Luxury Clothes Market Size, Share & Industry Analysis, By Product Type (Inner Wears, Top Wears, Bottom Wears, Full Wears), By Category (Casual Wears, Formal Wears and Others), By Materials (Fabric, Leather, Nylon and Others), By End-Users (Women, Men) And Regional Forecast, 2024-2032

Luxury clothes are the high-quality wearable’s that provides a peak level of comfort to the end-user. The factors such as the cost of clothes and quality are very crucial factors for businesses working in the luxury clothes market. Nowadays, wearing luxury clothing by an individual is acting as a status symbol in the society and is a prominent aspect that drives the demand for luxury clothes for the longer term. Provision of the higher durability and comfort level by the luxury clothes helps in brand building of the luxury fashion brands, which in turn is expected to flourish the growth of the market.

Companies are keenly focusing on the design and innovation of the product to provide customized luxury clothing solutions to end-users. For instance, an Italian fashion brand Canali menswear uses innovation to achieve aesthetic perfections by continuously renewing its styles with meticulous attention to the details and the use of premium fabrics. Companies widely use celebrity endorsement strategy as well as merger and acquisition strategies for the purposes of business expansion and brand loyalty building. Nowadays, the use of mobile boutiques for selling fashion clothes and other accessories is ongoing trend in businesses that efficiently generates revenues for fashion brands.

Rising spending of the global population, as well as shifting preferences towards wearing various luxurious fashion products, is expected to drive the revenues from luxury clothing products. Additionally, the growing fashion industry with the changing fashion trends influences people to buy newer kind of products and give rise in the consumption of luxury products. Higher cost products are considered as the most luxurious and high-end products; therefore, higher pricing of luxury fashioned clothing products is the major reason to attract the consumers towards purchasing these products.

Moreover, increasing the e-commerce industry coupled with rising internet penetration enhances the sales of luxury clothing’s through online shopping and drives the market growth. Furthermore, increasing festival and party celebration trends for commercial and residential purposes increase the traction of the market.

However, easy availability of the low-cost wearables with fake promises of the companies in case of quality of the products coupled with lack of awareness related to the authenticity of the fashioned brands is anticipated to hinder the market growth.

Key Market Driver -

Increasing spending of the global population coupled with the shifting preferences of the peoples towards purchasing luxury products is driving the market growth.

Key Market Restraint -

Easy availability of the low-cost wearables along with their fake promises of products is anticipated to restrain the market growth.

Key Players Covered:

The key companies involved in the global luxury clothes market are, LVHM, Prada Spa, Georgia Armani, Burberry, Dolce & Gabbana, Louis Vuitton, Gucci, Dior, Versace, Hermes, Salvatore Ferragamo, DKNY, Saint Laurent, Givenchy, Fendi, Stella McCartney, and many others.

The global luxury clothes market is segmented by product type, category, material, end-users, and geography.

 By product type, the market is segmented into inner wears, top wears, bottom wears, and full wears. The top wears segment is projected to hold a major share of the market because of the availability of the large varieties of the different sized luxury top wears such as shirts, t-shirts, jackets, coats, and others.

Based on category, the market is segmented into casual wears, formal wears, and others such as costume category including jackets, pants, shirts, gown. Casual wears segment is expected to dominate the market owing to the increasing preferences for having casual luxury attires in offices, formal parties, and celebration events.

Based on material, the market is segmented into fabric, leather, nylon, and others such as polyester, spandex, fur, denim. Fabric segment is expected to hold a major share of the market, as clothes made up of silk fabrics provide aesthetic look and high level of comfort to the body. Furthermore, clothes made up of silk fabrics are of higher quality and durability as compared to the clothes in case of other materials.

Based on end-user, the market is segmented into women and men.  Men segment is expected to dominate the market owing to the larger spending on luxury clothing by men as compared to women. According to the survey conducted on luxury spending by the Bureau of the census, in 2016, adult men spend USD 39 million on luxury products while women spend USD 28 million for the same amount of shopping.  

Regional Analysis:

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

Asia Pacific region is expected to hold the major share of the luxury clothes market owing to the large growth of the luxury sales through online retail stores in the countries such as China and India. According to Fung Scholler’s and Fellows, in China, online retail sales have witnessed a growth of 28% in 2018 over the previous year.  Moreover, government spending regarding the development of the textile industry enhances the growth of the market in the region. For instance, in the financial budget of 2020, the government of India has allocated USD 773.6 Million for the development of the textile industry in India.

The European region is expected to hold a considerable share in the market owing to the large presence of the higher income group of population in the region. Additionally, the presence of the renewed fashioned brands such as Prada, Burberry, Gucci and many other brands in the countries such as Italy, U.K. results in the effective supply of luxury fashioned clothes in the region.

North America region is projected to grow at a faster rate in the global luxury clothing market, due to the increasing partying and event celebration trends in the countries such as the US, Canada, and Mexico that give rise to the demand for fashioned luxury costumes. Additionally, increasing the spending power of the population in the United States for luxury clothes gives rise to market growth. According to the US Bureau of Labour Statistics, in the US, consumer expenditure on the apparel and services has increased by 1.8% from 2017 to 2018.  

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Segmentation

Key Industry Developments

• In November 2019, Luxury apparel brand Vince has acquired Rebecca Taylor and Parker a women fashioned majors in order to diversify the portfolio of brands with these highly popular distinct contemporary brands.


• In January 2020, Abloh launched a new 2020 LV men’s wear collection ‘Cloud Nine’ which is effectively crafted and luxurious men wears that matches with the newest fashion trends.