Luxury Apparel Market to 2029 | Louis Vuitton Dominates Luxury Brands as Hermès Gained Share in 2024

Core Insights - The global luxury apparel market is projected to experience a contraction of 2.4% in 2024 due to macroeconomic challenges, including inflation in Europe and the US, and a downturn in China affecting consumer spending [2] - From 2024 to 2029, clothing is expected to achieve the strongest category compound annual growth rate (CAGR) of 3.1%, driven by ultra-wealthy shoppers prioritizing trend-driven purchases, with womenswear anticipated to outperform [2] - The Asia-Pacific region is set to achieve the highest regional CAGR of 4.0% from 2024 to 2029, supported by the recovery of China and strong economic growth in emerging markets [3] Market Performance - Louis Vuitton remains the largest luxury apparel brand, slightly increasing its market share to 9.8% in 2024 [3] - Hermes was the biggest winner in 2024, with its market share rising by 0.7 percentage points to 6.0%, attributed to its exclusivity and superior quality [3] - The luxury market is expected to slightly outperform the total apparel market starting in 2028 as macroeconomic conditions improve [5] Category Insights - Footwear is projected to underperform until 2029, as consumers favor trainers from premium and mass-market brands [5] - The report provides insights into the drivers and inhibitors within the global luxury apparel market, highlighting the demand across various categories and brands [5] Competitive Landscape - The report includes profiles of key luxury apparel brands and their competitive positions, focusing on strategies brands are employing to stand out in the market [6][8] - Notable brands mentioned include Louis Vuitton, Hermes, Chanel, Gucci, and Burberry, among others [8]