The global luxury apparels market is fuelled by the rising number of fashion brands and numerous designers reaching a broader range of customers in the form of economical products. The global luxury apparels market stood at US$1, 8842.69 mn in 2015 and is predicted to touch US$60,793.7 mn by 2024 end. This market is expected to rise at a whopping 13.20% CAGR between 2016 and 2024.
High Absorbency Exhibited by Cotton Material to Mushroom its Demand Globally
In terms of material, the global luxury apparels market is categorized into cotton, silk, denim, leather, and others. Of these, in 2015, the segment of cotton leads the market and held a share of 35.87%. The demand for cotton is on the rise due to the convenience provided by cotton apparels in humid and hot weather in regions such as the Middle East and Africa and Asia Pacific. This material has gained a lot of prominence in the fashion and clothing industry owing to the breathable nature, high absorbency, and comfort provided by this fiber.
On the other hand, the segment of leather is an upcoming segment in the market for luxury apparels. There is a growing demand for this material due to its characteristic of adapting to a number of designs, exhibiting high fashion and also because of its durable nature. Leather’s expensive nature has also made it suitable for employment in luxury brands. The segment of silk will also gain prominence in the coming years owing to its elegance, softness, and smooth texture.
Proliferation of Numerous Luxury Brands to Fuel European Luxury Apparels Market
In terms of geography, Europe emerged as the market leader in the market owing to the increasing proliferation of numerous luxury houses and brands running businesses from so many decades in this region. On the other hand, the region of Asia Pacific is predicted to experience a high growth in the luxury apparels market in forthcoming years. This is due to the enhancement in the living standards of people, the growing disposable incomes, and the dominance of numerous international brands within the developing nations in Asia Pacific.
The top players in the global luxury apparels market are Kering, Prada, Versace, Dolce and Gabbana, LVMH Moet Hennessy Louis Vuitton SE, Burberry Group Inc, and Giorgio Armani S.p.A, among others.