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About this report
According to Mintel’s definition, based on the leading luxury goods companies, the global luxury goods market was worth an estimated €70.0 billion (US$87.5 billion) in 2005, up 9.2% on 2004. This increase comes despite a further strengthening of the Euro against the dollar during 2005.

The main focus of development in terms of distribution is retail, with many of the leading luxury companies looking to dramatically expand their own store networks, whilst cutting back on franchise and (market) licensing deals. The main attractions of retail for the leading luxury companies are higher margins and greater control of how, when and where their products are sold. Companies appear to be overcoming previous concerns with regard to brand control and counterfeiting as they plunge headlong into the Chinese marketplace. The opportunity that China represents is too great for the leading luxury players to ignore, with a rapidly growing economy that is increasing consumer wealth and creating literally millions of new millionaires.

While Mintel anticipates that the strong growth experienced in the first quarter of 2006 will slow slightly during the rest of the year, a strong growth of 11% is forecasted for 2006. Mintel expects growth to slow in 2007, but looking at the longer-term trend, the market will grow by approximately a third in the period to 2010.

Contents

Executive Summary
Global luxury goods market worth €70 billion in 2005
Retail value closer to €100 billion
Tightening control of distribution
LVMH is the leading luxury goods company
Europe is the largest luxury goods market
Growth in US and Asia-Pacific continues to drive market
Explosive growth in China
Fashion and leather category the largest
Investors increasingly attracted to luxury market
Strong growth forecast for luxury market
The Global Luxury Goods Market
Report scope
Terms and definitions
Luxury goods – A definition
Exchange rates
Figure 1: US Dollar to Euro exchange rates, 2001-05
Regions
Product categories
Technical notes
Financial definitions
Other abbreviations
Global luxury goods market size
Figure 2: Estimated global luxury goods market size and major players’ turnover, 2004-05
Figure 3: Global luxury goods market: Percentage of leading operators by domicile, 2005
Regional breakdown
Figure 4: Global luxury goods market: Estimated value breakdown by region, 2005
Figure 5: Global luxury goods market: Percentage breakdown, by region, 2005
Europe
North America
Japan
China
Other markets
Product breakdown
Figure 6: Global luxury goods market: Estimated product breakdown, 2005
Figure 7: Global luxury goods market: Estimated breakdown by major product category, 2005
Perfumes and cosmetics
Targeting younger consumers
Male market – a growth area
Anti-ageing products
Fashion and leather goods
Handbags driving the market
Move to more muted tones
Size matters
Man-bags
No-logo
Watches and jewellery
Watch trends
Jewellery trends
The 'Other Products' category
Counterfeiting
Counterfeit product market size
Counterfeit luxury goods
Counterfeit luxury goods buyers
Brand control – battling against the counterfeiters
Internet aiding the counterfeiting business?
LVMH targets the merchants
Fast fashion – imitation is the sincerest form of flattery?
Corporate activity
Major merger & acquisitions 2004, 2005 and first half of 2006
Outlook and forecasts
Outlook
Will 2006 see a slowdown?
Trends and market drivers
Selected current trading data
Macro-economic data
Other data
Forecasts
Figure 8: Global luxury goods market: Forecast, 2006-07 and 2010
The Luxury Goods Market – Demand Drivers and The Economic Cycle
Introduction
GDP growth
Slower growth in larger luxury goods markets
Slowdown forecast for 2006 and 2007
Figure 9: Selected regional and national real GDP growth rates and forecasts, 2003-07
Figure 10: Key luxury goods markets’ real GDP growth, 2004 and 2005
Stockmarket fluctuations impact market growth
Exchange rate movements also influence market
Figure 11: Relative performance of Yen against US$ and Euro, 2001-05
The Yuan and the US Dollar
Japanese consumers' global influence waning?
Recovery in Japan continues in 2005
Figure 12: Japanese tourist departures, 1990-2007 (f)
Chinese consumers becoming more important to luxury goods market?
