country. In general, textile and apparel products sold in the United States must be labeled with the information regarding the fiber content, the country of origin, the manufacturer or dealer identity, and the care instructions.
Key Target Audience
Luxury Apparel Manufacturers, Luxury Apparel Distributors and Traders, Luxury Apparel Raw Material Suppliers, Government Agencies, Textile Industry Associations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.