Luxury Fashion Market Size, Trends, Industry Growth, Report 2023-2028

The latest research study "Luxury Fashion Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" by IMARC Group, finds that the global luxury fashion market size reached US$ 237.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 294.7 Billion by 2028, exhibiting a growth rate (CAGR) of 3.60% during 2023-2028.

Luxury fashion refers to a brand that is usually characterized by premium, non-essential, improved quality, exclusivity, and high-price tag products. It comprises watches, jewelry, fashion accessories, clothing, designer handbags, perfumes, high-end cosmetics, etc. These products are produced by utilizing high-grade materials and offer superior craftsmanship, enhanced aesthetics, an extended warranty period, etc. In line with this, luxury fashion includes unique and artistic items that are highly desirable in a culture or society and serve as a status symbol. They also exhibit uniqueness and provide an unforgettable as well as personalized experience in terms of high-touch service, luxurious packaging, an affluent in-store environment, etc.

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Luxury Fashion Market Trends and Drivers:

The escalating demand for high-quality and stylish products with advanced technical fabrications and craftsmanship is primarily driving the luxury fashion market. Additionally, the inflating popularity of high-end fashion brands as a status symbol and changing aesthetic trends are further catalyzing the market growth. Besides this, the increasing expenditure capacities of individuals, the widespread adoption of social media platforms, and numerous promotions and celebrity endorsements are acting as significant growth-inducing factors. Moreover, the growing utilization of ethically sourced, eco-friendly, and recycled materials, on account of the rising consumer environmental concerns, is positively influencing the global market. Apart from this, the development of sustainable production methods by key market players is also propelling the market growth. Furthermore, the introduction of Augmented Reality (AR) in the fashion industry that provides a virtual in-shop buying experience to customers from the comfort of their homes is expected to fuel the luxury fashion market over the forecasted period.

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Luxury Fashion Market 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Burberry Group Plc
• Capri Holdings Limited
• Chanel S.A.
• Diesel S.p.A. (OTB Group)
• Dolce & Gabbana S.r.l.
• Giorgio Armani S.p.A.
• Industria de Diseño Textil S.A.
• Kering SA
• LVMH Moët Hennessy Louis Vuitton, Prada S.p.A.
• PVH Corp.
• Ralph Lauren Corporation and Rolex SA.

Breakup by Product Type:

• Clothing & Apparel
  • Jackets & Coats
  • Skirts
  • Shirts & T-Shirts
  • Dresses
  • Trousers & Shorts
  • Denim
  • Underwear & Lingerie
  • Others
• Footwear
• Accessories
  • Gems & Jewellery
  • Belts
  • Bags
  • Watches

Breakup by Distribution Channel:

• Store-Based
• Non-Store Based

Breakup by End User:

• Men
• Women
• Unisex

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.