What is Luxury Fashion?
Luxury fashion represents a brand that is generally characterized by premium, non-essential, elevated quality, exclusivity, and high-price tag products. These goods are manufactured by using high-grade materials and offer improved aesthetics, superior craftsmanship, an extended warranty period, etc. They commonly comprise premium watches, fashion accessories, jewelry, clothing, designer handbags, perfumes, etc. Luxury fashion includes unique and artistic items that are desirable in a culture or society and serve as a status symbol. These products also exhibit uniqueness. They provide personalized and an unforgettable experience in terms of high-touch service, luxurious packaging, and an affluent in-store environment.
How Big is The Luxury Fashion Market?
| Report Attributes | Details |
| Market Size in 2022 | US$ 237.0 Billion |
| Market Forecast in 2028 | US$ 294.7 Billion |
| Growth rate (2023 to 2028) | 3.60% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
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Luxury Fashion Market Management and Development:
The rising consumer inclination towards high-quality and stylish products with advanced technical fabrications and craftsmanship is primarily driving the luxury fashion market. Additionally, the inflating expenditure capacities of individuals and the growing popularity of social media platforms are further bolstering the market growth. Besides this, the widespread adoption of high-end fashion brands as a status symbol and numerous promotional activities and celebrity endorsements are acting as significant growth-inducing factors. Moreover, key market players are introducing sustainable production methods, including utilizing ethically sourced, eco-friendly, or recycled materials, which is positively influencing the global market. Apart from this, the increasing demand for Augmented Reality (AR) in the fashion industry to provide a virtual in-shop buying experience to customers from the comfort of their space, thereby making it more convenient and easier, is also stimulating the market growth. Furthermore, the emerging trend of premiumization for superior-quality product variants is anticipated to fuel the luxury fashion market over the forecasted period.
Top Companies in the Luxury Fashion Market Across the World:
- Burberry Group Plc
Establishment: 1856
Headquarters: London, United Kingdom
- Capri Holdings Limited
Establishment: 1981
Headquarters: New York, United States
- Chanel S.A.
Establishment: 1910
Headquarters: London, United Kingdom
- Diesel S.p.A. (OTB Group)
Establishment: 1978
Headquarters: Breganze, Italy
- Dolce & Gabbana S.r.l.
Establishment: 1985
Headquarters: Milan, Italy
- Giorgio Armani S.p.A.
Establishment: 1975
Headquarters: Milan, Italy
- Industria de Diseno Textil S.A. (Inditex)
Establishment: 1975
Headquarters: Spain
- Kering SA
Establishment: 1963
Headquarters: Paris, France
- LVMH Moet Hennessy Louis Vuitton
Establishment: 1987
Headquarters: Paris, France
- Prada S.p.A.
Establishment: 1913
Headquarters: Milan, Italy
- PVH Corp
Establishment: 1881
Headquarters: New York
- Ralph Lauren Corporation
Establishment: 1967
Headquarters: New York, United States
- Rolex SA
Establishment: 1905
Headquarters: Geneva, Switzerland
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