The global Luxury Apparels Market Size is expected to attain a market size of $80.8 billion by 2023, growing at a CAGR of 5.6% during the forecast period.
Luxury apparels can be simply defined as garments or attire that compliments a person?s overall appearance. The type of rich fabric used in the manufacturing of the attire gives the luxurious or classy look to an outfit. Luxury apparels have become a necessity in the modern fashionable world. Wide ranges of luxury options are available for casual as well as in fashion wear; one can select the attire as per the occasion. Traditional fabric such as pure cotton and silk are some of the popular types of luxury fabrics. From a business and brand point of view, dresses that are made up of high quality and creative designs could attract more customers. The factors driving the demand of luxury apparels market are growing disposable income of the consumers and rapid urbanization.
Additionally, growth in online selling and buying process of luxury clothes is also contributing to the growth of luxury apparels market. However, high cost of luxurious fabric is restraining the growth of luxury apparels market. Based on the Mode of Sales, the Luxury Apparels market is segmented into Online and Offline. Based on End Users, the market is segmented into Men and Women. Based on Materials, the market is segmented into Cotton, Silk, Leather, and Denim. Based on region, Luxury Apparels market is segmented into North America (US, Canada, Mexico and Rest of North America), Europe (Germany, UK, France, Russia, Spain, Italy and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Singapore, Australia and Rest of Asia Pacific) and Latin America, Middle East & Africa. Europe remained the dominant region in the global Luxury Apparels market in 2016. Asia Pacific would witness promising CAGR during the forecast period (2017-2023).
The report covers the analysis of key stake holders of the Luxury Apparels market. Key companies profiled in the report include Ralph Lauren Corporation, LVMH, Burberry Group Plc, PVH (TOMMY HILFIGER USA INC.), Nike, Inc., Giorgio Armani S.P.A, Hermes International, Inc., Michael Kors Holdings Limited, Kering (Gucci), and Hugo Boss AG.
Related Reports:
North America Luxury Apparels Market
Asia Pacific Luxury Apparels Market
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