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The luxury goods market is driven by the thriving fashion and clothing industry. Significant demand for expensive suits, tuxedos, knee-length dresses, leather shoes, and fancy handbags, among others, is likely to be generated in the forecast period owing to the rising disposable income and growing popularity of fashion clothing. In addition to this, the rising demand for branded suits from the corporate workers in order to leave an impression on clients is anticipated to augment the market.
In terms of region, the Asia Pacific region is likely to attain healthy growth in the forecast period owing to the rapid urbanisation and infrastructure development. The thriving luxury goods business in the developing countries in the region is a significant factor aiding the market growth. For instance, in India, manufacturing attractive jewellery has been a part of various family businesses in the country. The rising disposable incomes and increasing population in the region are other major driving factors.
In November 2019, LVMH Moet Hennessy-Louis Vuitton SA (EPA: MC) announced the complete acquisition of Tiffany & Co., which is a luxury and speciality retailer based in the United States of America.
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The major players in the global luxury goods market are LVMH Moet Hennessy-Louis Vuitton SA, Compagnie Financiere Richemont SA, Kering SA, Chow Tai Fook Jewellery Group Limited, and Luxottica Group SpA, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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