09-Jun-2021 | Zion Market Research
Major companies in luxury apparels market are LVMH Moet Hennessy Louis Vuitton SE, Christian Dior, Ralph Lauren Corporation, Prada, Giorgio Armani S.P.A. and Gianni Versace among others. These players are set to bolster the development of global luxury apparels market.
According to analysts at Zion Market Research, the global luxury apparels market accounted for more than USD 72.07 Billion in 2020 and is expected to reach more than USD 101.46 Billion by 2028, growing at a CAGR of 4.4% from 2021 to 2028.
This review is based on a report by Zion Market Research, titled “Luxury Apparels Market by Distribution Channel (Online and Offline), by End User (Men, Women and Children): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028”.
Digitalization and E-commerce Penetration to Spur Growth
“Increased communication on social media platforms through influencers and bloggers, who are influencing the sales of luxury apparels as majority customers rely on credible reviews and word of mouth before investing in such expensive products” says the author of this study. Apart from this, top players such as Louis Vuitton and Christian Dior are actively coming up with engaging digital campaigns and celebrity collaborations to attract the Millennial and Gen Z consumer segment.
Covid-19 imposed lockdowns and other restrictions have propelled online sales as people continue to stay at home. The comfort of shopping from home and delivery of high quality luxury products at the doorstep may also augment this market.
With the presence of a large pool of participants, the global luxury apparels market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). LVMH Moet Hennessy Louis Vuitton SE, Christian Dior, Ralph Lauren Corporation, Prada, Giorgio Armani S.P.A., Gianni Versace, Hermes International are some of the key players of virtual reality across the world. These players across luxury apparels market are focusing on digitalization, as well as on including more online experiences as their consumer offerings.
Presence of Big Players In The Region Support European Dominance
Regionally, Europe has been leading the worldwide luxury apparels market and is anticipated to continue on the dominant position in the years to come, states the luxury apparels market study. The presence of big players in the countries such as Italy, UK and France is one of the key factors behind the dominance of the European luxury apparels market. The high number of key market players being headquartered in Europe is another significant factor that is supporting this regional luxury apparels market.
Browse the full “Luxury Apparels Market by Distribution Channel (Online and Offline), by End User (Men, Women And Children): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.” Report at https://www.zionmarketresearch.com/report/luxury-apparels-market
The global luxury apparels market is segmented as follows:
By Distribution Channel
By End User
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