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Luxury Goods Retail - International - August 2017

"Growth in the global luxury goods market accelerated in 2016. Whilst the market continues to face a significant amount of uncertainty, consumer confidence remains high, the number of High Net Worth Individuals (HNWIs) continues to grow and the economy in a number of the key luxury markets is recovering. As such, underlying demand for luxury goods was strong in 2016 and early indicators suggest that it has been sustained in 2017."

- Samantha Dover, Retail Analyst

This report looks at the following areas:

  • Fragrances and cosmetics driving growth
  • Luxury online: The growing importance of omnichannel
  • Retail vs Wholesale: Taking control of distribution

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Table of contents

  1. Overview

    • What you need to know
      • Products covered in this report
        • Report scope
          • Mintel market sizes
            • Defining luxury goods
              • Geographical breakdown
                • Technical notes
                  • Financial definitions
                    • Exchange rates
                      • Figure 1: US Dollar to Euro annual average exchange rates, 2011-16
                  • Executive Summary

                      • The market
                        • Market size and forecast
                          • Figure 2: Luxury goods market size and forecast (excl. VAT), 2012-22
                        • Regional breakdown of luxury market
                          • Figure 3: Regional share of luxury goods sales, 2007-16
                          • Figure 4: Top 10 countries in the luxury market, by sales, 2014-16
                        • Product breakdown of luxury market
                          • Figure 5: Luxury goods sales by product category, 2016
                        • The consumer
                          • Who buys luxury goods
                            • Figure 6: Consumers who have bought luxury goods in the last 18 months, May/June 2017
                          • What luxury goods they buy
                            • Figure 7: Luxury goods purchased in the last 18 months, May/June 2017
                          • Where they shop for luxury goods
                            • Figure 8: Where consumers bought luxury goods in the last 18 months, May/June 2017
                          • Attitudes towards luxury goods
                            • Figure 9: Consumer attitudes towards luxury goods, May/June 2017
                          • Luxury shopping behaviour
                            • Figure 10: Luxury consumer shopping behaviours, May/June 2017
                          • Companies and brands
                            • Companies’ market shares
                              • Figure 11: Leading luxury companies’ shares of all luxury sales, 2016
                            • Brands’ market shares
                              • Figure 12: Leading luxury brands’ shares of all luxury sales, 2014-16
                            • Online
                              • What we think
                              • Issues & Insights

                                • Fragrances and cosmetics driving growth
                                  • The facts
                                    • The implications
                                      • Luxury online: The growing importance of omnichannel
                                        • The facts
                                          • The implications
                                            • Retail vs Wholesale: Taking control of distribution
                                              • The facts
                                                • The implications
                                                • The Luxury Market – What You Need to Know

                                                  • Prospects look good
                                                    • Mintel’s market size
                                                      • A regional view
                                                        • Product segmentation
                                                        • Market Size and Forecast

                                                          • Uncertainty remains
                                                            • Who buys luxury goods?
                                                              • Mintel’s market size
                                                                • Retail vs wholesale
                                                                  • Outlook
                                                                    • Figure 13: Luxury goods market size and forecast (excl VAT), 2012-22
                                                                • Luxury Market – A Regional View

                                                                    • Market size by region
                                                                      • Figure 14: Luxury goods: Sales by region, 2012-16
                                                                      • Figure 15: Regional share of the luxury goods market, 2007-16
                                                                    • Country market sizes
                                                                      • HNWIs and spending by region
                                                                        • Figure 16: Sales of luxury goods per HNWI by region, 2011-15
                                                                      • HNWIs and spending by country
                                                                        • Figure 17: Top 10 countries in the luxury market, by sales, 2012-16
                                                                        • Figure 18: Country shares of the global luxury market, 2012-16
                                                                      • Americas
                                                                        • Figure 19: The Americas: Leading luxury goods markets, 2012-16
                                                                        • Figure 20: Americas luxury markets’ share of all luxury spending in the Americas, 2012-16
                                                                      • Asia Pacific
                                                                        • Figure 21: Asia Pacific region: Leading luxury goods markets, 2012-16
                                                                        • Figure 22: Asia Pacific luxury markets’ share of all luxury spending in Asia Pacific, 2012-16
                                                                      • Europe
                                                                        • Figure 23: Europe: Leading luxury goods markets, 2012-16
                                                                        • Figure 24: Leading European luxury markets’ share of all luxury spending in Europe, 2012-16
                                                                    • Luxury Market – Product Segmentation

                                                                        • Figure 25: Global luxury market, sales by product, 2012-16
                                                                      • Fashion and leather goods
                                                                        • Figure 26: Global luxury market, Fashion and leather goods sales, 2012-16
                                                                        • Figure 27: Top 10 leading luxury goods retailers by share of the fashion and leather goods sector, 2016
                                                                      • Jewellery and watches
                                                                        • Figure 28: Global luxury market, Jewellery and watches sales, 2012-16
                                                                        • Figure 29: Top 10 leading luxury goods retailers by share of the jewellery and watches sector, 2016
                                                                      • Perfumes and cosmetics
                                                                        • Figure 30: Global luxury market, Perfumes and cosmetics sales, 2012-16
                                                                        • Figure 31: Top 10 leading luxury goods retailers by share of the perfumes and cosmetics sector, 2016
                                                                    • Market Drivers

