Between 2016 and 2024, the global luxury apparel market is expected to expand at a CAGR of 13.2 per cent. Big brands such as Louis Vuitton, Prada, and Versace are expanding to developing economies, which has not only improved their geographical reach but also won them a newer consumer base.

The global luxury apparel market is segmented into leather, cotton, denim, silk, and others. Cotton dominates the global market. The preference for cotton is due to its convenience in hot and humid weather in regions such as Asia Pacific and the Middle East and Africa. High cotton production in India and China has also made Asia Pacific a frontrunner in the global market.

Leather is preferred due to its durability and ability to adapt to myriad designs that characterize high fashion. The expensive nature of leather also makes it fit for luxury brands. Silk is also gaining significant momentum due to its smooth texture, softness, and the elegance it bestows on the overall design. The remarkable production of silk in India and China has also once again lent an impetus to the luxury apparel market of the Asia Pacific.

Presently Europe has a strong footing in the global market due to the presence of several luxury brands and houses that have been in the business for several decades. However, Asia Pacific is expected to have a strong demand for luxury apparel over the coming years.