The luxury leather goods market - Italy

The Luxury Leather Goods Market refers to the industry of preparing fine leather and producing items with the same leather, whether they are bags, gloves, belts or other fashion items. If it is easy to mention houses that firmly belong to the world of luxury, it is much less easy to draw a clear line between leather goods as a whole and the so-called luxury leather goods. Footwear represents an important part of the market; in 2018, it represented the highest share: 34.8 percent of the market. Luxury footwear is more of a fashion statement, and buyers of luxury footwear spend more and buy more frequently than buyers of other leather items, propelling the category forward. The Global Luxury Leather Goods Market closed 2020 with a market value of USD 62,30 billion, and is expected to generate USD 65,48 billion at the end of 2021, with a CAGR of 5,3% In Italy, the Luxury Lather Goods Market is the heart of Made in Italy. From product research and development through prototype development to final product realization and industrialization, all worldwide luxury companies rely on this expertise to bring their famous collections to life. The Italian system counts 20.559 firms in the Luxury leather goods sector. The most famous region for tanneries is Tuscany, with 567 companies (mainly in Santa Croce sull'Arno), out of a total of 1330 throughout Italy. Italian lather producers are mainly micro, small and medium-sized enterprises that work in the sector.  Leather products have proven to be one of the fastest-growing areas within the personal luxury goods market, with growth rates expected to exceed the market average through 2025. Italy is a strategic market for the big companies selling luxury leather goods, the most powerful are Tod's, Fendi, Miu Miu, The Bridge, Gucci, Furla and Bottega Veneta. The latest trends of the sector comprehend low carbon emission leather production and the manufacturing of several luxury leather accessories that have only a functional and aesthetic value.