Luxury Apparels Market Size, Share & Industry Analysis, By Product Type (Top Wears, Bottom Wears, One Piece, Others), By Gender (Female, Male), By Distribution Channel (Specialty Stores, Online Stores, Hypermarkets & Supermarkets, Others) And Regional Forecast 2023-2030

Luxury apparel is considered to be the most fashionable, and branded clothing product. Price, fabric quality, and durability are some of the factors of the luxury clothing that differentiate them over normal clothing. Companies are constantly focusing on developing clothing items with a special emphasis on improving odour resistance, wrinkle & fade resistance, as well as moisture & sweat soaking capability of the wearables. Introduction of the 4D printing technology in the apparel production process is strongly shaping the future of the apparel industry.

Nowadays, small-scale clothing companies are trying to enter the various luxury apparel segments by developing classic and innovative clothing at the cost of higher R&D investments. Companies increasingly use Big data and consumer digital footprint in providing custom apparel products to an individual targeted customer. Professional comfort wears and athletic wear are some of the forefront industry segments that are thriving the market at a higher pace in the future.

Rising consumer demand for high quality & premium clothing is primarily driving the growth of the market. Also, increasing the number of the middle-class population, as well as their easy accessibility to the fashionable retail outlets, is further propelling the consumption of these products. Besides this, implementation of the discount schemes and coupons on the various selected fashionable accessory wears by the branded online stores as well as physical retail stores is largely propelling the revenues from these items. 

Moreover, factors such as rising developments in the apparel craftsmanship, fashion consciousness of the consumers as well as product quality are skyrocketing the demand for the luxury fashion wearables. Additionally, rising infrastructural facilities related to the clothing retail outlets are further driving the consumption of luxury apparel by the people. For instance, in September 2018, Reliance Industries Ltd. launched a plan to set up Reliance Jio Hubs in the smaller towns in India to cater strong demand for the various consumer items starting from clothing to groceries.

However, the wide availability of low-cost clothing wearables has impacted the revenues from luxury clothing products. Additionally, sudden disruption in the apparel supply chain due to the COVID-19 outbreak has temporarily impacted the growth of the market.

Key Market Driver -

Increasing consumer demand for the premium clothing items to drive the market growth.

Key Market Restraint -

Wide availability of the low cost wearable products to restrain the market growth.

Key Players Covered:

The prominent players involved in the global luxury apparels market are, Chanel International B.V., Ralph Lauren Corporation, Christian Dior SE, Hermes International S.A., VIP Clothing Ltd., S.P. Apparel Ltd., PVH Corp., Pearl Global Industries Ltd., VF Corporation, Hanesbrands Inc., Tapestry Inc., Levi Strauss & Co. and many others.

The global luxury apparel market is segmented based on product type, gender, distribution channel, and geography.

Based on the product type market is segmented into top wears, bottom wears, one-piece, and others. The top wears segment is expected to hold a considerable share of the market owing to the large consumption of the branded top wearables such as shirts, jackets, coats, etc. According to the report ‘environmental assessment of Swedish clothing consumption – six garments, sustainable futures’, published by Swedish Foundation for Strategic Environmental Research, as of 2019, Swedish fashionable T-shirt consumption volume reached to 20,873 tonnes.

Based on gender, the global luxury apparel market is segmented into female and male. The female segment is projected to hold the largest share of the market owing to the large female consumer spending on luxury clothing products.

On the basis of the distribution channels, the market is segmented into specialty stores, online stores, hypermarkets & supermarkets, and others. The specialty stores segment is projected to exhibit a dominant share of the global market owing to the wide availability of the different branded apparel products ranging from low prices to high prices in these stores. Additionally, consumers can touch & feel the fabric of the clothes while making a buying discussion, which in turn results in the consumer preference towards shopping the fashion wearables from these wholesale stores.

Regional Analysis:

By geography, the global luxury apparel market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

North America region is projected to hold a major share of the market owing to the large consumer spending for outdoor recreation products such as sports apparel, footwear, gears, vehicle purchases, etc. in the United States, and Canada. According to the data presented by the Outdoor Industry Association, as of 2019, U.S. consumer spending for outdoor recreation products is estimated to nearly USD 887,000 million. Additionally, growing clothing player’s focus on their productivity & operational efficiency for their apparel businesses is strongly driving the growth of the market in the region.

For instance, in December 2019, VANS, a major fashioned apparel brand of a parent company VF Corporation announced an action plan for implementing the energy savings and operational efficiency measures including reducing energy costs of the HAVC and Energy consuming appliances at the company’s massive distribution centers at the Oklahoma area.

Asia Pacific region is expected to grow at a faster rate owing to the rising retail infrastructural facilities related to the fashion apparel stores and shopping malls in countries such as India, and China which is likely to support the consumption of the luxury wearables in the region. For instance, in February 2018, IKEA announced a plan to invest USD 612 million in Maharashtra, India to set-up the multiformat stores and experience centers.

Additionally, supportive government policies regarding the FDI for the textile and the apparel industry in countries such as India, and Vietnam are further driving the growth of the market. According to the Invest India, National Investment Promotion & Facilitation Agency, as of July 2020, the government of India initiated a 100% FDI policy and has granted USD 1,000 Million for the textile and apparel industry under their ATUFS scheme.

To gain extensive insights into the market, Request for Customization

Segmentation

Key Industry Developments:

• In September 2018, CHANEL International B.V., a luxury apparel major acquired Orlebar Brown, a fashioned men swimwear category player to grow the business in the luxury swimwear segment.


• In September 2019, LEVI STRAUSS & CO., a luxury apparel major acquired The Jeans Co.’s 80 Levi’s and Dockers retail stores to enhance its market position in the South America region.