The global luxury apparel market is expected to expand at a CAGR of 13.2 per cent from 2016 to 2024. 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 and it held a share of 35.87 per cent in 2015. The material has become ubiquitous in the clothing and fashion industry due to high absorbency, comfort, and the breathable nature of the fiber. High cotton production in India and China has also 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 adapt to myriad designs that characterize high fashion. The expensive nature of leather also makes it ideal for luxury brands, who work on the premise of premium pricing of what they feel is the exceptional quality of products.
Silk is also gaining momentum due to its smooth texture, softness and the elegance it bestows on the overall design. The production of silk in India and China has also once again lent an impetus to the luxury apparel market of the Asia Pacific.