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Summary of our market study
The global luxury goods market in 2018 reached a value of between €1,150 and €1,250 billion, with the segment dedicated to luxury personal goods alone accounting for around €255 to €265 billion.
By 2025, optimistic forecasts predict that the market for these luxury personal goods could be valued at between 320 and 365 billion euros.
The global markets for haute couture and luxury ready-to-wear have experienced strong growth over the past decade.
The sector has continued to benefit from the emergence of new personal fortunes worldwide and the enduring appeal of Paris.
While product prices remained relatively stable, growth was propelled by increased sales volumes, effective cost management, successful collections, productivity gains and an expanding online presence.
Haute couture and luxury ready-to-wear market trends
The haute couture and luxury ready-to-wear market in France is growing, in line with the global growth of the sector.
The haute couture clientele remains a very select group, mainly made up of women, with growing representation from Asia, the Gulf and Russia.
Haute couture is often seen as a symbol of expertise and creativity, and is generally unprofitable, but it carries the image and reputation of luxury houses whose profitability comes from ancillary activities.
The value of luxury personal goods increased by 45% from 2010 to 2016.
The luxury ready-to-wear segment grew by over 3% in 2018. Growth in the luxury and haute couture market is mainly volume-driven, as price increases have not been substantial in recent years.
Key players in haute couture and luxury ready-to-wear
The haute couture and luxury ready-to-wear markets are areas where art meets precision craftsmanship, and where exclusivity reigns supreme.
Prestigious brandsi have become cultural phenomena in their own right: Chanel, Dior, Givenchy, Dior, Louis Vuitton, Fendi, Saint-Laurent, Gucci..
The major groups (LVMH and Kering) not only represent the pinnacle of haute couture, they also play an essential role in shaping the future of fashion, thanks to their strategic positioning and considerable influence on market trends.
Their scale and financial clout enable them to penetrate diverse luxury sectors, from accessories to beauty products.
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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 presented in this market study
- 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 seeks new impetus with the departure of its artistic director - 06/06/2024
- - The Chanel group employs over 36,500 people worldwide.
- - Chanel sales 19.7 billion dollars in 2023
- - Chanel sales rose by +15.8%.
- - In the United States, Chanel sales rose by less than 3% to $3.9 billion.
- - In Asia, Chanel sales rose strongly by 17.7% to $8.4 billion.
- - Chanel's distribution network has doubled over the last five years.
Luxury: Chanel on the right track - 22/05/2024
- - Chanel 2023 annual sales: $19.7 billion (approx. €18.2 billion), an increase of 14.6%.
- - Workforce: 36,500 employees.
- - Number of Chanel boutiques worldwide: over 600.
- - Sales in Asia: $8.4 billion, up 17.7%.
- - Sales in Europe: $4.7 billion.
- - Sales in the United States: $3.9 billion, with growth of less than 3%.
- - Number of Chanel stores in mainland China: 18.
Chanel investe ancora in Italia: nuova giunteria per Gensi Group - 29/02/2024
1. **Investimento Chanel nel Calzaturificio Gensi Group**: - Inaugurazione di un nuovo reparto di giunteria di 3.000 metri quadrati nel sito produttivo di Mosciano Sant'Angelo (Teramo). - Attivazione di 4 nuove linee di produzione da 70 metri ciascuna. - Attualmente, 6 linee di produzione sono in funzione, con un piano di raddoppio nei prossimi 3 anni attraverso l'inserimento di nuove risorse professionali. 2. **Iniziative Aziendali per la Sostenibilità**: - Formazione di 3 gruppi di lavoro dedicati alla sostenibilità ambientale dell'azienda un anno fa. - Riduzione dei consumi energetici e degli scarti di lavorazione. - Avanzamenti nel riciclo e riuso. - Avvio dell'istituto interno di formazione "M'Astri Nascenti" in collaborazione con Arsutoria School, con 60 persone formate fino ad oggi. 3. **Forza Lavoro e Piani di Assunzione**: - Attualmente, l'azienda ha oltre 660 collaboratori, dei quali oltre 120 sono orlatrici. - Sono previste nuove assunzioni per aumentare ulteriormente la forza lavoro. 4. **Produzione Chanel e Supply Chain Italiana**: - Le calzature Chanel sono progettate in Francia ma prodotte in Italia. - Aziende italiane controllate da Chanel implicate nella produzione: Roveda di Parabiago (acquisita nel 1999), Gensi di Giulianova (acquisita nel 2015), e Ballin Shoes (acquisita nel 2020).
Hermès continues to raise prices - 09/02/2024
- - Hermès sales in 2023 will be 13.4 billion euros, up 16% on the previous year and 21% at constant exchange rates.
- - Net income is up 28% to 4.3 billion euros.
- - Hermès has a market value of 231 billion euros.
- - Hermès has increased its prices by 8 to 9% in 2023.
- - 22,000 Hermès employees worldwide.
- - More than 60% of new jobs created in France, where Hermès manufactures three quarters of its products.
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
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