Summary

The global haute couture and luxury ready-to-wear market have been experiencing growth, although a forecasted slowdown was anticipated post-2020. Haute couture represents the pinnacle of custom-made, luxury fashion, traditionally unprofitable yet offering significant branding benefits for the major fashion houses. The global luxury market, including personal goods, was buoyant with optimistic projections up to 2025, expecting a rise in value to between 320 and 365 billion euros. Despite potential deceleration, the sector continued to benefit from the emergence of new wealth worldwide and the persistent allure of destinations like Paris. While product prices have remained relatively stable, growth has been propelled by increasing sales volumes, effective cost management, successful collections, productivity gains, and expanding online presence. The data post-2020 specifically quantifies a projected slowdown in the growth of luxury ready-to-wear items to 2.5% in value..Title: Trends in the Haute Couture and Luxury Ready-to-Wear Market The haute couture and luxury ready-to-wear market in France is currently experiencing growth. This upward trend is also mirrored at a global level, with the general luxury market projected to continue its expansion in the coming years. Sales of luxury ready-to-wear items have demonstrated a positive surge, although this segment tends to be less dynamic when compared to the broader spectrum of luxury goods. Despite forecasts indicating a potential deceleration, the markets for haute couture and luxury ready-to-wear in France remain robust due to several contributing factors. The rise of substantial new fortunes globally and the influx of tourism in France and particularly Paris propel the growth of these segments. The clientele for haute couture remains a very select group, primarily made up of women, with a growing representation from Asian, Gulf, and Russian demographics. Haute couture, while often seen as a beacon of expertise and creativity, is typically not profitable on its own. Paradoxically, the image and reputation cultivated through the often loss-making haute couture activities provide substantial positive branding for the luxury houses. Profitability is mainly derived from diverse activities outside of high-end fashion. In terms of economic indicators, the global luxury market, including luxury experiences and personal property, escalated by around 5% in 2018, reaching a value of between €1,150 and €1,250 billion. The segment dedicated to luxury personal goods alone stood at approximately between €255 and €265 billion. By 2025, optimistic forecasts anticipate that the market for these luxury personal goods could be valued at between €320 and €365 billion. As we observed the trajectory of the value of luxury personal goods, it's clear that there was a significant increase of about 44.5% over six years, from 2010 to 2016. This trend underscores the prestigious and exceptional nature of these goods and the relative rarity which adds to their allure for consumers. Zooming in on the targeted segment, luxury ready-to-wear items have seen an increase of more than 3% in 2018. Moving into 2019, the growth in sales of luxury ready-to-wear items appeared to slow slightly, to an estimated 2.5% in value. It is worth noting that the luxury and haute couture market's growth is predominantly volume-driven, as price increments have not been substantial in recent years. This volume growth is attributed to efficient cost management, the success of collections, enhanced productivity, and.### Titans of Elegance: Leading Forces in the Haute Couture and Luxury Ready-to-Wear Arena The upper echelons of fashion, particularly the haute couture and luxury ready-to-wear markets, are realms where artistry meets artisanal precision, and exclusivity reigns supreme. Within this opulent sphere, several key players stand as the pillars of the industry, commanding respect and adoration from a globally dispersed clientele of affluent enthusiasts. At the forefront of haute couture, illustrious houses such as Chanel, Dior, and Givenchy set the standard for unrivaled craftsmanship and innovative design. Chanel, under the creative helm of Virginie Viard after the legendary reign of Karl Lagerfeld, continues to enchant the world with its timeless elegance and embodiment of French chic. Dior, with its rich heritage and continuously refreshed aesthetic, has become synonymous with luxurious femininity, while Givenchy remains a bastion of sophisticated grace, captivating the market with its refined silhouettes and exquisite detailing. In concert with these historic names are the potentates of luxury conglomerates, such as LVMH and Kering, which boast impressive portfolios of prestigious brands that dominate the global stage. LVMH, a colossus in the luxury sphere, owns an array of esteemed fashion labels like Louis Vuitton and Fendi, each renowned for their distinctive styles and revered for their unassailable status. Equally influential, Kering propels forward with powerhouses like Saint Laurent and Gucci, which have become cultural phenomena in their own right, ardently admired for their daring approaches to traditional luxury. These major groups not only represent the pinnacle of high fashion but are also pivotal in shaping fashion's future through their strategic positioning and substantial influence over market trends. Their expansive reach and financial might enable them to engage in diverse ventures, leveraging their haute couture credentials to amplify their presence across various luxury sectors, from accessories to beauty products, thus securing their footholds as the vanguards of opulence. Beyond the dazzle of runway shows and the allure of impeccably tailored garments, these key players play a crucial role in sustaining the exclusivity and allure of the haute couture and luxury ready-to-wear markets. As they continue to innovate and captivate, they carry the torch for an industry synonymous with the pinnacle of personal luxury, setting the tone for what is not just fashion, but wearable art.
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  • Last update : 01/09/2023
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Summary and extracts

1 Market summary

1.1 The global market

Haute couture corresponds to the design and the custom-made artisanal production of very luxurious clothing pieces. The designers in the sector are highly skilled and creative, and the workforce employed has a high level of expertise.

