Luxury Apparels Market by Material, Region & Key players 2023 - Ralph Lauren Corporation, Christian Dior, Michael Kors

Luxury apparels market has witnessed steady growth in the recent years. North America and Europe are considered as mature markets and resulted in the growth in manufacturers’ foothold in Asia-Pacific, such as India and China. Thus, most of the companies have shifted their production plants to China and other Asia-Pacific countries to reduce the manufacturing costs. Furthermore, adoption of branded and premium clothing witnessed a significant growth, owing to increase in population and economic stability in the aforementioned emerging markets.

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The global luxury apparels market is segmented based on gender into male and female. Female consumers dominate the global luxury apparels industry, owing to availability of wide variety of options in women fashion industry and their increase in interest toward upgraded styles. However, the men’s wear market enhanced with fastest pace. Some of the biggest celebrities, athletes, and other artists show increase in attention toward fashion and are collaborating with world’s biggest fashion brands globally, such as Prada, Chanel, Gucci, Hugo Boss, and others, which propels the men’s luxury apparel market. However, change in work patterns and lifestyle fuels the demand for luxury apparels among men, which creates ample opportunities for the companies to launch innovative products in men’s luxury wear segment.

Global Luxury Apparels Market size was valued at $62.62 billion in 2016, and is expected to reach at $81.23 billion by 2023, registering a CAGR of 3.9% from 2017 to 2023. Cotton is considered as one of the luxury apparels widely used as natural fabrics in the global textile industry. Pure cotton is considered the real luxury because of the type of weave, namely plain and twill weave used. More than half of the consumers globally demand for cotton shirts, dresses, and tops, owing to its durability, requires low maintenance, and cooling ability. Thus, the cotton fabric material generated the highest revenue in 2016 in the global luxury apparels industry.

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The factors that drive the luxury apparels market growth are change in lifestyle patterns due to rapid urbanization, rise in disposable income, surge in e-commerce sales, and growth in emerging countries, such as Asia-Pacific and LAMEA. However, high cost of raw materials restrains the luxury apparels market growth.

The report includes comprehensive analysis of the key players in the luxury apparels market, such as Ralph Lauren Corporation, Christian Dior, Michael Kors, Coach, Inc., Gianni Versace S.P.A., Girogio Armani S.P.A., Nike, Inc., Hermes International, Inc., Tommy Hilfiger USA Inc., and Burberry Group, Inc.

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The other prominent players in the luxury apparels industry include Dolce & Gabbana, Fendi, Socit Cartier, Calvin Klein Inc., True Religion, Chanel S.A., and Guess, Inc.

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