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Luxury Goods Retailing - Global

Published by: Mintel International Group Ltd.

Published: Aug. 1, 2011 - 305 Pages

Introduction: Company coverage; Terms and definitions; Luxury goods - a definition; Market size - Mintel definition; Market size at retail selling prices; Exchange rates; Figure 1: US dollar to euro exchange rates, 2005-10; Technical notes; Financial definitions
Executive Summary: The market; Strong performance in 2010; Possible faltering in later 2011; Variable outlook; Forecast; Market factors; Potential problems; Tipping point?; HNWIs are key; Market breakdown: where and what; Asia to overtake Europe; Prospects for the Americas; Bounce back for hard luxury; Perfumes and cosmetics outpaced; Soft luxury buoyant; Companies, brands and innovation; Market shares; LVMH maintains a strong lead; But Richemont a powerful number two; Shiseido in third place; Market developments; Focusing on boutiques; Flagship openings; Online investments; What we think
Issues in the Market: After China, where’s next?; Who is today’s luxury consumer?; What’s driving digital?; What new opportunities exist in the post-recession era?
Broader Market Environment: Key points; An international market; Discretionary purchases; Recovery; Western Europe; US; Japan; China, India; Russia; Brazil; Stock markets; Currencies; Tourism; The growth in numbers of wealthy people
Global Luxury Goods Market: Market size; Market size at retail selling price; Market shares; Market size by region; Channels of distribution; Market size by channel; Wholesale key to some sectors; Licencing - an opportunity to diversify; Retail is where it’s at
Market Forecasts: Uncertain global environment; Economic growth will slow; Luxury sales rebounded strongly in 2010; 2011 off to a cracking start; USA and Europe stronger than expected; The shape of recovery; Key regions; Europe; Americas; Japan; Other Asia-Pacific; Middle East
Fashion and Leather Goods: Market size; Soft luxury proving dynamic; Market shares; Key developments; Men - a major opportunity; Diffusion lines hold their own; Niche brands becoming lifestyle brands; The role of the designer; Changing value of luxury; Celebrities and influences; Fashion looks and trends
Jewellery and Watches: Market size; Strong bounce back for hard luxury; Market shares; Key developments; Continued rising prices; Royal Wedding; Value for money; Increased in-house movement; Demand from China; Watch releases
Perfumes and Cosmetics: Market size; Losing share of the luxury market; Market shares; Key developments; Market recovers; M&A activity muted; Internet gains interest; Key trends; Skin care; Colour cosmetics; Fragrances; What’s next:
Regional and Country Analysis - Introduction
Brazil: Background; Demographics; Economy; Consumer spending and retail sales; Luxury goods market; Key developments; Surging up the league tables; Consumer trends look favourable; Middle classes are key; Taxes remain a barrier; Consumers pushed abroad; Strong domestic competition; Market activity; Retail development; Brand presence; SWOT; Strengths; Weaknesses; Opportunities; Threats
China: Background; One child policy could hamper economic growth; China overtakes Japan in 2010; And discretionary spending rises; Worrying inflation trends; Retail sales surge ahead; Luxury goods market; GDP per capita growing but still very low; But the gap is less pronounced on retail sales per capita; Fourth largest HNWI population in the world; From billionaires…; … to the middle classes; Key developments; Another stellar performance drives up investor confidence; Banned billboards to control spending; Or economic protectionism?; Luxury import taxes cause much debate; The gender divide closes; And affords matchmaking opportunities too; SWOT; Strengths; Weaknesses; Opportunities; Threats
Europe: Background; Scale; Diversity; Politics; Luxury goods market; High Net Worth individuals; The East; The West; Trophies; The recovery; Online; SWOT; Strengths; Weaknesses; Opportunities; Threats
India: Background; Demographics; Economy; Consumer spending and retail sales; Luxury goods market; Key developments; A culture ripe for luxury; Purchasing priorities; Space concerns; Problematic partnerships; FDI rules have proved a bar - up to now; Domestic competition in luxury; Brand presence; SWOT; Strengths; Weaknesses; Opportunities; Threats
Japan: Background; Surprise population rise; Economic malaise; Tragedy strikes; Prolonged retail malaise; Luxury goods market; Key developments; A large but mature market; Changing habits; Operating in a saturated market; Looking to affluent neighbours; SWOT; Strengths; Weaknesses; Opportunities; Threats
Middle East: Background; Lebanon posts above average growth; Saudi Arabia needs more quality space; GDP per capita; The Arab Spring; Luxury goods market; Less than 0.5 million HNWIs; But growing faster than any other region; Kuwait and Bahrain leap ahead; A younger and more male-focused cohort; Key developments; Long tradition of luxury; Activity starts to step up; Better infrastructure and more established wealth than other emerging markets; Focused centres of activity; Dubai shows signs of recovery; International tourist and shopping destination; Capitalising on the Chinese tourist; Beirut in the spotlight too; Joint ventures; SWOT; Strengths; Weaknesses; Opportunities; Threats
Russia: Background; Recovery; Elections coming up; Falling population; Growing affluent middle class; Luxury goods market; High net worth individuals; Market developments; SWOT; Strengths; Weaknesses; Opportunities; Threats
USA: Background; Population on the rise; The recession; Protracted recovery; Can we really?; The final days of the world’s largest superpower?; Luxury goods markets; Key developments; Influence on the wane?; The recovery; Luxury tourism potential…; …could be being undermined; SWOT; Strengths; Weaknesses; Opportunities; Threats
Armani: Recent history; Financial performance; Store portfolio; Brand offering
Bulgari SpA: Recent history; Financial performance; Distribution; Brand offering; e-commerce
Burberry: Outlook; Recent history; Financial performance; Distribution; Brand offering; Market positioning/target audience; Product offer; Advertising; Ethical/Environmental issues; e-commerce
Christian Dior Couture: Strategic evaluation; Recent history; Ownership; Financial performance; Sales by business sector; Retail revenues by region; Distribution; Brand offering; Market positioning and values; Product offer; Marketing; e-commerce
Estée Lauder Companies: Recent history; Strategic evaluation; Financial performance; By region; By product area; Distribution; Brand offering; e-commerce
Gucci Group: Strategic evaluation; Recent history; Financial performance; Distribution; Brand offering; Market positioning and brand essence; Product offer
Hermès International: Strategic evaluation; Recent history; Financial performance; Sales by region; Sales by product category; Distribution; Brand offering; Market positioning; Product offer; Marketing; e-commerce
L’Oréal (Luxury Division): Strategic evaluation; Recent history; Financial performance; Sales by region and product area; First half 2011 results; Distribution; Brand offering; Market positioning; Product offer and major lines
LVMH Holding: Strategic evaluation; Recent history; Financial performance; Sales by region: Rest of Asia drives growth; Regional sales by division; Distribution; Brand offering; Market positioning and brand essence; Product offer; Innovation; Marketing; e-commerce
Polo Ralph Lauren Corp: Recent history; Financial performance; Distribution; Brand offering; e-commerce
Prada: Strategic evaluation; Recent history; Financial performance; Distribution; Brand offering; Product offer; e-commerce and home shopping
Richemont: Strategic evaluation; Recent history; Financial performance; Distribution; Distribution developments by brand; Brand offering; Advertising and marketing; e-commerce
Shiseido: Recent history; Strategic evaluation; Financial performance; Distribution; Brand offering; e-commerce
Swatch: Recent history; Financial performance; Distribution; Brand offering; e-commerce
Tiffany & Co: Strategic evaluation; Recent history; Financial performance; Distribution; Brand offering; Market positioning/brand values; Product offer; Brands; Price; Advertising; Home shopping and e-commerce
Valentino Fashion Group: Recent history; Financial performance; Distribution; Brand offering; e-commerce
Appendix - Broader Market Environment: Population; GDP; Consumer prices; Retail sales; High Net Worth individuals; Exchange rates; Figure 184: Selected luxury goods markets: $ to currencies of markets in this report, 2006-10; Figure 185: Selected luxury goods markets: € to currencies of markets in this report, 2006-10

