Summary
The Global Luxury Leather Goods Market, encompassing high-end footwear, bags, and other fashion items, reported a market value of USD 62.30 billion in 2020 and was projected to reach USD 65.48 billion by the end of 2021, with a compound annual growth rate (CAGR) of 5.3%.
Italy's Luxury Leather Goods Market
Italy's luxury leather goods market is a significant part of the country's illustrious "Made in Italy" tradition, serving as a vital contributor to its fashion industry. The country boasts a robust infrastructure, with over 20,559 firms engaged in the luxury leather sector. With regions like Tuscany at the forefront, particularly the town of Santa Croce sull'Arno, Italy stands out for its exceptional craftsmanship and design. Italian luxury leather goods are predominantly produced by micro, small, and medium-sized enterprises, which specialize in various phases of production from research and development to industrialization. The Italian market, being strategic to major luxury brands, has seen companies such as Tod's, Fendi, Miu Miu, The Bridge, Gucci, Furla, and Bottega Veneta establish themselves as powerful players. E-commerce continues to reshape the retail landscape even in the luxury segment, with second-hand platforms gaining prominence. Lastly, the luxury leather goods sector has not been immune to global trends towards sustainability. With an increasing emphasis on low carbon emissions in production and the manufacturing of items that offer both aesthetic and functional value, Italian producers are adapting to meet these modern consumer preferences. In summary, Italy's luxury leather goods market is characterized by renowned craftsmanship, a rich network of specialized firms, and a commitment to innovation and sustainability.
Dominant Forces in the Luxury Leather Goods Marketplace
The landscape of the luxury leather goods market is both prestigious and competitive, with several key players having carved out a space that speaks to heritage, craftsmanship, and fashion-forward thinking. These companies not only dominate in terms of sales and global recognition, but they also influence fashion trends and set standards for quality and luxury.
Kering is a powerhouse in the luxury world with a portfolio that includes numerous high-end brands. Kering’s reach extends beyond leather goods to encompass a full range of luxury apparel and accessories, making it a behemoth in the fashion industry.
Hermès International stands as a paragon of luxury, especially renowned for their leather handbags and accessories. With a history dating back to the 19th century, Hermès is symbolic of meticulous craftsmanship and timeless elegance, often epitomized by their iconic Birkin and Kelly bags.
LVMH ITALIA S.P.A. is part of LVMH Moët Hennessy Louis Vuitton, the world’s largest luxury conglomerate. This Italian branch represents the group's robust presence in Italy, a key market and production hub for luxury leather goods. Among the Italian luxury brands, we encounter
Gucci, whose blend of modernity, tradition, and sartorial excellence has kept it at the forefront of the fashion world. Its leather goods, especially handbags, belts, and shoes, are coveted worldwide.
Prada is synonymous with cutting-edge style and innovation. Its approach to leather goods typifies a blend of sleek design principles with avant-garde aesthetics, keeping Prada as a favorite among fashion enthusiasts.
Valentino exudes an air of romantic elegance. The brand’s luxurious leather goods, particularly their Rockstud line, have gained a cult following for their edgy yet chic design.
Bottega Veneta is renowned for its intrecciato weaving technique, giving its leather goods a distinct and recognizable texture. The brand favors a quiet luxury that prefers to speak through quality and discreet craftsmanship rather than overt branding.
Fendi is another Italian brand that has made a significant impact with its leather goods. Particularly known for its ‘Baguette’ handbag, Fendi continues to infuse its creations with Italian craftsmanship and innovation.
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- Last update : 22/10/2021
Summary and extracts
1 Market overview
1.1 Definition and scope of study
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.
List of charts
- Market share of leading luxury leather brands
- Valeur du marché mondial des produits de luxe en cuir
- Les marchés les plus rentables sur le marché de la maroquinerie de luxe
- Main Exporters of Leather Items
- Average Prices per KG for Leather Goods
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