Albany, New York, March 12, 2019 (GLOBE NEWSWIRE) -- The global luxury apparels market depicts a competitive and fragmented landscape. The market is likely to witness robust demand in the near future, thanks to turn of the economic tide and growing disposable incomes, reports Transparency Market Research (TMR). A large presence of small players across the global luxury apparels market is expected to create new opportunities worldwide. Small players in the market are expected to bring in new product branding strategies, as well as new opportunities through research and development. Main players in the global luxury apparels market are Burberry Group Inc., Ralph Lauren Corporation, Prada, Dolce, and Hugo Boss AG.
The competition among major players is intensifying in the global luxury apparels market. Brand positioning and gaining a larger share of the total revenue is becoming more difficult, as new customer-friendly e-commerce channel open up. Major players in the global luxury apparels market are focusing on designing fashionable quality clothing, which is expected to drive growth for the market during 2016-2024.
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According to the latest TMR report, the global luxury apparels market is anticipated to reach US$60.7 Bn by 2024 end. The market is expected to register a robust CAGR of 13.2% during 2016-2024. The market growth primarily rides on the dominance of cotton and increasing consumer preference worldwide for the same material. Cotton material held a leading 35.87% market share in 2015. The material is becoming increasingly preferred in non-traditional market such as Asia Pacific, which is set to register the fastest growth with a CAGR of 14.75% during 2016-2024.
Rising Temperatures to Drive Demand for Cotton
Rising temperatures globally, and increased fashion trends around the world are expected to support the growth of cotton in the global luxury apparels market. Cotton material is excellent for skin sensitivity, due to breathable nature, great absorbency, and high levels of comfort. The material holds the leading market share currently, and growing trends in fashion globally are driving growth of the global luxury apparels market. Additionally, cotton’s close alternatives such as polyester do not offer the same level of comforts or qualities such as breathable nature.
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The global warming is expected to remain a key concern worldwide in the near future. Temperatures in emerging markets such as Asia have been at record heights in many parts. Promotions related to skin sensitivity and comfort of cotton will likely drive growth of the global luxury apparels market during 2016-2024.
Large Investments Present a Challenging Barrier to Entry for New Players
The luxury apparels market is undergoing some major changes in recent past. Brand positioning is becoming increasingly difficult without truly quality set of luxury apparels. Hence, large investments in luxury apparels are opening up new opportunities for growth. However, these large investments are only feasible for established market players, which is hindering growth of the global luxury apparels market. Consumers are increasingly becoming price-conscious due to growing influx of e-commerce and widespread availability of price comparison. Moreover, reduction in retail channels also mean consumers are not able to adjudge quality of many clothes independently. This is expected to pose a challenge to the growth of the global luxury apparels market. However, rising disposable income in Asia Pacific and its large population is expected to open robust opportunities for the market.
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The information presented in the review is based on a TMR report titled, “Luxury Apparels Market (Material - Cotton, Leather, Silk, and Denim; Gender - Men and Women) - Global Industry Analysis, Trend, Size, Share and Forecast 2016 – 2024”.
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The global Luxury Apparels Market is segmented as follows:
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