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Market Overview
The global luxury fashion market is anticipated to procure a significant market value while driving at a notable CAGR during the forecast period, anticipates Market Research Future (MRFR).
The growing number of millionaires and brand loyalty among customers are anticipated to boost the market during the forecast period. The higher price range and style quotient are some of the USPs of luxury apparel that can help grow the market during the assessment tenure. The increasing disposable income across the globe is expected to be another salient cause that can drive the market in the coming time. Furthermore, brands have been focusing on providing the latest young looks, but they are also catering to the cultural trends and street culture to attract various consumers. For instance, Indian brand Raymond has introduced its new brand called Raymond Khadi to provide luxury Khadi apparel. Such initiatives are likely to augment the market size significantly in the coming time. The increasing popularity of e-commerce is anticipated to grow the market by enhancing their brand popularity among consumers. Furthermore, the growing demand for luxury workwear is another crucial factor that can bolster the market in the coming time. On the contrary, the high expenses associated with the commodity may hamper the market growth during the forecast period.
The outbreak of COVID-19 is anticipated to bring a negative impact due to the temporary shutdown of the manufacturing units, which affected the supply of the product.
Key Players
Some of the renowned players of the global luxury fashion market are Dolce & Gabbana, Louis Vuitton, Zara, Tiffany, Michael Kors, Burberry, Prada, Cartier, Rolex, Chanel, Gucci, and Hermès.
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Market Segmentation
The global luxury fashion market can be segmented on the basis of type and distribution channel.
The type-based segments of the global luxury fashion market are clothing, footwear, accessories, and others. The clothing segment is anticipated to acquire significant traction during the forecast period.
The distribution-channel-based segments of the global luxury fashion market are mono-brand stores, department stores, specialty stores, multi-brand boutiques, e-commerce, airport, and others.
Regional Analysis
As per the assessment conducted by MRFR, the global market for luxury fashion is anticipated to be dominated by Europe during the forecast period. The region is anticipated to grow owing to the presence of established brands and their significant contribution in developing the regional market. The region is recognized as the fashion hub of the world. Cities such as Paris, London, Milan, Rome, and Sagrada Familia are some of the renowned hubs for the fashion industry. In addition to these, famous fashion shows such as; Milan Fashion Week, Paris Fashion Week, London Fashion Week are other salient causes that can augment the market size in the coming time. On the other hand, the APAC region is anticipated to witness significant market growth during the forecast period. The expansion of the region can be attributed to the growing consumer awareness, brand consciousness, and increasing disposable income. The presence of developing countries such as India, China, and Hong Kong, are region is anticipated to garner notable traction. The presence of untapped markets is likely to offer lucrative opportunities to various brands that can grow the market in the coming time. North America is predicted to acquire significant market value during the forecast period. The region is likely to increase significantly due to the presence of countries such as the US, Canada, and others. The U.S. has acquired a notable position in the fashion world, which can play a salient role in driving the regional market. The presence of renowned brands in the region is predicted to play an important role in growing the market in the assessment tenure.
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Industry News
February 2021- Zara, the globally renowned clothing store, has launched their pet collection, and it features items that are fashionable and functional for pets.
February 2021- American Pop Star, Rihanna's ready-to-wear Fenty fashion label store in Paris, will be shut down less than two years after the launch.
February 2021- Legendary fashion designer Sabyasachi Mukherjee has sold a 51% stake of his label. Sabyasachi, to Mumbai-based retailer Aditya Birla Fashion and Retail Limited (ABFRL) for an undisclosed amount.
February 2021- Munich-based luxury fashion platform Mytheresa announced that it had raised USD 406.8 million in its U.S initial public offering (IPO), valuing the e-commerce site at USD 2.2 billion.
Mytheresa is a digital platform that sells products from luxury fashion brands to customers as Fendi, Gucci, and others.
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