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Published on March 20, 2023
Luxury Fashion Market Size 2023-2028:
The IMARC team’s latest research report, titledLuxury Fashion Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028;In the year Global luxury fashion market size to reach $237.0 billion by 2022 Looking forward, the IMARC team waits for the market to arrive. 294.7 billion USD by 2028, showing a CAGR of 3.60% during 2023-2028.
Luxury fashion is characterized by understated, premium, high quality, distinctive and high value products. It includes premium watches, jewelry, fashion accessories, clothing, designer handbags, perfumes and high-end cosmetics. These items are manufactured with high quality materials and offer superior craftsmanship, high value aesthetics and extended warranty period. Luxury fashion also includes artistic and unique products that are highly sought after in a culture or society and serve as a status symbol. It also demonstrates differentiation and provides an unforgettable and personalized experience through luxury packaging, high-touch service and a rich in-store environment.
Currently, the thriving fashion industry and new beauty trends represent one of the key factors that help major market players expand their overall market share. In addition, consumer preferences towards high-quality and modern goods, advanced technical innovations and craftsmanship are having a positive impact on the market. In addition to this, the increasing popularity of high-end fashion brands as a status symbol and the increasing spending power of the masses are being cited as major growth drivers. Additionally, the increasing influence of social media with the endorsement of celebrities enables marketers to increase their sales. In addition to this, increasing brand loyalty among consumers, increasing online sales, and growing demand for premium customization and customization for superior product quality and design are driving the luxury fashion market.
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Luxury Fashion Market Management and Development:
Key manufacturers in the industry are now using sustainable production methods, such as using ethically sourced, eco-friendly, or recycled materials, due to increasing environmental concerns. These players are also incorporating new technologies into their online portals to make it easy and convenient for their customers to have a virtual shopping experience from the comfort of their homes, which is driving the growth of the market. . In addition, key players are increasing engagement with consumers through social media platforms and creating attractive consumer-oriented promotions and advertisements through magazines. In addition, key players are focusing on launching their multi-brand websites to increase their reach among consumers. In addition to this, key players focus on product design and innovation to provide customers with customized luxury fashion solutions. They are also expanding businesses and building brand loyalty through merger and acquisition (M&A) strategies. In addition, key players are implementing the concept of exclusivity through online stores by featuring online-only products that support market growth. In addition to this, the increasing use of mobile boutiques to sell modern luxury products is fueling the growth of the market.
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The best companies in the luxury fashion market around the world:
1. Burberry Group Plc
Established: 1856
Headquarters: London, United Kingdom
2. Capri Holdings Limited
Established: 1981
Headquarters: New York, United States
3. Chanel SA
Established: 1910
Headquarters: London, United Kingdom
4. Diesel SpA (OTB Group)
Established: 1978
Headquarters: Breganze, Italy
5. Dolce & Gabbana Srl
Established: 1985
Headquarters: Milan, Italy
6. Giorgio Armani SpA
Established: 1975
Headquarters: Milan, Italy
7. Textile Design Industry SA (Inditex)
Established: 1975
Headquarters: Spain
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8. Kering SA
Established: 1963
Headquarters: Paris, France
9. LVMH Must Hennessy Louis Vuitton
Established: 1987
Headquarters: Paris, France
10. Prada SpA
Established: 1913
Headquarters: Milan, Italy
11. PVH Corporation
Established: 1881
Headquarters: New York
12. Ralph Lauren Corporation
Established: 1967
Headquarters: New York, United States
13. Rolex S.A
Established: 1905
Headquarters: Geneva, Switzerland
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IMARC Group is a leading market research company providing management strategy and market research worldwide. We partner with clients across all sectors and regions to identify their highest value opportunities, solve 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-tech organizations. Market forecasting and industry analysis in biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are among the firm’s major areas of expertise.
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