The global luxury market is growing and should remain so in the coming years and sales of ready-to-wear items are growing even if these segments are less dynamic than that of luxury goods

In France, the market for haute couture and luxury ready-to-wear are growing even if forecasts project a slowdown in the coming years. The haute couture and luxury ready-to-wear markets are very competitive concentrated luxury concentrates and dominated by large groups and their brand portfolios, which are international in scope and leaders in the global fashion and luxury market

The growth of these segments is driven by the emergence of large fortunes all over the world and the tourism flows to France and Paris The customers of haute couture houses are individuals, who are part of a very limited clientele mostly female. There are an increasing number of Asian, Gulf and Russian ( Pluto Magazine )

Fashion Network states that this activity is generally unprofitable, even loss-making but it allows large companies to present their expertise on the occasion of parades in order to benefit from a international notoriety . The major haute couture brands derive most of their profits from their diversification activities

As indicated by Bathtub the global luxury market as a whole (personal property and luxury experiences) increased by 5% in 2018 to €1200 billion In 2018, the market for luxury personal goods alone reached 260 billion euros . The same source indicates that forecasts up to 2025 are optimistic since, at that time, this market is expected to represent between 320 and 365 billion euros

The graphic the following highlights the increase in the market value of luxury personal goods worldwide between 2010 and 2017. By 2016, this figure had risen to 250 billion euros. It should also be noted that the overall market growth between 2010 and 2016 is 44.5% .

Luxury personal goods are prestigious or exceptional goods whose value is considered expensive for middle-income households, the main characteristic of which is that they are rare (source Repurchase of the credit).

At the level of the global marketplace based on the study "Haute couture et prêt-à-porter de luxe", published by Xerfi, sales of luxury ready-to-wear items increased by more than 3% in 2018 . The study also indicates that the haute couture and ready-to-wear segment is slightly less dynamic than the luxury goods sector as a whole, which should continue to be the case in the coming years. For 2019, it is expected that global growth in sales of luxury ready-to-wear items slowed slightly to 2.5% in value

As explained by Share capital In the luxury and Haute Couture market, growth is driven by volumes sold and not by product prices. This is due to good cost management, collection success, improved productivity and the development of online sales. Indeed, in recent years, prices have not increased significantly.

 

List of charts

  • Breakdown of the luxury personal goods market by product type
  • Global market for personal goods and luxury apparel
  • Global luxury market value by type of product and service
  • Perceived outlook for the luxury apparel market
  • Consommation des ménages en habillement
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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).
Fashion: how Prada reinvents itself - 13/01/2024
  • Prada was founded in 1913 by brothers Mario and Martino Prada.
  • By 2023, Prada's retail sales have increased by 13% compared to 2022.
  • The luxury goods market is expected to see around 40% of its global sales absorbed by China by 2030, according to Bain & Company.
  • Prada created its own foundation in 1995, which is located in Milan.
Gucci: a challenge for Kering - 08/01/2024
  • Gucci, Kering's flagship brand, guarantees two thirds of the group's profits.
  • Kering acquired a 30% stake in Valentino.
  • Kering also bought Creed perfumes.
  • Balenciaga, one of Kering's brands, has been in difficulty since November 2022
Luxury goods: Richemont slowed by declining customer morale - 13/11/2023
  • Half-year sales in Europe up 5%
  • Jewelry: 68% of sales, up 10% in the first half
  • Watchmaking: Down by 3%
  • Fashion & Accessories: 1% decline
  • Growth in the United States: 1% increase
  • Growth in Asia: up 23% at constant exchange rates
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.
Hermès, champion of luxury growth - 29/07/2023

Hermès sales growth: 25% in the first half.

Planned openings: four new leather goods stores by 2027.

Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

LVMH Groupe
Prada Groupe
Richemont
Shandong Ruyi
Capri Holdings
Chanel
Pierre Balmain
Alexis Mabille
Jean Paul Gaultier (Groupe Puig)
Alexandre Vauthier
Dolce & Gabbana
Dice Kayek

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