The global luxury apparel market is expected to expand at a CAGR of 13.2 per cent up to 2024. The market is segmented into leather, cotton, denim, silk, and others. Cotton holds a dominant share of 35.87 per cent. Cotton is ideal for hot and humid weather. The fiber has high absorbency, comfort, and is breathable. High cotton production in India and China has made Asia Pacific a frontrunner in the global market.
Leather is the next emerging segment in the global market. This material is being preferred due to its durability and ability to myriad designs that characterize high fashion. The expensive nature of leather also makes it a fit for luxury brands, who work on the premise of premium pricing. Silk is also gaining significant momentum due to its smooth texture, softness, and the elegance it bestows on the overall design. Production of silk in India and China has lent an impetus to the luxury apparel market of the Asia Pacific.
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. Some key players operating in the global luxury apparel market are: Versace, Prada, Dolce and Gabbana, Burberry, Louis Vuitton, Armani, Ermenegildo Zegna, Ralph Lauren and Hugo Boss.