Since the historic times, only the rich could afford luxury apparels. Reserved for the elite class, the luxury apparels market has boasted an esteemed clientele comprising the high net worth individuals. However, over the years several designers and fashion brands have started reaching out the broader range of customers through affordable products. Big brands such as Louis Vuitton, Prada, and Versace are expanding to developing economies, which has not only improved their geographical reach but also won them a newer consumer base.
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The research report states that the opportunity in the global luxury apparels market will be worth US$60,793.7 mn by the end of 2024 from US$1,8842.69 mn in 2015. Between the years of 2016 and 2024, the global market is expected to expand at a CAGR of 13.2%. The increasing affordability of luxury apparels is attributable to the mass production of goods, which has transformed the 19th-century ways of dress making.
Consumer Preference Tilts toward Cotton due to Increasing Global Temperatures
On the basis materials, the global luxury apparels market is segmented into leather, cotton, denim, silk, and others. The report indicates that cotton dominates the global market as it held a share of 35.87% in 2015. The preference for cotton due to its convenience in hot and humid weather in regions such as Asia Pacific and the Middle East and Africa has triggered a monumental demand. The material has become ubiquitous in the clothing and fashion industry due to high terrific absorbency, comfort, and breathable nature of the fiber. Furthermore, high cotton production in India and China have also made Asia Pacific a frontrunner in the global market.
The leather is the next emerging segment in the global market. This material is being preferred due to its durability and ability adapt to myriad designs that characterize high fashion. The expensive nature of leather also makes it fit for luxury brands, who work on the premise of premium pricing of the exceptionally high quality of products. Furthermore, silk is also gaining a significant momentum due to smooth texture, softness, and the elegance it bestows to the overall design. The remarkable production of silk in India and China has also once again lent an impetus to the luxury apparels market of Asia Pacific.
Asia Pacific Emerges as Leading Segment as International Brands Garner New Consumers
In terms of regions the global luxury apparels market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Rest of the World. Presently, Europe has a strong footing in the global market due to the presence of several luxury brands and houses that have been in the business for several decades. However, analysts predict that Asia Pacific will undergo a radical shift in demand towards luxury apparels over the coming years. This demand will be dictated due to rising disposable incomes, changing lifestyles, improving standards of living, and the presence of several international brands in the emerging countries of Asia Pacific. The penetration of e-commerce is also likely to drive the growth of the global market in the coming few years.
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Some of the key players operating in the global luxury apparels market are Kering, Versace, Prada, Dolce and Gabbana, Burberry Group Inc, LVMH Moet Hennessy Louis Vuitton SE, Giorgio Armani S.p.A. These players hold a dominant share in the overall market. The other prominent players in the market are Ermenegildo Zegna, Kiton, Ralph Lauren Corporation, and Hugo Boss AG.
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