Saudi Arabia Luxury Apparels Market Evaluated to Reach USD 4141.4 Million in Revenue By 2030 | Infinium Global Research

The Luxury Apparels Market in Saudi Arabia has witnessed a remarkable growth trajectory, reflecting a paradigm shift in consumer preferences and a surge in disposable income. According to a market research report, the Saudi Arabia luxury apparels market was valued at USD 2386.6 million in 2023 and is expected to reach USD 4141.4 million by 2030, with a compound annual growth rate (CAGR) of 7.38% over the forecast period.

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The growth of the luxury apparels market is primarily attributed to the evolving tastes and preferences of consumers, driven by rapid urbanization, increasing disposable income, and the influence of social media. Furthermore, the convenience of online shopping has expanded the market's reach, enabling consumers to access luxury brands more easily. However, the market faces challenges from the availability of counterfeit products, which are affordable alternatives to genuine luxury brands.

Market Segmentation and Key Players

Saudi Arabia's luxury apparels market can be segmented based on product type, end-user, and distribution channel. Ready-to-wear apparels & loungewear dominate the market among product types, with women as the primary end-users. The online distribution channel is expected to grow at the highest CAGR, offering a wide array of luxury products on a single platform.

Leading companies in the Saudi Arabia luxury apparels market include Louis Vuitton, Gucci, Ralph Lauren Corporation, Burberry Group plc, and Dolce & Gabbana. These brands have adopted organic strategies such as partnerships, new product developments, and mergers & acquisitions to strengthen their market position.

Rising Consumer Spending and E-commerce Expansion

The increase in consumer spending, as reported by the Saudi Central Bank (SAMA), is a significant driver of the luxury apparels market. Rising household incomes, particularly among the younger population, have fueled the demand for luxury fashion items. Saudi Arabia's flourishing e-commerce industry, driven by increasing internet penetration and smartphone usage, has further accelerated the market's growth. Online platforms such as Ounass, Namshi, and Noon have made luxury brands more accessible to tech-savvy consumers, boosting sales.

Counterfeiting Challenges

Counterfeiting remains a challenge in the fashion industry, impacting sales, brand reputation, and the accessibility of luxury products. Saudi Customs has reported the destruction of over two million counterfeit goods, highlighting the growing issue of counterfeit trade in the country.

Fashion Commission's Initiatives

To support and advance the fashion industry in Saudi Arabia, the Fashion Commission has launched various initiatives such as Hidden Kaleidoscope, Fashion Incubation Program, and Fashion at the Saudi Cup. These initiatives have not only nurtured local talent but also attracted global leaders in the fashion industry to invest in the country. The recently introduced Saudi 100 Brands mentorship program provides growth opportunities to local luxury brands, solidifying their position in the market.

The Saudi Arabia luxury apparels market is on a trajectory of remarkable growth, driven by changing consumer dynamics, rising income levels, and the expansion of e-commerce. Despite challenges related to counterfeiting, the market remains resilient, offering significant opportunities for both established luxury brands and emerging local talents.

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Table of Content

Chapter 1. Report Overview

1.1. Report Description

1.2. Research Methods

1.3. Research Approaches

Chapter 2. Executive Summary

Chapter 3. Market Overview

3.1. Introduction

3.2. Market Dynamics

3.2.1. Drivers

3.2.2. Restraints

3.2.3. Opportunities

3.2.4. Challenges

3.3. PEST-Analysis

3.4. Porter's Diamond Model for Saudi Arabia Luxury Apparels Market

3.5. IGR-Growth Matrix Analysis

3.6. Competitive Landscape in Saudi Arabia Luxury Apparels Market

Chapter 4. Saudi Arabia Luxury Apparels Market by Product Material

4.1. Cotton

4.2. Silk

4.3. Leather

4.4. Denim

Chapter 5. Saudi Arabia Luxury Apparels Market by End-user

5.1. Men

5.2. Women

5.3. Children

Chapter 6. Saudi Arabia Luxury Apparels Market by Distribution Channel

6.1. Offline

6.2. E-commerce

Company Profiles
7.1 LOUIS Vuitton

7.1.1 Overview

7.1.2 Company Snapshot

7.1.3 Product Portfolio

7.1.4 Recent Developments

7.2 GUCCI (Kering SA)

7.2.1 Overview

7.2.2 Company Snapshot

7.2.3 Product Portfolio

7.3 RALPH LAUREN CORPORATION

7.3.1 Overview

7.3.2 Company Snapshot

7.3.3 Product Portfolio

7.4 Burberry Group plc

7.4.1 Overview

7.4.2 Company Snapshot

7.4.3 Financial Snapshot

7.4.4 Product Portfolio

7.5 Dolce & Gabbana S.r.l.

7.5.1 Overview

7.5.2 Company Snapshot

7.5.3 Product Portfolio

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Reasons to Buy this Report:

=> Comprehensive analysis of regional markets of Saudi Arabia luxury apparels.

=> Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2030.

=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company.

=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand, and/or diversify.

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