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Published July 5, 2023
How Big is The Luxury Fashion Market?
The global luxury fashion market size reached US$ 237.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 294.7 Billion by 2028, exhibiting a growth rate (CAGR) of 3.60% during 2023-2028.
What is Luxury Fashion?
Luxury fashion refers to premium, non-essential, elevated quality, exclusive, and high-price tag products. It comprises of clothing and apparel, footwear, watches, jewelry, fashion accessories, designer handbags, perfumes, cosmetics, etc. These luxury fashion items are manufactured utilizing high-grade materials and superior craftsmanship. They possess high-value aesthetics, have an extended warranty period, and exhibit uniqueness. Luxury fashion materials even serve as a status symbol. Consequently, they are in extensive demand among both male and female consumers across the globe.
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What are the growth prospects and trends in the Luxury Fashion industry?
The expanding fashion industry and the emerging trend of aesthetic products are primarily driving the luxury fashion market. In line with this, the shifting preferences toward high-quality and stylish clothing products designed with advanced technical fabrications and craftsmanship and the escalating popularity of premium fashion brands as a status symbol, owing to the rising influence of social media promotions and celebrity endorsements, are acting as significant growth-inducing factors. Apart from this, the growing adoption of sustainable production methods by leading market players, such as the utilization of ethically sourced, recycled, or eco-friendly materials, on account of the heightened environmental concerns, is also positively influencing the market growth. Moreover, the elevating incorporation of augmented reality (AR) in the fashion industry to offer a virtual in-shop buying experience to customers from the convenience of their homes is further stimulating the global market. Besides this, the inflating demand for customization and premiumization of superior quality and designer products and the increasing brand loyalty among customers are expected to propel the luxury fashion market over the forecasted period.
Who are the key players operating in the industry?
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Top Luxury Fashion Companies Worldwide:
- Burberry Group Plc
- Capri Holdings Limited
- Chanel S.A.
- Diesel S.p.A. (OTB Group)
- Dolce & Gabbana S.r.l.
- Giorgio Armani S.p.A.
- Industria de Diseño Textil S.A.
- Kering SA
- LVMH Moët Hennessy Louis Vuitton, Prada S.p.A.
- PVH Corp.
- Ralph Lauren Corporation and Rolex SA.
What is included in market segmentation?
Breakup by Product Type:
- Clothing & Apparel
- Jackets & Coats
- Skirts
- Shirts & T-Shirts
- Dresses
- Trousers & Shorts
- Denim
- Underwear & Lingerie
- Others
- Footwear
- Accessories
- Gems & Jewellery
- Belts
- Bags
- Watches
Breakup by Distribution Channel:
- Store-Based
- Non-Store Based
Breakup by End User:
- Men
- Women
- Unisex
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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