These Elite Luxury Brands are Still Effortlessly Dominating the Market
France’s LVMH came out on top.
Though the number of players in the luxury goods market has grown considerably in the last few years thanks to new brands that keep entering the market, these elite luxury brands are still dominating the market flawlessly as per a new report. Scroll down to know which brands are dominating till now.
The Top Luxury Brands
As per a new report by Deloitte, the top 100 companies in the luxury goods market had a revenue of more than USD 281 (About AUD 383) billion in 2019. It had increased by USD 15 (About AUD 20) billion from a year before that. The top 10 best-selling luxury brands had gotten more than half of this amount.
According to the report, LVMH from France that owns luxury brands like Dior, Fendi and Louis Vuitton was leading the chart with USD 37.5 (About AUD 51) billion in revenue. It was followed by Kering, owner of luxury brands like Saint Laurent, Gucci, and many others. Kering earned USD 17.8 (About AUD 24) billion. The next on the list was Estee Lauder as it earned USD 14.9 (About AUD 20) billion.
Almost all the luxury brands in the top 10 belong to Europe while brands in China, Japan and the US are suffering from losses. Italy is the leader when it comes to highest number of luxury goods companies while France is leading when it comes to dollars as it got a sales growth of 15.7 percent from 2018 to 2019. Many of the luxury brands on the list are family-owned. Examples include Richemont, Chanel, etc.
The report also said that multiple luxury goods sector performed really well in FY 2019 as it saw a sales growth of 12.8%. It also contributed more than one-third of the total sales of the top 100 luxury goods. The clothing and footwear sector had the highest number of companies in the top 100, but the average company size was smallest at USD 1.2 (About AUD 1.63) billion only.
Though this report gives some insights into how flourishing the luxury brands and their market was, it measures success before the COVID-19 hit the world. So, it’ would probably be hard to see such growth when the numbers for 2020 are unveiled.
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