Leather Luggage and Goods Market Growing at the Highest CAGR of 5% - Competitive Analysis of Leading Market Players - Prada, Samsonite International S.A., Louis Vuitton, Hermes International S.A., Coach, Inc., Kering SA, Delsey S.A., Christian Dior SE, Tu

Leather Luggage and Goods Market is expected to garner $94.7 billion by 2020, registering a CAGR of 5% during the forecast period 2015-2020. Leather luggage comprises products such as trolley bags and suitcases used for carrying personal belongings, whereas products such as purses, wallets & belts, footwear, handbags, and others are included in the leather goods segment. Factors such as growing disposable income, increasing domestic and international travel, and improving living standards foster the growth of the leather luggage and goods market. Global market players continuously launch latest and stylish leather goods according to the changing demand of consumers.

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Travel bag is expected to be the fastest growing segment in the leather luggage market, registering a CAGR of 6.9% during the forecast period 2015-2020. This growth is attributable to the increasing number of domestic and international trips, by commuters worldwide. Consumers prefer compact and easy-to-handle travel luggage during transit, thus increasing the demand for lightweight and easy maneuvering luggage products. However, in leather goods segment, handbags are expected to witness the fastest growth, owing to the rise in working women population and the consequently increased economic independency, which has encouraged them to own multiple high-end branded leather handbags, thereby increasing the demand of handbags globally.

The retail stores held a major share in the global leather luggage and goods market in 2014. Renowned companies are establishing new retail outlets in the untapped regions to expand their footprint in the market. For instance, in 2015, Prada opened its first store in Jakarta, Indonesia, which offers leather bags and accessories for both men and women. Through retail outlets, market players aim to provide a wide assortment of leather products to their consumers under a single roof. The online store segment is anticipated to grow at a rapid rate, registering a CAGR of 26% during the forecast period (2015 - 2020). Exposure to social media, increased convenience and the rising usage of digital devices for the purpose of online shopping, have fostered the growth of online sales platform.

In 2014, Asia-Pacific dominated the global leather luggage and goods market followed by Europe. A rising middle-class segment, along with increase in disposable income of consumers in regions such as India and China, has resulted in growing demand for new and trendy leather products in the Asia-Pacific market.

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Expansion and acquisition are the key growth strategies adopted by the market players to establish a strong foothold in the market and expand their customer base. In 2015, Coach, Inc. acquired Stuart Weitzman Holdings LLC, one of the leading manufacturers of women luxury footwear. This acquisition would strengthen the position of Coach, Inc. in the high-end handbags and accessories segment. The key companies profiled in the report include Prada, Samsonite International S.A., Louis Vuitton, Hermes International S.A., Coach, Inc., Kering SA, Delsey S.A., Christian Dior SE, Tumi Holdings, Inc., and VIP Industries Ltd.

Analyst Review:

The world leather luggage and goods market has witnessed a notable growth in the recent years, especially in the developing countries of Asia-Pacific and LAMEA, such as India, China, and Dubai. The market in these regions is driven by the increasing disposable income of consumers coupled and rising inclination towards premium designer leather bags and accessories.

The growth in the tourism industry has fostered the demand for new and innovative luggage products. Frequent domestic and international trips for personal and business purposes have led to a rise in the demand for compact and stylish leather travel bags. To cater to the needs of frequent travelers, market players are launching new products, such as suitcases and trolley bags with side handles and wheels, for easy maneuver during transit. Handbags are another popular leather goods category, anticipated to grow rapidly in the coming years. Rise in the number of working women worldwide, has led to increased demand for trendy and fashionable handbags. Moreover, men around the world are opting for stylish leather products, such as leather footwear, bags, and jackets, thereby raising the demand of leather goods. Leather accessories such as leather bracelets and leather cuff bracelets are also gaining popularity among both men and women.

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Several companies operating in the global leather luggage and goods market have formulated different strategies to compete in the industry. Expansion and acquisition are the key growth strategies adopted by well-established companies, which enable them to increase their market presence and expand their customer base. Global companies, such as Coach, Inc. and Louis Vuitton, have established new retail outlets in Asia and Europe to mark their presence in the region. For instance, in 2014, Coach inaugurated its first flagship store in the most prestigious shopping districts in Paris. This expansion would enable the company to strengthen its market outreach in the European market. In addition, intensive marketing campaigns by prominent companies have increased brand awareness among consumers, thus leading to the growth of the leather luggage and goods market.

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