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The global luxury fashion market size reached US$ 237.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 294.7 Billion by 2028, exhibiting a growth rate (CAGR) of 3.60% during 2023-2028.
Luxury fashion refers to a brand characterized by non-essential, premium, elevated quality, exclusivity, and high-price tag products. It comprises premium watches, jewelry, fashion accessories, clothing, designer handbags, perfumes, high-end cosmetics, etc.
These items are manufactured using high-grade materials and offer superior craftsmanship, high-value aesthetics, and an extended warranty period. Luxury fashion includes artistic and unique products that are highly desirable in a culture or society and serve as a status symbol. They also exhibit uniqueness and provide an unforgettable and personalized experience in terms of luxurious packaging, high-touch service, and an affluent in-store environment.
The evolving fashion industry and the emerging aesthetic trends are primarily augmenting the luxury fashion market. Furthermore, the shifting consumer preferences towards high-quality and stylish items with advanced technical fabrications and craftsmanship are positively influencing the global market. Apart from this, the growing popularity of high-end fashion brands as a status symbol and the increasing expenditure capacities of the masses are acting as significant growth-inducing factors. Moreover, the rising influence of social media and the inflating promotions and celebrity endorsements are also bolstering the market growth.
Besides this, the widespread adoption of sustainable production methods, such as using ethically sourced, eco-friendly, or recycled materials, by key players, on account of the increasing environmental concerns, is further catalyzing the global market. Additionally, the rising incorporation of augmented reality (AR) in the fashion industry to provide customers with a virtual in-shop buying experience from the comfort of their homes, making it easier and more convenient, is also driving the market growth. In addition to this, the increasing brand loyalty among consumer, the inflating online sales, and the elevating demand for premiumization and customization for superior quality and design of products are expected to drive the luxury fashion market in the coming years.
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Market Summary:
Breakup by Product Type:
• Clothing & Apparel
• Jackets & Coats
• Skirts
• Shirts & T-Shirts
• Dresses
• Trousers & Shorts
• Denim
• Underwear & Lingerie
• Others
• Footwear
• Accessories
• Gems & Jewellery
• Belts
• Bags
• Watches
Breakup by Distribution Channel:
• Store-Based
• Non-Store Based
Breakup by End User:
• Men
• Women
• Unisex
Breakup by Region:
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America
On account of the aforementioned factors, the market is anticipated to witness strong growth during 2023-2028.
Competitive Landscape:
• Burberry Group Plc
• Capri Holdings Limited
• Chanel S.A.
• Diesel S.p.A. (OTB Group)
• Dolce & Gabbana S.r.l.
• Giorgio Armani S.p.A.
• Industria de Diseño Textil S.A.
• Kering SA
• LVMH Moët Hennessy Louis Vuitton
• Prada S.p.A.
• PVH Corp.
• Ralph Lauren Corporation
• Rolex SA.
View Report TOC, Figures and Tables: https://www.imarcgroup.com/luxury-fashion-market
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