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- Number of pages : 30 pages
- Format : Digital and PDF versions
- Last update : 22/03/2023
Summary and extracts
1 Market overview
1.1 Introduction
The handbag market encompasses many different types of products segmented into broad price ranges that cater to the needs of the masses. The most popular handbag models can be sold for astronomical amounts of money. The current world record handbag was sold for nearly $4 million. Yet, this product did find a buyer.
This shows us that the usual market segmentation into price ranges is not inalienable. Demand management is necessary to face the toughest competition.
However, for a first approach it is wise to understand the handbag market in the form of different price ranges. Among these we find in particular :
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Luxury handbags (more elaborate and sometimes in limited edition)
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Mid-range handbags (available in large ready-to-wear stores)
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Entry-level handbags (low demand in some markets)
The global handbag market is growing at an annual CAGR of over 5%. The best growing segments are luxury or high-end products with a good price-quality ratio. To gain market share, luxury multinationals are now turning more to Asian countries. Indeed, the demand for these types of products is particularly developed there. This is mainly due to the emergence of a new middle class who are showing conspicuous consumption to develop a sense of belonging to the wealthy class.
In Germany, the handbag market is one of those sectors that are evolving the most. This is mainly due to societal changes (increased purchasing power, structural changes in the labor market). However, inflation is at its highest in Germany, which has had a heavy impact on the handbag market. Paradoxically, high-end bags remain popular with customers because they are more durable.
International luxury brands of the LVMH Group are present in the German market. However, other brands such as MCM (German brand specialized in the production of high-end bags) are also very popular.
For cultural reasons, the handbag market in Germany cannot be directly compared to other Western European countries. Germans place great importance on the practicality of the products they consume. The challenge for a company wishing to join this market is to find a way to offer products with an interesting price-quality ratio and a beautiful aesthetic appearance.
List of charts
- Foreign trade in handbags
- Size of the global handbag market
- Market share distribution of the global handbag market
- Distribution of handbag production in Europe
- Total sales volume of handbags in Germany
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Latest news
Chanel invests in Italy again: new joint for Gensi Group - 29/02/2024
- **Chanel investment in the Gensi Group Footwear Factory**:
- - Inauguration of a new 3,000-square-meter splicing department at the Mosciano Sant'Angelo (Teramo) production site.
- - Activation of 4 new production lines of 70 meters each.
- - Currently, 6 production lines are in operation, with a plan to double them in the next 3 years through the inclusion of new professional resources.
- **Corporate Sustainability Initiatives**:
- - Formation of 3 working groups dedicated to the company's environmental sustainability a year ago.
- - Reduction in energy consumption and processing waste.
- - Advances in recycling and reuse.
- - Launch of in-house training institute "M'Astri Nascenti" in collaboration with Arsutoria School, with 60 people trained to date.
- **Workforce and Hiring Plans**:
- - Currently, the company has more than 660 employees, of whom more than 120 are hemlines.
- - New hires are planned to further increase the workforce.
- **Manufacturing Chanel and Italian Supply Chain**:
- - Chanel shoes are designed in France but produced in Italy.
- - Italian companies controlled by Chanel involved in production: Roveda of Parabiago (acquired in 1999), Gensi of Giulianova (acquired in 2015), and Ballin Shoes (acquired in 2020).
Host and Primark: The nightmare continues for H&M, overtaken by Shein - 15/12/2023
- H&M posted annual sales up 6% to 21 billion euros
- Spanish brand Zara saw an 11% increase in sales for the first nine months of the year, representing 25.6 billion euros and a profit in excess of 4 billion euros.
- British brand Primark achieved sales in excess of 23 billion euros at the end of its September trading year.
- Chinese online retailer Shein is targeting sales of €40 billion this year, while its rival Temu is aiming for €33 billion.
- H&M reduced the number of its stores and cut 1,500 jobs last year as part of a rescue plan.
Five things you need to know about Inditex, the owner of Zara stores - 17/09/2023
- Founded sixty years ago, the group is now the third-largest in the sector in terms of value (after Dior and Nike),
- Present in 94 countries by the end of 2022, with over 160,000 employees
- Inditex flagship Zara. The brand operates 1,878 points of sale by the end of April 2023.
- In France, the brand has 113 stores.
- Since 2020, the Inditex group has been closing less profitable stores.
- In the United States, the brand is on a roll: a total of 35 stores are scheduled to open in 2023, making it the second-largest market after Spain.
- Zara and Inditex have played a major role in the creation of the "fast fashion" concept.
- Today, the group comprises seven brands: Zara (clothing and home furnishings with Zara Home), Pull & Bear, Bershka, Stradivarius, Oysho (underwear, swimwear and sportswear) and Massimo Dutti in the high-end segment.
- The total number of stores is 5,800.
- In 2020, with the Covid pandemic, online sales soared by 77% for the group as a whole, representing a third of the total.
- Most garments are produced in Spain, Portugal, Morocco or Turkey, while competitors continue to produce largely in Asia.
Bershka, Pull&Bear, Stradivarius: the recipes behind Inditex's phenomenal success with teenagers - 14/09/2023
- The Inditex Group, which owns Bershka, Zara, Stradivarius, Pull and Bear, Oysho and Massimo Dutti, has forecast net earnings of €2.51 billion for 2023
- Bershka, P&B and Stradivarius account for just 20% of group sales, while Zara accounts for over 70% of total sales.
- All brands reported year-on-year sales growth
- Bershka saw its sales increase by 12.3% this year
- Chinese competitor SheIn achieved estimated sales of $30 billion in 2022, almost as much as all Inditex banners combined in the same year (32 billion euros).
- Bershka, Stradivarius and Pull&Bear have stores in Europe.
Chanel creates "La Parcelle", a new green and artistic space - 14/09/2023
- Le 19M, the space dedicated to Chanel's métiers d'arts, was inaugurated in 2021.
- Le 19M brings together 600 craftsmen and experts in eleven Maisons d'arts.
Louis Vuitton, the luxury house that makes the Auvergne countryside shine - 07/09/2023
- Saint-Pourçain-sur-Sioule has a population of 5,200.
- The Louis Vuitton workshop in Saint-Pourçain-sur-Sioule employs almost 900 people.
- Louis Vuitton has two rolling luggage production sites, one in Marsaz in the Drôme and the other in Saint-Pourçain-sur-Sioule.
- Louis Vuitton's first workshop in Saint-Pourçain-sur-Sioule was set up in 1990, the second in 1995, and the third in 2020.
- The leather goods group has around twenty workshops in France, mostly located in rural areas.
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The handbag market | Germany
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