Luxury Fashion Market Size, Top Brands by Share, Segmentation, Growth Report 2023-2028

The global luxury fashion market size reached US$ 237.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 294.7 Billion by 2028, exhibiting a growth rate (CAGR) of 3.60% during 2023-2028.

The rising number of affluent consumers and their inflating income levels, growing aspiration for exclusivity and uniqueness, power of branding and brand equity, increasing influence of social media and digital platforms, and rapid globalization are some of the major factors propelling the market.

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Factors Affecting the Growth of the Luxury Fashion Industry:

• Digital Transformation and Online Retail:

The growing number of e-commerce platforms and digital channels are allowing luxury brands to reach a wider global audience. The luxury fashion brands have embraced this shift by developing sophisticated online platforms, integrating augmented reality (AR) to enhance virtual try-ons, and utilizing social media for marketing and direct consumer engagement. This digital transformation extends beyond just sales and it also encompasses the entire customer journey, including personalized online experiences, digital storytelling, and enhanced customer service. The convenience, accessibility, and personalized experience offered by digital channels have attracted younger generations.

• Sustainability and Ethical Practices:

The increasing awareness about environmental and ethical issues is a major driver impelling the market growth. The younger generation is more conscious about the impact of their purchases on the environment and society. This shift in user values has prompted luxury brands to adopt more sustainable and ethical practices, such as using eco-friendly materials, ensuring fair labor practices, and adopting circular fashion principles. These initiatives reduce negative impacts and offer an opportunity for luxury brands to innovate and differentiate themselves.

• Technological Advancements:

Innovations in fabric technology have led to the creation of new materials that offer enhanced quality, durability, and sustainability, adding value to luxury products. The integration of technologies like artificial intelligence (AI) and AR in retail is enhancing the customer experience, offering personalized recommendations, virtual try-ons, and more immersive online shopping experiences. Additionally, the use of blockchain technology for authentication and supply chain transparency is becoming increasingly important in an industry plagued by counterfeits. These technological integrations help luxury brands not only improve their operational efficiency but also provide a more engaging, innovative, and authentic experience for buyers.

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Luxury Fashion Market Report Segmentation:

By Product Type:

• Clothing & Apparel
o Jackets & Coats
o Skirts
o Shirts & T-Shirts
o Dresses
o Trousers & Shorts
o Denim
o Underwear & Lingerie
o Others
• Footwear
• Accessories
o Gems & Jewellery
o Belts
o Bags
o Watch

Clothing and apparel is the most prevalent as it represents a fundamental aspect of personal style and daily wear, allowing individuals to directly express their taste and status through visible, often brand-centric items.

By End User:

• Men
• Women
• Unisex

Women represent the largest market share as they tend to have a higher interest and investment in fashion trends, leading to greater consumption of luxury fashion products.
By Distribution Channel:

• Store-Based
• Non-Store Based

Store-based holds the largest segment as high-end buyers often seek a personalized, tactile shopping experience, which is best delivered through physical retail environments where they can interact directly with the products and receive bespoke customer service.

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Regional Insights:

• North America
o United States
o Canada
• Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
• Latin America
o Brazil
o Mexico
o Others
• Middle East and Africa

Europe's dominance is attributed to its long-standing history and global reputation for high-quality craftsmanship, iconic fashion houses, and a rich heritage in haute couture.

Leading Companies Operating in the Global Luxury Fashion Industry:

• Burberry Group Plc
• Capri Holdings Limited
• Chanel S.A.
• Diesel S.p.A. (OTB Group)
• Dolce & Gabbana S.r.l.
• Giorgio Armani S.p.A.
• Industria de Diseno Textil S.A.
• Kering SA
• LVMH Moet Hennessy Louis Vuitton
• Prada S.p.A.
• PVH Corp.
• Ralph Lauren Corporation
• Rolex SA

Global Luxury Fashion Market Trends:

There is an increase in the need for products that are unique or tailored specifically to individual preferences, moving away from generic luxury items. Luxury brands are responding by offering bespoke services, from customized handbags and shoes to made-to-measure garments. This exclusivity enhances the allure of luxury brands.
The collaborations between luxury fashion brands and entities from other industries, such as artists, designers from different disciplines, and even tech companies, have become a significant trend. These partnerships often result in limited-edition collections that combine the strengths of both parties, creating unique products appealing to diverse consumer groups.

Other Key Points Covered in the Report:

• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

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About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC Group's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.