High Net Worth Individuals (HNWIs)
HNWIs background
More rich than ever before…
…and they are getting richer
Figure 13: World: High Net Worth Individuals, 2001-05
Increase in Asia-Pacific and North American wealth driving market
Figure 14: Number of High Net Worth Individuals by region, 2001-05
North America recovery continues in 2004
Figure 15: Net worth of HNWIs, 2001-05
8.7 million millionaires
Wealth forecast to 2010
Figure 16: Wealth forecast – HNWI average annual growth in financial wealth by region, 2005-10 (f)
Channels of Distribution
Introduction
Control distribution and you control the brand
Channel structure
Brand boutiques
Background
Directly-operated vs franchised?
DOS gaining ground
Status quo
Figure 17: Luxury brands: Company-owned stores
Jewellery
Watches
Emerging markets
Market development/trends
Stores communicate brand
Location
Demand for thrills
Interaction with products
The e-impact
Figure 18: Luxury brands: Websites, 2006
Too accessible?
No touching
Boring functionality
Taking control
Outlook
DOS trend continues
Branded stores head East
And revamp where established
But at what cost?
No avoiding the web
Licensing
What is a licence?
The evolution of licensing
Figure 19: The evolution of licensing
Return to control – different approaches
1) Pierre Cardin – over-extending the brand
Figure 20: Pierre Cardin – over-extending the brand
2) Gucci – taking back control
Figure 21: Gucci – taking back control
3) Burberry – striking a balance
Figure 22: Burberry – striking a balance
4) LVMH – keeping it in-house
Figure 23: LVMH – keeping it in-house
Parallel imports
Tesco vs. Levi’s case
Louis Vuitton rations shoppers
The pros and cons of licensing
Figure 24: Pros and cons of licensing
Licensing versus integrated distribution
Specialist manufacturing and distribution
Perfumes and cosmetics
Eyewear
Figure 25: Eyewear licensed brands, 2006
The future of licensing
Concessions
Background
Definition
A mutually beneficial arrangement
Department to destination store
How to stand out?
Market developments/factors
Identity crisis?
Showcasing luxury
Threat from developing brands
Brand control
Safe entry vehicle
Outlook
The march of the brand boutique continues...
…but concessions remain complementary
Potential still remains
Boost from accessories?
The tax-free/duty-free market
The global luxury goods tax-free retail market size
Regional breakdown
Figure 26: Global duty-free sales of luxury goods, breakdown by region, 2004
Product categories
Figure 27: Global duty-free sales of luxury goods, breakdown by major product category, 2004
Growing market
Airport retailing increasing its dominance
Duty-free shopping
History of duty-free
Tax-free retailing
Leading tax-free luxury goods retailers
Outlook
Luxury Goods Product Markets
Introduction
Background
Product market sizes
Figure 28: Global luxury goods market: Estimated product breakdown, 2005
Leather goods and accessories
Background
'It' Bags
Entry-level products
Move towards even greater exclusivity
Brand licensing
Market size and trends
Figure 29: Global leather goods and accessories market: Estimated market shares, 2005 (e)
Leading players
LVMH
Coach
Gucci Group
Prada
Hermès
Richemont
Product trends
Handbags continue to drive category
Re-invention and updated classics
Shape and colour trends
Big bags
Man-bags
No logo?
Counterfeiting
Outlook
Accessible accessories?
Über Luxury segment growing
Customisation
Ready-to-wear and footwear
Background
History
Definitions
Are brands the real fashion victims?
Market size and trends
Figure 30: Global ready-to-wear and footwear market: Estimated market shares, 2005
Leading players
Figure 31: Global ready-to-wear and footwear market, brand stables and retail presence, 2005
Polo Ralph Lauren
Figure 32: Polo Ralph Lauren: Turnover, by channel and region, 2006
Tommy Hilfiger
Figure 33: Tommy Hilfiger: Turnover, by channel, 2004/05 and to end-2005
Figure 34: Tommy Hilfiger: Brands, 2006
Max Mara
Figure 35: Max Mara: Brands, 2006
Armani
Figure 36: Armani: Wholesale turnover, by region and label, 2004
Figure 37: Armani: Brands, 2006
Figure 38: Armani Group: Direct retail network, as at end-December 2005
Chanel
Ermenegildo Zegna
Figure 39: Ermenegildo Zegna: Brands, 2006
Escada
Figure 40: Escada brand sales, by region and segment, 2004/05
Product trends
Industry developments
Luxury for the masses
What is luxury?
