Expert Market Research Explores the Top 10 Companies in the Global Luxury Goods Market

The global luxury goods market reached a value of around USD 346.19 billion in 2023. The market is projected to grow in the forecast period of 2024-2032 at a CAGR of 4.4% to reach USD 510.06 billion by 2032. As per the analysis by Expert Market Research, the market is expected to be driven by increasing disposable income and changing lifestyles.

The market has grown as a result of increasing wealth and disposable income in many parts of the world, especially in emerging countries like China and India. Furthermore, the need for more modern and immersive luxury services is being driven by younger consumers, such millennials and Generation Z, who are entering the luxury sector at an increasing rate.

It is projected that the growing influence of social media and influencer marketing will fuel luxury goods market expansion. Influencer marketing has developed into an effective tool that helps luxury firms interact with customers on social media and reach a larger audience. Working with celebrities and influencers can help raise awareness of new collections and improve brand recognition among younger consumers.

Technology, in association with sustainability, is also driving the luxury goods market growth. The luxury goods industry is rapidly merging technology with sustainability, where digital technologies are forming an inseparable combination of AI, generative AI, machine learning, and IoT in bringing revolutions to the marketplace. Artificial intelligence helps the industry in increasing the efficiency and responsiveness in sustainability practices.

Rakuten introduced Rakuten+, its exclusive membership program tailor-fit for designer brands. Rakuten's inaugural paid membership program will give brands access to a loyal customer base genuinely interested in designer fashion. Members in the Rakuten+ program will get a guaranteed equivalent of 10% cash back at a minimum from all participating brands and retail stores throughout the year. This program offers improved cash-back incentives to boost total customer counts for long-term customer retention.

Top 10 Luxury Goods Companies Globally:

Rolex SA

As the ultimate luxury watch brand worldwide, Rolex has an unrivaled reputation for quality, reliability, and status. The brand has always served as a trailblazer in all the main changes and innovations introduced in watchmaking. Its outstanding milestones include the Oyster, the first waterproof wristwatch, with Perpetual Rotor self-winding caliber. Rolex also actively supports arts, adventure, and sports through various sponsorship initiatives and charitable programs.

Chanel Limited

A global leader in creating, producing, and distributing high-end products, Chanel is a private company that offers accessories, fragrances, make-up, skincare, jewelry, and watches. Founded by Gabrielle Chanel, the House's core values have always been combining innovation with style and uncompromising quality. The House supports key sectors that embrace innovation, sustainability, and research and development while also nurturing the arts, culture, and creativity.

Hermès International S.A.

Hermès has adhered to it humanist values and artisanal policy. They always use the most beautiful materials, and with the transmittal of exceptional know-how, which result in the conception of timeless, elegant, and functional goods. The company is family-controlled, independent, and socially responsible, with objectives to keep most of its manufacturing in France at the 54 manufacturing sites and to continue strengthening its global distribution network by opening 300 outlets in 45 countries.

Giorgio Armani S.p.A.

The Armani Group, with over 12 production centers along with over 2,704 shops in 60 countries, ranks as one of the top luxury goods and fashion producers in the world at present. Under several brand names, such as A|X Armani Exchange, Giorgio Armani, and Emporio Armani, it is responsible for designing, manufacturing, distributing, and retailing fashion and lifestyle products, such as clothing, accessories, eyeglasses, watches, jewelry, home décor, fragrances, and cosmetics.

Prada SpA

The Prada Group is one of the global leaders in luxury. Some of the most prestigious brands are part of their portfolio like Miu Miu, Prada, Church's, Marchesi, Car Shoe, and others. They are known for creating and producing leather goods, ready-to-wear, jewelry collections, and footwear. It has a network of 606 Directly Operated Stores in more than 70 countries through multi-brand specialty boutiques, and e-commerce. Through licensing agreements signed with some leading companies, Prada Group also acts in the sectors of eyewear and beauty.

VALENTINO S.p.A.

Maison Valentino was established through the joint efforts of Valentino Garavani and Giancarlo Giammetti. A symbol of the most beautiful craftsmanship, originality, and a thought of personal freedom, Valentino remains a source of inspiration in redefining the values of pretense and emotional beauty tied with their aesthetic heritage as the most storied Italian Maison de Couture. The collections comprise Haute Couture, Valentino women's and men's ready-to-wear, Valentino Garavani Accessories, Valentino Eyewear by Akoni Group, and Valentino Beauty by L'Oréal.

Tiffany & Co

Tiffany & Co was established as the palace of Jewels because of their incredible collection of gems in it. TIFFANY & CO. has stood for refined taste and innovative artisanship — excellence in "creative endeavor." Today, TIFFANY & CO. and its subsidiaries have employed over 13,000 people where they first design, then produce, and finally market watches, jewelry and other luxury accessories.

Estee Lauder Companies Inc.

The Estée Lauder Companies (ELC) is the global leader in prestige beauty. Alongside the production, marketing, and distribution of premium skincare, make-up, fragrance, and hair care products, they operate as a global steward for several luxury and prestige brands that consumers strongly favor. They are spirited by inventiveness and driven by innovation, and they have a great desire to positively impact the communities. Each of the more than 20 brands they operate is a representation of luxury beauty in its original way and is united in developing high-end dependable luxury products that customers love.

Cartier International AG

French luxury brand, Cartier creates classics and looks for beauty wherever it can be found. It is an open-minded, globally interested company. The brand is well-known around the world for its exquisite jewelry, brilliantly colored gemstones, signature wristwatches, Cartier LOVE bracelets, and distinctive Panthère collection. 19 royal houses have used its three Historical Maisons, which are located in Paris, London, and New York, as their crown jewelers.

Burberry Group plc

Burberry is a luxury brand with a deep British heritage born out of creativity. Thomas Burberry invented weatherproof gabardine cloth. He founded the basis for the ever-classic Burberry trench coat, which remains the cornerstone of the brand. At Burberry, they want to unleash the creative potential in everyone they work with and for, push boundaries, and create new opportunities for their consumers, employees, and the wider community. As a value-based organization, they are dedicated to developing the next wave of sustainable luxury.