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Global Luxury Retailing

Published by: Verdict Research Ltd

Published: Jun. 30, 2009 - 188 Pages


Table of Contents


CHAPTER 1 EXECUTIVE SUMMARY
Key findings
Main conclusions
CHAPTER 2 MARKET ANALYSIS
Luxury market definition
Regional summary
Europe
Economic overview - synchronised downturn
Luxury
Americas
Economic overview - negotiating the liquidity trap
Luxury
Asia Pacific
Economic overview - the myth of decoupling
Luxury
Japan
Economic overview - the threat of a second lost decade
Luxury
Middle East & others
Economic overview - dependence on the oil price
Luxury
Product trends
CHAPTER 3 KEY ISSUES & OUTLOOK
Key issues
As the economic slowdown shows luxury is not immune...
... consumers renew their focus on quality
Sales driver opportunity I: Sub brands and product extension
Sales driver opportunity II: Licensing into new areas
Sales driver opportunity III: Diversification into travel and wellness
Sales driver opportunity IV: Branching into homewares
Sales driver opportunity V: The changing perception of the Internet, from threat to saviour
Sales driver opportunity VI: EU shopping centres as new distribution channels, go fishing where the fish are
Advertising - cutting budgets or finding new marketing opportunities?
Cost cutting has become the major issue facing the industry, the vital question is where?
Outlook
Two key drivers reverse - as the numbers of millionaires and travel are down
Currency fluctuations create front and back end havoc
Attitude change: bling is out
Influence of department stores - a struggling sector, no quick turnaround in sight
Counterfeiting persists and could get worse in the crisis
Emerging markets - decoupling was a myth...
... however there remains a long term opportunity, though it will be different from what was previously assumed
Forecast - heading for one of the worst years on record
CHAPTER 4 COMPANY COMPARISONS
Key Operating Statistics
Market shares
CHAPTER 5 BULGARI
Company overview
Recent key developments
Trading record
Store portfolio
Outlook
CHAPTER 6 BURBERRY
Company overview
Recent key developments
Trading record
Year to end March 2008
Year to end March 2009
Store portfolio
Outlook
CHAPTER 7 CHRISTIAN DIOR
Company overview
Recent key developments
Trading record
Store portfolio
Outlook
CHAPTER 8 GIORGIO ARMANI GROUP
Company overview
Recent key developments
Trading record
Store portfolio
Outlook
CHAPTER 9 GUCCI GROUP
Company overview
Recent key developments
Trading record
PPR
Gucci Group
Recent key developments - Gucci Group
Trading record
Store portfolio
Outlook
CHAPTER 10 HERMÈS
Company overview
Recent key developments
Trading record
Store portfolio
Outlook
CHAPTER 11 LVMH
Company overview
Recent key developments
Trading record
Current trading
Store portfolio
Outlook
CHAPTER 12 POLO RALPH LAUREN
Company overview
Recent key developments
Trading record
Current trading
Store portfolio
Outlook
CHAPTER 13 RICHEMONT
Company overview
Recent key developments
Trading record
Jewelry maisons
Specialist watchmakers
Leather & accessories maisons
Store portfolio
Outlook
CHAPTER 14 VALENTINO FASHION GROUP
Company overview
Recent key developments
Store portfolio
Outlook
CHAPTER 15 OTHER PLAYERS
Chanel
Coach
Dolce & Gabbana
Folli Follie
Jimmy Choo
Mulberry
Prada
Salvatore Ferregamo
Tiffany & Co
Versace
CHAPTER 16 GLOSSARY
Luxury market definition
Financial statistics - VAT
Abbreviations
List of Tables
Table 1: Global consumer spend on luxury branded product 2003-2008
Table 2: Global luxury expenditure by region 2003-2008
Table 3: Y-o-Y change % in global luxury spend by region 2004-2008
Table 4: Euro area economic indicators 2007-2010f
Table 5: US economic indicators 2007-2010f
Table 6: Canada economic indicators 2007-2010f
Table 7: China economic indicators 2007-2010f
Table 8: Newly industrialized Asian economies economic indicators 2007-2010f
Table 9: India economic indicators 2007-2010f
Table 10: Japan economic indicators 2007-2010f
Table 11: Middle East economic indicators 2007-2010f
Table 12: Global luxury expenditure by product sector (€bn) 2003-2008
Table 13: Global luxury expenditure by product sector ($bn) 2003-2008
Table 16: Global luxury market regional forecast for 2009
Table 17: Luxury brands key operating statistics in € years ending 08/09
Table 18: Market shares of 10 key luxury retailers 2003-2008
Table 19: Bulgari company overview 2009
Table 20: Bulgari trading record ($) 2003-2008
Table 21: Bulgari trading record (€) 2003-2008
Table 22: Bulgari retail stores 2003-2008
Table 23: Burberry company overview 2009
Table 24: Burberry trading record in US$ 2003/04-2008/09
Table 25: Burberry trading record in local currency (£) 2003/04-2008/09
Table 26: Burberry directly operated retail stores & concessions 2004-2009
Table 27: Christian Dior company overview 2009
Table 28: Christian Dior Group consolidated trading record in US $ 2003-2008
Table 29: Christian Dior Group consolidated trading record in € 2003-2008
Table 30: Christian Dior Group retail stores 2002-2007
Table 31: Giorgio Armani company overview 2009
Table 32: Giorgio Armani trading record in US$ 2003-2008
Table 33: Giorgio Armani trading record in € 2003-2008
Table 34: Giorgio Armani brands retail store numbers 2006 & 2008
