Switzerland based Richemont, which recorded luxury goods sales of $12.232 billion, has received the second position consecutively for the second year.
French luxury goods holding company Kering SA with 8.737 billion in sales during FY2015 has grabbed the fifth position, while Ralph Lauren Corporation with 7.405 billion in sales ranks eighth on the list. PVH Corporation has also made it to the list, claiming the tenth position.
The fourth annual Global Powers of Luxury Goods report examines and lists the 100 largest luxury goods companies globally, based on the consolidated sales of luxury goods in FY2015. It also discusses the key trends shaping the luxury market and provides a global economic outlook.
The world’s 100 largest luxury goods companies generated sales of $212 billion in FY2015, 4.5 per cent down year-on-year, and the average luxury goods annual sales for a Top 100 company is now $2.1 billion.
Consumers in emerging markets continue to drive luxury market growth. In China, Russia and the UAE, markets that have been categorized as emerging luxury markets, the percentage of consumers claiming to have increased their spending in the last 5 years was 70 per cent, compared to 53 per cent in the more mature markets (EU, US and Japan).
Consumers are clear that they see the future of luxury as digital. Over 37 per cent surveyed feel that luxury products and technology will become more closely linked. Digital channels are creating a need for large-scale, high-quality personalised content, says the report.
Luxury goods sales growth is accelerated by currency volatility—sales for the world's 100 largest luxury goods companies grew by more than 3 percentage points in FY2015. Most currencies weakened significantly against the US dollar, which benefited many multinational companies based in other regions who experienced favorable currency effects, driving up reported sales.
Italy is once again the leading luxury goods country in terms of number of companies, while France has the highest share of sales. The report also notes that companies in the multiple luxury goods sector nearly double sales growth – compared to the previous year and leads profitability, while bags and accessories continues to be the fastest growth sector. (KD)
Fibre2Fashion News Desk – India
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