The industry strikes back?
Faster
Better
(In)Accessible
Customised
The creative carousel
Outlook
‘Fast fashion’
Brand ‘stretching’
Perfumes and cosmetics
Background
History
Market size and trends
Market structure
Control over the distribution chain
Market size
Market shares
Figure 41: Global luxury goods market: Perfume & cosmetics sector, estimated market shares, 2005
Leading players
Figure 42: Leading luxury goods perfume and cosmetics brands, 2006
Estée Lauder
Shiseido
L’Oréal (Luxury Products Division)
YSL Beauté
Product trends
Celebrity fragrances
Targeting younger consumers
Male market – a growth area
Anti-ageing products
Outlook
Product innovation
Opportunities in emerging markets
Expanding niche customer markets
Luxury watches and jewellery market
Background
History
Two closely-related markets
Market size and trends
Figure 43: Leading luxury jewellery and watch brands, 2003 and 2005
Watches
Leading players
Figure 44: Luxury watchmakers acquisitions
Rolex
Swatch Group
Other brands
Figure 45: Other luxury watch brands
Regional trends
Figure 46: Distribution of Swiss watches, by region, 2004-05
Figure 47: Global distribution of Swiss watches, by major regions, 2005
Figure 48: LVMH watches and jewellery division, sales by region, 2005
Product trends
Jewellery
Leading players
Figure 49: Re-invention and reinvigoration of high-end jewellers
Product trends
Outlook
China’s growing affluence targeted
Product innovation
Differentiation
Major Company Profiles
Burberry
Background
Repositioning
Financial data
Five-year summary
Figure 50: Burberry Group: Financial data, 2001/02-2005/06
Figure 51: Burberry Group: Turnover by regional market, 2001/02-2005/06
Full year 2005/06
Outlets
Retail expansion
Figure 52: Burberry Group: Outlet data, 2002-06
Presence by country
Figure 53: Burberry Group: Outlets by region, 2002 and 2006
Impact of company owned stores
Japan
Channels of distribution
Figure 54: Burberry Group: Turnover by channel, 2001/02-2005/06
Products
Figure 55: Burberry Group: Turnover by product category, 2005/06
Clothing
Figure 56: Burberry Group: Fashion brands
Clothing icons
Accessories
The ‘It’ bag category
Logo
Footwear
Home
Fragrances
Advertising
Online presence
Figure 57: Burberry Group: Websites, April 2006
Outlook
Gucci Group
Background
Turnaround
PPR ownership
Figure 58: Gucci Group: Brands
Group financial data
Figure 59: Gucci Group: Financial data, 2001/02-2005
Figure 60: Gucci Group: Turnover by brand, 2001/02-2005
Figure 61: Gucci Group: Turnover by region, 2003-05
Group outlets
Figure 62: Gucci Group: Outlet data by brand, 2001-05
Figure 63: Gucci Group: Outlet data by country, 2001-05
Products
Figure 64: Gucci Group: Group turnover by product category, 2002/03 and 2005
Major brand divisions
Gucci
Figure 65: Gucci division: Sales by geographic location, 2005
Figure 66: Gucci division: Sales by product category, 2003-05
Yves Saint Laurent
Figure 67: Yves Saint Laurent: Turnover by product group, 2005
YSL Beauté
Bottega Veneta
Figure 68: Bottega Veneta: Geographical breakdown of sales, 2005
Other operations
Emerging brands
Online and mail order
Figure 69: Gucci Group: Group websites, 2006
Outlook
LVMH Holding
Background
Louis Vuitton + Möet Hennessy = LVMH
Arnault teams up with Guinness to take control
LVMH grows through acquisition
Group structure
Figure 70: Christian Dior/LVMH ownership structure, 2005
Christian Dior Couture
Financial and outlet data
Figure 71: Christian Dior Couture: Financial data, 2001-05