Table 35: PPR company overview 2009
Table 36: PPR trading record ($) 2003-2008
Table 37: PPR trading record (€) 2003-2008
Table 38: Gucci Group company overview 2009
Table 39: Gucci Group trading record ($) 2003-2008
Table 40: Gucci Group trading record (€) 2003-2008
Table 41: Gucci Group number of company owned stores 2003-2008
Table 42: Hermès company overview 2009
Table 43: Hermès trading record in US$ 2003-2008
Table 44: Hermès trading record in € 2003-2008
Table 45: Hermès number of retail outlets 2003-2008
Table 46: LVMH Group company overview 2009
Table 47: LVMH Group trading record in US$ 2003-2008
Table 48: LVMH Group trading record in € 2003-2008
Table 49: LVMH luxury* trading record in US$ 2003-2008
Table 50: LVMH luxury* trading record in € 2003-2008
Table 51: LMVH luxury division trading record 2003-2008
Table 52: LVMH retail stores 2003-2008
Table 53: LVMH Group retail stores by region 2003-2008
Table 54: Polo Ralph Lauren company overview 2009
Table 55: Polo Ralph Lauren trading record in US$ 2002/03-2007/08
Table 56: Polo Ralph Lauren regional net revenues in US$ 2005/06-2007/08
Table 57: Polo Ralph Lauren retail outlets 2008
Table 58: Richemont company overview 2009
Table 59: Richemont trading record 2003/04-2008/09
Table 60: Richemont brands number of retail stores 2002/03-2007/08
Table 61: Valentino Fashion Group company overview 2009
Table 62: Valentino Division and Fashion Group trading record ($) 2003-2008
Table 63: Valentino Division and Fashion Group trading record (€) 2003-2008
Table 64: Valentino Division store portfolio 2004-2008
List of Figures
Figure 1: Global luxury expenditure (€bn) per region 2003 and 2008
Figure 2: Global luxury expenditure ($bn) per region 2003 and 2008
Figure 3: Global luxury regional expenditure split (€%) 2008
Figure 4: European luxury retail spend (€) and growth 2003-2008
Figure 5: European luxury retail spend ($) and growth 2003-2008
Figure 6: Tsum Moscow 2008
Figure 7: Gum Moscow 2008
Figure 8: Americas luxury retail spend (€) and growth 2003-2008
Figure 9: Americas luxury retail spend ($) and growth 2003-2008
Figure 10: Gucci Las Vegas 2008
Figure 11: Asia Pacific luxury retail spend (€) and growth 2003-2008
Figure 12: Asia Pacific luxury retail spend ($) and growth 2003-2008
Figure 13: Japan luxury retail spend (€) and growth 2003-2008
Figure 14: Japan luxury retail spend ($) and growth 2003-2008
Figure 15: Middle East luxury retail spend (€) and growth 2003-2008
Figure 16: Middle East luxury retail spend ($) and growth 2003-2008
Figure 17: Global luxury expenditure by product sector (€bn) 2003 & 2008
Table 14: Global luxury spend growth by product sector (€%) 2004-2008
Table 15: Global luxury spend growth by product sector ($%) 2004-2008
Figure 18: Product share of global luxury expenditure 2008
Figure 19: Burj Dubai (under construction) Dubai 2009
Figure 20: Armani Privé Milan
Figure 21: Armani Ristorante New York
Figure 22: Armani Casa Bond Street, London 2009
Figure 23: Westfield London 2008
Figure 24: The Village, Westfield London 2008
Figure 25: The Village, Westfield London 2008
Figure 26: The Village, Westfield London 2008
Figure 27: Chanel mobile art exhibition New York 2008
Figure 28: Chanel iPhone haute couture app
Figure 29: House of Fraser, Westfield London 2008
Figure 30: House of Fraser, Westfield London 2008
Figure 31: Christian Louboutin counterfeit goods warning online
Figure 32: Global luxury market (€bn) forecast for 2009
Figure 33: Luxury brands regional sales split (%) 2008
Figure 34: Operating margins of luxury brands 2008/09
Figure 35: Bulgari product sales split 2007 & 2008
Figure 36: Bulgari regional sales split 2008
Figure 37: Burberry product sales split as at March 2003 & 2008
Figure 38: Burberry regional sales split 2008
Figure 39: Burberry stores by region including franchises as at March 2009
Figure 40: Christian Dior Group incl LVMH product sales split 2003 & 2008
Figure 41: Christian Dior Group brands regional sales split 2008
Figure 42: Armani label sales incl licensed products by brand 2005 & 2008e
Figure 43: Giorgio Armani brands regional sales split 2008
Figure 44: Armani label sales incl licensed sales by product 2003 & 2008
Figure 45: Gucci Group brands sales split 2008
Figure 46: Gucci Group brands regional sales % 2008
Figure 47: Hermès product sales split 2003 & 2008
Figure 48: Hermès brands regional sales split 2008
Figure 49: LVMH fashion & leather goods regional sales split 2008
Figure 50: LVMH perfume & cosmetics regional sales split 2008
Figure 51: LVMH watches & jewelry regional sales split 2008
Figure 52: LVMH regional store estate 2008
Figure 53: Polo Ralph Lauren product sales split 2003/04 & 2007/08
Figure 54: Polo Ralph Lauren brands regional sales split 2008
Figure 55: Polo Ralph Lauren regional store estate as at March 2008
Figure 56: Richemont product sales split as at March 2007& 2008
Figure 57: Richemont brands regional sales split 2008
Figure 58: Valentino Fashion Group regional sales split 2008
Figure 59: Dolce & Gabbana Bond Street, London 2009
Figure 60: Prada Bond Street, London 2009
Figure 61: Salvatore Ferregamo 2009
Figure 62: Tiffany & Co Madrid 2008
Figure 63: Tiffany & Co Westfield, London 2008

