Global Luxury Apparels Market Report and Forecast 2024-2032

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 apparel 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 apparel 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 apparel 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 apparel 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 apparel 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 apparel 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 apparel 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 apparel among women is likely to bolster in the coming years.

Market Share by Region

As per the luxury apparel 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

Luxury Apparel Market Report Snapshots

Luxury Apparel Market Size

Luxury Apparel Market Analysis

Luxury Apparel Market Share

Luxury Apparel Companies