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Summary of our market study
The global luxury goods market is worth over 1,500 billion euros. The segment dedicated to luxury personal goods is valued at between $300 and $350 billion.
The global haute couture and luxury ready-to-wear markets have experienced strong growth over the past decade.
Paris is the world capital of luxury.
The French haute couture and luxury ready-to-wear market is growing, in line with the sector's global growth.
The haute couture clientele remains a very select group, mainly made up of women, with growing representation from Asia, the Gulf and Russia.
Haute couture is often seen as a symbol of expertise and creativity, and is generally unprofitable, but it carries the image and reputation of luxury houses whose profitability comes from ancillary activities.
Key players in haute couture and luxury ready-to-wear
- Chanel, Dior, Givenchy, Dior, Louis Vuitton, Fendi, Saint-Laurent, Gucci
- The major groups (LVMH and Kering) have considerable influence over market trends.
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Summary and extracts
1 Market summary
1.1 The global market
Haute couture corresponds to the design and the custom-made artisanal production of very luxurious clothing pieces. The designers in the sector are highly skilled and creative, and the workforce employed has a high level of expertise.
The global luxury market is growing and should remain so in the coming years and sales of ready-to-wear items are growing even if these segments are less dynamic than that of luxury goods
In France, the market for haute couture and luxury ready-to-wear are growing even if forecasts project a slowdown in the coming years. The haute couture and luxury ready-to-wear markets are very competitive concentrated luxury concentrates and dominated by large groups and their brand portfolios, which are international in scope and leaders in the global fashion and luxury market
The growth of these segments is driven by the emergence of large fortunes all over the world and the tourism flows to France and Paris The customers of haute couture houses are individuals, who are part of a very limited clientele mostly female. There are an increasing number of Asian, Gulf and Russian ( Pluto Magazine )
Fashion Network states that this activity is generally unprofitable, even loss-making but it allows large companies to present their expertise on the occasion of parades in order to benefit from a international notoriety . The major haute couture brands derive most of their profits from their diversification activities
As indicated by Bathtub the global luxury market as a whole (personal property and luxury experiences) increased by 5% in 2018 to €1200 billion In 2018, the market for luxury personal goods alone reached 260 billion euros . The same source indicates that forecasts up to 2025 are optimistic since, at that time, this market is expected to represent between 320 and 365 billion euros
The graphic the following highlights the increase in the market value of luxury personal goods worldwide between 2010 and 2017. By 2016, this figure had risen to 250 billion euros. It should also be noted that the overall market growth between 2010 and 2016 is 44.5% .
Luxury personal goods are prestigious or exceptional goods whose value is considered expensive for middle-income households, the main characteristic of which is that they are rare (source Repurchase of the credit).
At the level of the global marketplace based on the study "Haute couture et prêt-à-porter de luxe", published by Xerfi, sales of luxury ready-to-wear items increased by more than 3% in 2018 . The study also indicates that the haute couture and ready-to-wear segment is slightly less dynamic than the luxury goods sector as a whole, which should continue to be the case in the coming years. For 2019, it is expected that global growth in sales of luxury ready-to-wear items slowed slightly to 2.5% in value
As explained by Share capital In the luxury and Haute Couture market, growth is driven by volumes sold and not by product prices. This is due to good cost management, collection success, improved productivity and the development of online sales. Indeed, in recent years, prices have not increased significantly.
List of charts presented in this market study
- Breakdown of the luxury personal goods market by product type
- Global market for personal goods and luxury apparel
- Global luxury market value by type of product and service
- Perceived outlook for the luxury apparel market
- Consommation des ménages en habillement
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Latest news
Inauguration of a Hermès site in Riom, land of volcanoes - 17/09/2024
- 1. Number of Hermès leather factories in France: 23.
- 2. Frequency of new leather goods factories opened by Hermès: one per year.
- 3. Length of training for a leatherworker at Hermès: 18 months for basic training, and 5 years to master the craft.
- 4. Standard capacity of Hermès leather goods factories: 300 employees, including 260 craftsmen and 40 supervisory and support staff.
- 5. Year Hermès launched its leather goods division: 1923.
- 6. Change in contribution to Hermès sales: initially 55% from silk and 9% from leather goods; today, these percentages are largely reversed.
Dolce & Gabbana goes public to realize its dreams of greatness - 24/07/2024
- - Estimated value of Dolce & Gabbana: around 6 billion euros.
- - Dolce & Gabbana sales for fiscal 2023-2024: €1.8 billion.
- - Annual sales growth: 17% year-on-year.
- - Share of sales in China before the "bad buzz" of 2018: over 20% of sales.
- - Decline in the activities of certain luxury players in China: up to 30%.
- - Share of Dolce & Gabbana sales in the United States and Canada: close to 30% of its business.
- - Number of Dolce & Gabbana stores in the United States: 72, with 12 new openings planned.
- - Sales target for Dolce & Gabbana's beauty division, reinternalised in 2022: from 1.5 to 3 billion euros within four years.
- - Number of people hired to develop the beauty division: nearly 300.
Chanel seeks new impetus with the departure of its artistic director - 06/06/2024
- - The Chanel group employs over 36,500 people worldwide.
- - Chanel sales 19.7 billion dollars in 2023
- - Chanel sales rose by +15.8%.
- - In the United States, Chanel sales rose by less than 3% to $3.9 billion.
- - In Asia, Chanel sales rose strongly by 17.7% to $8.4 billion.
- - Chanel's distribution network has doubled over the last five years.
Nicolas Bos, a Frenchman at the helm of Swiss luxury giant Richemont - 28/05/2024
- - Record sales of 20.6 billion euros.
- - Sales growth in Asia-Pacific: +4% at actual exchange rates; +10% at constant exchange rates.
- - Jewelry sales growth: +6% at actual exchange rates.
- - Decline in sales in specialized watchmaking: -3% at actual exchange rates.
- - Sales decline in other activities: -2% at actual exchange rates.
Luxury: Chanel on the right track - 22/05/2024
- - Chanel 2023 annual sales: $19.7 billion (approx. €18.2 billion), an increase of 14.6%.
- - Workforce: 36,500 employees.
- - Number of Chanel boutiques worldwide: over 600.
- - Sales in Asia: $8.4 billion, up 17.7%.
- - Sales in Europe: $4.7 billion.
- - Sales in the United States: $3.9 billion, with growth of less than 3%.
- - Number of Chanel stores in mainland China: 18.
Luxury goods: in good shape, Richemont chooses a new CEO - 20/05/2024
- - Richemont sales: 20.6 billion euros, up 3% year-on-year.
- - Richemont net profit: 2.3 billion euros
- - Jewelry sales rose by 6% to 14.2 billion euros, representing 69% of total sales.
- - Watch sales fell by 3% to 3.7 billion euros.
- - Richemont acquired the Milanese brand Vhernier, its first acquisition since Buccellati in 2019.
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