"Assisting You in Establishing Data Driven Brands"
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.
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.
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
By Product Type
By Distribution Channel
“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”- U.S.-based biotechnology company focussing on treatment of chronic pain.
“Kudos to your team. Thank you very much for your support and agility to answer our questions.”- Europe-based provider of solutions to automate data centre operations.
“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”- India-based manufacturer of industrial and specialty intermediates with a strong global presence.
“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”- One of the largest cosmetics company in the world.
“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”- U.S. based startup operating in the cultivated meat market.
“We received the below report on the U.S. market from you. We were very satisfied with the report.”- UGlobal hearing aids manufacturer.
“I just finished my first pass-through of the report. Great work! Thank you!”- U.S. based solar racking solutions provider.
“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”- World’s leading advisory firm.
“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”- Germany based machine construction company.
“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”- Japanese manufacturing company of stationery products.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry