Today, several designers and fashion brands are targeting a range of customers by creating luxury apparel at affordable prices — where earlier only the millionaires could afford.
Big brands such as Louis Vuitton, Prada and Versace are expanding to developing economies, which has not only enhanced their geographical reach but also managed to grab a larger consumer base who could earlier only desire to own them in fashion magazines such as Vogue.
The transparency market research report states that the opportunity in the global luxury apparels market will be valued at US$60,793.7 mn by the end of 2024 when compared to US$ 1,8842.69 mn in 2015.
During 2016 and 2024, the global market is expected to expand at a CAGR of 13.2 per cent. The increasing affordability of today’s luxury apparels is due to mass production.
The international luxury apparels market is segmented into leather, cotton, denim, silk and others. The report indicates that cotton dominates the international market holding a share of 35.87 per cent in 2015.
The preference for cotton is because of its convenience in hot and humid weather in regions such as Asia Pacific, the Middle East and Africa. Further the natural fibre has become widely used in the clothing and fashion industry due to its high absorbency, comfort and breathable nature of its fibre. High cotton productions in India and China have also made Asia Pacific a leader in the global market.
Silk is also gaining popularity following its smooth texture, softness, and the elegance it adds to the overall design. The significant production of silk in India and China has also acted as a growth engine for the luxury apparels market in Asia Pacific.
Some of the key players in the international luxury apparels market are Kering, Versace, Prada, Dolce and Gabbana, Burberry Group Inc, LVMH Moet Hennessy Louis Vuitton SE, and Giorgio Armani S.p.A.