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Published March 20, 2023
Luxury Fashion Market Size 2023-2028:
IMARC Group’s latest research report, titled “Luxury Fashion Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” 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.
Luxury fashion is characterized by non-essential, premium, elevated quality, exclusivity, and high-price tag products. It comprises premium watches, jewelry, fashion accessories, clothing, designer handbags, perfumes, and high-end cosmetics. These items are manufactured using high-grade materials and offer superior craftsmanship, high-value aesthetics, and an extended warranty period. Luxury fashion also includes artistic and unique products that are highly desirable in a culture or society and serve as a status symbol. It also exhibits uniqueness and provides an unforgettable and personalized experience in terms of luxurious packaging, high-touch service, and an affluent in-store environment.
At present, the thriving fashion industry and the emerging aesthetic trends represent one of the key factors supporting the key market players in expanding their overall market share. In addition, the shifting consumer preferences towards high-quality and stylish items with advanced technical fabrications and craftsmanship are positively influencing the market. Apart from this, the increasing popularity of high-end fashion brands as a status symbol and the rising expenditure capacities of the masses are acting as significant growth-inducing factors. Moreover, the rising influence of social media through celebrity endorsements is enabling market players in increasing their sales. Besides this, the increasing brand loyalty among consumer, rising online sales, and the growing demand for premiumization and customization for superior quality and design of products are driving the luxury fashion market.
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Luxury Fashion Market Management and Development:
Key manufacturers operating in the industry are presently adopting sustainable production methods, such as using ethically sourced, eco-friendly, or recycled materials, on account of the increasing environmental concerns. These players are also incorporating latest technologies like augmented reality (AR) on their online portals to provide customers with a virtual in-shop buying experience from the comfort of their homes to make it easier and more convenient, which is propelling the growth of the market. Furthermore, key players are enhancing communication with consumers through social media platforms to create consumer-specific attractive promotions and advertising through magazines. Additionally, key players are focusing on the launch of their multi-brand websites to increase their accessibility among consumers. Besides this, key players are focusing on the design and innovation of the product to provide customized luxury fashion solutions to customers. They are also expanding businesses and building brand loyalty through merger and acquisition (M&A) strategies. In addition, key players are applying the concept of exclusivity via online stores by featuring online-only products, which is supporting the growth of the market. Apart from this, the increasing utilization of mobile boutiques for selling the latest luxury products is bolstering the growth of the market.
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Top Companies in the Luxury Fashion Market Across the World:
1. Burberry Group Plc
Establishment: 1856
Headquarters: London, United Kingdom
2. Capri Holdings Limited
Establishment: 1981
Headquarters: New York, United States
3. Chanel S.A.
Establishment: 1910
Headquarters: London, United Kingdom
4. Diesel S.p.A. (OTB Group)
Establishment: 1978
Headquarters: Breganze, Italy
5. Dolce & Gabbana S.r.l.
Establishment: 1985
Headquarters: Milan, Italy
6. Giorgio Armani S.p.A.
Establishment: 1975
Headquarters: Milan, Italy
7. Industria de Diseno Textil S.A. (Inditex)
Establishment: 1975
Headquarters: Spain
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8. Kering SA
Establishment: 1963
Headquarters: Paris, France
9. LVMH Moet Hennessy Louis Vuitton
Establishment: 1987
Headquarters: Paris, France
10. Prada S.p.A.
Establishment: 1913
Headquarters: Milan, Italy
11. PVH Corp
Establishment: 1881
Headquarters: New York
12. Ralph Lauren Corporation
Establishment: 1967
Headquarters: New York, United States
13. Rolex SA
Establishment: 1905
Headquarters: Geneva, Switzerland
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