Abstract

Introduction

This new report provides unique data on the value of consumer expenditure on luxury products globally, by region and by four product sectors for 2003-2008. This is complemented by 2009 forecasts, comprehensive advice on how luxury retailers should negotiate the downturn, a new series of profiles on smaller luxury players and a detailed analysis of regional sales trends.

Scope
  • Proprietary 2003-2008 market value data with a detailed analysis of regional sales for Europe, America, Japan, Asia Pacific and the Middle East.
  • Global consumer expenditure on luxury, high-end non-food goods comprising clothing, accessories, jewellery, watches, fragrance and cosmetics.
  • Comprehensive profiles of Bulgari, Burberry, Christian Dior, Giorgio Armani, Gucci Group, Hermès, LVMH, Polo Ralph Lauren, Richemont and Valentino.
  • Five year trading records of each competitor, including growth rates and operating margins, with Verdict's outlook on each business.
Highlights

Dramatic repercussions from the financial crisis are impacting the real economy and the luxury sector is certainly not immune. Judging by trading updates for Q4 2008 and Q1 2009 demand for certain segments of the luxury goods sector has fallen off a cliff. Luxury retailers are currently facing the toughest market conditions for two decades.

We believe that there will be no significant recovery in the foreseeable future either, with the latter half of 2010 perhaps offering some relief. Generally speaking, an era of consumer frugality has set in and has left its mark on the luxury sector, in sales terms luxury has clearly lost some of its lustre.

Arguably this is the worst environment in decades and forces retailers to innovate. And there are still some growth opportunities open to retailers. Luxury goods retailers should focus on quality, introduce sub brands in a careful manner, try out new routes to market, such as the internet or shopping centres, and cut costs.

Reasons to Purchase
  • Assess market potential and threats by accessing sector size data and seeing how consumers and retailers have reacted to recent economic turbulence.
  • Use comprehensive company profiles on business models and financial and operational performance measures to benchmark your company's performance.
  • Identify opportunities for cost cutting initiatives that will positively impact sales without hurting the unique luxury brand and proposition.


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