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The global luxury apparel market has enjoyed a moderate level of growth over the last five years, and this steady growing trend is set to continue. The total revenue of global luxury apparel market totalled US$75.4 billion in 2016, and is expected to reach around $77.8 billion in 2017, marking a 3.3% growth year on year, according to the report from Technavio.
The women’s luxury apparel segment has been dominating the global luxury apparel market, representing over half of the market share. However, the men’s luxury apparel segment is catching up quickly and is estimated to be the fastest growing segment in the global luxury apparel market over the next five years.
Due to the dominance of women’s wear in the luxury apparel market, sales of some of the key players in the women’s luxury apparel segment, such as CHANEL, Yves Saint Laurent, PRADA, Gucci, and Dior, are growing. Active wear and haute couture showed strong growth in the women’s premium apparel segment. In 2015, the women’s luxury denim segment dominated the global premium denim jeans market with a share of 55.41%.
Men’s luxury apparel is expected grow steadily as luxury fashion houses have recognized that men are no longer content with dedicated floors or corners of apparel stores; the number of men’s only stores have risen in the last five years. Examples include Ralph Lauren’s latest men’s only store in Hong Kong, Loewe’s store in Singapore, and Gucci’s and Tod’s stores in Italy. The men’s stores of Alexander McQueen and Dolce&Gabbana focus primarily on tailoring and bespoke designs. Brands have also started re-positioning their products as luxury ones through fashion weeks and shows; examples are Ermenegildo Zegna and Corneliani.
Chinese consumers are major players in the growth of luxury apparel spending worldwide, accounting for the largest share, 33%, in the global luxury products market in 2015. The Americas followed with approximately 25% and Europe with 16%. The accessories segment was the leading product category in the personal luxury goods market, with a share of 29%. The apparel segment followed with a share of 25%.
Innovation is an important factor for enhancing sales in the luxury apparel market. With consumers looking for high quality in design and material used, vendors are introducing products made with materials such as rare leathers and mohair, and also reintroducing classic fashions in modern renditions.
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