Abstract

“We are on the cusp - in two respects. Longer term trends herald the usurpation by Asia of Europe as the largest luxury goods market by revenues. More immediately, and worryingly, financial crises in Europe and the US threaten a stalling of the global economic recovery and will certainly have dented the confidence of the luxury goods consumer.”

- John Mercer, European Retail Analyst

After China, where’s next?
Who is today’s luxury consumer?
What’s driving digital?
What new opportunities exist in the post-recession era?

During the course of our research we have come across a number of definitions of 'luxury goods', some of which were conflicting, however most were based upon the notion of 'luxury goods' as representing the top sector in any product market. For the purposes of this report we will follow this consensus definition.

However, we would also advise readers that it is helpful to consider the definition as referring to the special element of a luxury product that makes it desired for its own sake rather than any function that it may have.

With the development of the concept of 'accessible items' and the inherent 'aspirational' element in the notion of 'luxury', many luxury goods businesses have extended their reach to a broader audience of consumers, outside of their traditional target group (ie high net worth individuals). This makes a consistent definition of what constitutes a luxury good more difficult to establish. Therefore we believe that our relational definition, ie the 'top sector of any market', is the most useful.

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Luxury Goods Retailing - Global

Table of Contents

Abstract

US: 800.298.5699

Int'l: +1.240.747.3093