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Global Luxury Apparels Market Size, Share, Trends, Forecast: By Type: Formal Wear, Casual Wear, Sports Wear, Others; By End Use: Men, Women, Children; By Distribution Channel: Offline, Online; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand; Competitive Landscape; 2024-2032
Global Luxury Apparels Market Outlook
The global luxury apparels market size reached approximately USD 102.62 billion in 2023. The market is assessed to grow at a CAGR of 5.7% between 2024 and 2032 to attain a value of around USD 168.68 billion by 2032.
Key Trends in the Market
Luxury apparel refers to branded and fashionable clothing, accessories, and footwear that is characterised by excellent quality, expensive price, and exclusivity. Luxury brands are associated with scarcity, sophistication, craftsmanship, superior performance, and creativity. Moreover, luxury clothing is made with high-quality materials and is crafted with attention to detail and precision.
- The luxury apparels market demand is being fuelled by the rising focus on experience and the increasing willingness of the millennial and Gen-Z population to try new things and pay extra for premium products.
- Luxury apparel brands are increasingly becoming more exclusive, adapting their prices to target high-income customers, and offering exclusive solutions to capitalise on trends like quiet luxury. In addition, the growing use of premium fabrics like silk, cashmere, wool, and linen is further propelling the market expansion.
- One of the key luxury apparels market trends includes the shift towards e-commerce platforms. Luxury retailers are increasingly attempting to offer personalised and interactive experiences on e-commerce channels while utilising technologies like virtual reality and augmented reality to create virtual try-ons, reduce the likelihood of returns, and provide customers with seamless integration of both online and offline experiences.
- Sustainability has emerged as an indispensable factor propelling the luxury apparels market growth. Awareness regarding climate issues associated with fashion is rapidly increasing, prompting luxury fashion retailers to embrace environmentally friendly and socially responsible production processes and materials.
The rising adoption of renewable materials and advanced technologies, innovations in textiles, and the development of fibres that do not produce waste are likely to further aid the market growth in the forecast period.
Market Analysis
Based on type, the luxury apparels market segmentation includes formal wear, casual wear, and sports wear, among others. On the basis of end use, the market can be divided into men, women, and children.
By distribution channel, the market is bifurcated into offline and online. The major regional markets for luxury apparels include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global luxury apparels market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- Chanel S.A.
- LVMH Moet Hennessy-Louis Vuitton SE
- PVH Corp.
- Ralph Lauren Corporation
- Christian Dior SE
- Prada S.p.A.
- Dolce & Gabbana S.r.l.
- Giorgio Armani S.p.A.
- Kering SA
- Burberry Group plc
- Others
Market Share by End Use
Women hold a significant portion of the luxury apparels market share due to their increasing social independence and financial freedom. Extensive spending on self-improvement and self-care by women is further surging the demand for high-end fashion, cosmetics, and jewellery. With luxury goods becoming a part of pop culture and the increasing availability of different types of luxury items on online channels, the demand for luxury apparels among women is likely to bolster in the coming years.
Market Share by Region
As per the luxury apparels market analysis, Europe is witnessing a strong demand for luxury goods due to developed countries with high per-capita incomes in the region. Cities such as Milan and Paris in Europe are recognised as fashion capitals of the world and house reputed events such as international fashion weeks.
Meanwhile, the market in North America is experiencing significant growth, supported by the growing number of social media users and evolving customer behaviours. Brands in the region are also embracing authenticity, inclusivity, and diversity to develop connections with audiences and resonate with a wide range of customers.
Competitive Landscape
Chanel S.A. is a prominent developer, manufacturer, creator, and distributor of luxury goods. It was founded in 1910 in France by Gabrielle Chanel and offers a wide assortment of apparel, cosmetics, and accessories like eyewear, leather goods, makeup, ready-to-wear clothes, watches, and jewellery, among others. Its products are recognised for their luxury and intricate craftsmanship.