Figure 72: Christian Dior Couture: Revenue by business sector, 2001-05
Figure 73: Christian Dior Couture: Retail revenue by geographical location, 2001-05
Products/design strategy
LVMH brand portfolio
Figure 74: LVMH: Owned brands, by division, as at 31 December 2005
Group financial data
Figure 75: LVMH: Group financial data, 2001-05
Figure 76: LVMH: Group sales, by region, 2005
Figure 77: LVMH: Group outlet data, by division and region, 2001-05
Review by division
Fashion and leather goods
Figure 78: LVMH: Fashion & leather goods division, financial and outlet data, 2001-05
Figure 79: LVMH: Fashion & leather goods division’s sales breakdown, by region, 2001 and 2005
Louis Vuitton
Figure 80: LVMH: Louis Vuitton, Sales growth and outlet data, 2001-05
Fendi
Figure 81: LVMH: Fendi outlets, 2001-05
Berluti
Kenzo
Givenchy
Marc Jacobs
StefanoBi
Emilio Pucci
Thomas Pink
Donna Karan
eLuxury.com
Perfumes and cosmetics
Figure 82: LVMH: Perfumes and cosmetics division, financial and outlet data, 2001-05
Figure 83: LVMH: Perfumes and cosmetics division sales, by region, 2001 and 2005
Parfums Christian Dior
Guerlain SA
Parfums Givenchy
Kenzo Parfums
Laflachère
BeneFit Cosmetics
Fresh
Make Up For Ever
Acqua di Parma
Perfumes Loewe
Watches and jewellery
Figure 84: LVMH: Watches and jewellery division, financial and outlet data, 2001-05
Figure 85: LVMH: Watches and jewellery division sales, by region, 2001 and 2005
TAG Heuer
Zenith International
Benedom – Dior Watches
Fred Joaillier
OMAS
Chaumet International
De Beers LV
E-commerce
Outlook
Richemont
Background
Financial data
Richemont raises its performance
Figure 86: Richemont Group: Financial performance, 2001/02-2005/06
Europe remains the group’s key market
Figure 87: Richemont: Sales by region, 2005/06
Outlets
Figure 88: Richemont Group: Number of outlets, 2001-05
Products
Figure 89: Richemont: Sales by product category, 2005/06
Review by business segment
Figure 90: Richemont: Turnover by business segment, 2005/06
Jewellery
Figure 91: Jewellery division: Financial performance, 2001/02-2005/06
Cartier
Van Cleef & Arpels
Specialist watchmakers
Figure 92: Specialist watchmakers division: Financial performance, 2001/02-2005/06
Jaeger-LeCoultre
Piaget
Baume & Mercier
IWC
Vacheron Constantin
A. Lange & Söhne
Officine Panerai
Writing instrument manufacturers
Figure 93: Writing instrument manufacturers: Financial performance, 2001/02-2005/06
Montblanc
Montegrappa
Leather and accessories
Figure 94: Leather and accessories: Financial performance, 2001/02-2005/06
Alfred Dunhill
Lancel
Other businesses
Figure 95: Other businesses: Financial performance, 2002/03-2005/06
Chloé
Shanghai Tang
James Purdey & Sons
Outlook
Hermès
Background
Financial data
Robust performance in 2005
Figure 96: Hermès: Financial data, 2001-05
Figure 97: Hermès: Sales by major product category, 2002-05
2006 Q1 sales growth in the double-digits
Figure 98: Hermès: Sales by region, 1st Quarter 2006
Outlets
Figure 99: Hermès: Stores by region, April 2006
Products
Figure 100: Hermès: Product breakdown, Q1 2006
Outlook
Prada
Background
Group financial data
Figure 101: Prada Holding NV: Financial data, 2002/03-2005/06
Outlets
Products
Outlook
Business restructuring
Church’s stake to be bought back?
Prada’s flotation plans
Tiffany & Co
Background
Financial data
Figure 102: Tiffany & Co: Financial data, 2001/02-2005/06
Figure 103: Tiffany & Co: Retail turnover by region, 2001/02-2005/06
Outlets
Figure 104: Tiffany & Co: Outlet data, 2002-06
Products
Outlook