The global luxury apparel market has enjoyed a moderate level of growth over the last five years and this trend is set to continue. However, China – as the largest market of global luxury products – is experiencing some significant changes. Details about the global luxury apparel market overview, world’s top fashion brands and China’s luxury apparel market are some of this week’s featured stories on BizVibe. BizVibe is the world’s smartest B2B marketplace and allows users to discover high quality leads, contact prospects, and source quotes. Register today to connect with over seven million companies around the globe.
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Global luxury apparel market continues steady growth
The global luxury apparel market has had one of the most prominent growths in recent decades among all of the sectors in global textile and apparel industry. The total revenue of the global luxury apparel market totalled USD 75.4 billion in 2016, and is expected to reach an estimated USD 77.8 billion in 2017, marking a 3.3% growth year on year, reported by Technavio.
The women’s luxury apparel segment is currently dominating the global market, representing over half of the market share. However, the men’s luxury apparel segment is catching up quickly and is estimated to be the fastest growing segment in the global luxury apparel market over the next five years.
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Dior leads the top 10 world’s largest apparel companies
French luxury fashion house Christian Dior, is the world’s largest apparel company, according to the latest Forbes’ Global 2000 list. Dior made to the top of list due to its significant USD 41.6 billion sales, USD 1.7 billion profit and USD 68 billion worth assets in 2016. Sportswear giant Nike, and high street fashion retailer Inditex Group follow behind in second and third places on the list.
Other world’s largest apparel companies include South Korea’s Cheil Industries, US’ TJX Cox, and Sweden’s H&M.
China still dominates the global luxury apparel market, despite economic downturn
China has been one of the largest contributors for the growth of the global luxury apparel market. However, the total consumption of luxury apparel in China reduced by 4.6% year on year to RMB72.62 billion in 2014, and the further downturn is expected to continue through 2016-17.
The luxury apparel sales slowdown is mainly affected by China’s anti-corruption policy, economic downturn, and the changing consumer behaviours in recent years. Many luxury apparel brands have already taken actions to change their sale strategies in China, including adjusting the price spread, reducing the number of stores, making a layout for E-commerce etc.
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