LVMH Moet Hennessy-Louis Vuitton SE, formed in 1987, has established its position as a pioneer in the world of luxury. It comprises 75 Maisons, through which it develops products with unique craftsmanship, contemporary creativity, and rich heritage. With its headquarters in Paris, France, the company operates in diverse sectors, including fashion and leather goods, selective distribution, wines and spirits, jewellery and watches, and cosmetics and perfumes.
PVH Corp., headquartered in New York, the United States, is one of the largest lifestyle companies. Owner of renowned brands such as Tommy Hilfiger and Calvin Klein, the company aims to become the most desirable global lifestyle group. Founded in 1881, the company has operations in over 40 countries across the world.
Other luxury apparels market players include Ralph Lauren Corporation, Christian Dior SE, Prada S.p.A., Dolce & Gabbana S.r.l., Giorgio Armani S.p.A., Kering SA, and Burberry Group plc, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by End Use |
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| Breakup by Distribution Channel |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Luxury Apparels Market Analysis
8.1 Key Industry Highlights
8.2 Global Luxury Apparels Historical Market (2018-2023)
8.3 Global Luxury Apparels Market Forecast (2024-2032)
8.4 Global Luxury Apparels Market by Type
8.4.1 Formal Wear
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Casual Wear
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Sports Wear
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Others
8.5 Global Luxury Apparels Market by End Use
8.5.1 Men
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Women
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Children
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global Luxury Apparels Market by Distribution Channel
8.6.1 Offline
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Online
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Luxury Apparels Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Luxury Apparels Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Luxury Apparels Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Luxury Apparels Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Luxury Apparels Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Luxury Apparels Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Chanel S.A.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 LVMH Moet Hennessy-Louis Vuitton SE
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 PVH Corp.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Ralph Lauren Corporation
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Christian Dior SE
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Prada S.p.A.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Dolce & Gabbana S.r.l.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Giorgio Armani S.p.A.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Kering SA
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Burberry Group plc
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Luxury Apparels Market: Key Industry Highlights, 2018 and 2032
2. Global Luxury Apparels Historical Market: Breakup by Type (USD Billion), 2018-2023
3. Global Luxury Apparels Market Forecast: Breakup by Type (USD Billion), 2024-2032
4. Global Luxury Apparels Historical Market: Breakup by End Use (USD Billion), 2018-2023
5. Global Luxury Apparels Market Forecast: Breakup by End Use (USD Billion), 2024-2032
6. Global Luxury Apparels Historical Market: Breakup by Distribution Channel (USD Billion), 2018-2023
7. Global Luxury Apparels Market Forecast: Breakup by Distribution Channel (USD Billion), 2024-2032
8. Global Luxury Apparels Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global Luxury Apparels Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America Luxury Apparels Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America Luxury Apparels Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe Luxury Apparels Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe Luxury Apparels Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific Luxury Apparels Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific Luxury Apparels Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America Luxury Apparels Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America Luxury Apparels Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa Luxury Apparels Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa Luxury Apparels Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global Luxury Apparels Market Structure
Key Questions Answered in the Report
In 2023, the market attained a value of nearly USD 102.62 billion.
The market is assessed to grow at a CAGR of 5.7% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 168.68 billion by 2032.
The shift towards e-commerce platforms and the increasing willingness of the millennial and Gen-Z population to try new things are the major market drivers.
The key trends aiding the market growth are the rising trend of sustainability, the increasing spending on luxury apparel by women, and the surging attempts by key players to enhance their diversity and inclusivity.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant distribution channels in the market are offline and online.
The major players in the market are Chanel S.A., LVMH Moet Hennessy-Louis Vuitton SE, PVH Corp., Ralph Lauren Corporation, Christian Dior SE, Prada S.p.A., Dolce & Gabbana S.r.l., Giorgio Armani S.p.A., Kering SA, and Burberry Group plc, among others.
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