                                                                      • What are luxury goods?
                                                                        • How damaging is ubiquity?
                                                                          • The who, when, where, and why of the luxury goods consumer
                                                                            • Wealthy individuals
                                                                              • Figure 32: Numbers and share of wealth of HNWIs, 2015
                                                                            • Regional data
                                                                              • Figure 33: Number of HNWIs by region, 2007-15
                                                                              • Figure 34: Top 10 HNWI populations (in thousands), by country, 2014-15
                                                                              • Figure 35: Wealth of HNWIs by region, 2010-15
                                                                            • Economic background
                                                                              • Figure 36: GDP growth in US dollars at current values, 2012-17
                                                                              • Figure 37: Leading international currency exchange rates, 2003-17
                                                                            • Stock markets
                                                                              • Figure 38: Leading stock markets year-on-year growth, 2011-16
                                                                            • Tourism
                                                                              • Figure 39: International inbound tourism, 2010-16
                                                                          • The Consumer – What You Need to Know

                                                                            • Technical note
                                                                              • Decline in luxury in the US
                                                                                • Appetite for products varies by market
                                                                                  • Most people still shop in-store
                                                                                    • Demand for luxury experiences is high
                                                                                      • See now, buy now important to capture young consumers
                                                                                        • Democratising the luxury market
                                                                                        • Who Buys Luxury Goods

                                                                                          • China remains the most engaged market
                                                                                            • Figure 40: Consumers who have bought luxury goods in the last 18 months, May/June 2017
                                                                                          • Decline in the number of US consumers
                                                                                            • Figure 41: Consumers who have bought luxury goods in the last 18 months, April/May 2015, May/June 2016 and May/June 2017
                                                                                          • Male consumers more likely to purchase
                                                                                            • Figure 42: Consumers who have bought luxury goods in the last 18 months, by gender, May/June 2017
                                                                                          • Young people are active luxury shoppers
                                                                                            • Figure 43: Consumers who have bought luxury goods in the last 18 months, by age, May/June 2017
                                                                                          • Purchasing peaks amongst high earners
                                                                                            • Figure 44: Europe: Consumers who have bought luxury goods in the last 18 months, by annual household income, June 2017
                                                                                            • Figure 45: UK - Consumers who have bought luxury goods in the last 18 months, by annual household income, May 2017
                                                                                            • Figure 46: US - Consumers who have bought luxury goods in the last 18 months, by annual household income, May 2017
                                                                                          • China: Purchasing highest amongst men and the 20-29s
                                                                                            • Figure 47: China - Consumers who have bought luxury goods in the last 18 months, by demographics, May 2017
                                                                                        • What Luxury Goods They Buy

                                                                                          • Beauty boosts volume sales
                                                                                            • Figure 48: Luxury goods purchased in the last 18 months, May/June 2017
                                                                                            • Figure 49: Luxury goods purchased in the last 18 months, by product type, May/June 2017
                                                                                          • Luxury customer profiles by country
                                                                                            • France: Young people drive footwear market
                                                                                              • Figure 50: France - Luxury goods purchased in the last 18 months, by age and annual household income, June 2017
                                                                                            • Germany: Older, less affluent buy fragrances
                                                                                              • Figure 51: Germany - Luxury goods purchased in the last 18 months, by age and annual household income, June 2017
                                                                                            • Italy: Jewellery, watches and clothing bought by affluent
                                                                                              • Figure 52: Italy - Luxury goods purchased in the last 18 months, by age and annual household income, June 2017
                                                                                            • Spain: Low earners shop for luxury bags
                                                                                              • Figure 53: Spain - Luxury goods purchased in the last 18 months, by age and annual household income, June 2017
                                                                                            • UK: Mature shoppers spend on premium fragrances
                                                                                              • Figure 54: UK - Luxury goods purchased in the last 18 months, by age and annual household income, May 2017
                                                                                            • US: Childrenswear market driven by young and less affluent
                                                                                              • Figure 55: US - Luxury goods purchased in the last 18 months, by age and annual household income, May 2017
                                                                                            • China: Leather goods popular amongst high earners
                                                                                              • Figure 56: China - Luxury goods purchased in the last 18 months, by age and monthly household income, May 2017
                                                                                          • Where They Shop for Luxury Goods

                                                                                            • In-store continues to be primary channel
                                                                                              • Figure 57: Where consumers bought luxury goods in the last 18 months, May/June 2017
                                                                                            • France: Online most popular amongst 35-44s
                                                                                              • Figure 58: France - Where consumers bought luxury goods in the last 18 months, by age and annual household income, June 2017
                                                                                            • Germany: Mature online market drives luxury ecommerce
                                                                                              • Figure 59: Germany - Where consumers bought luxury goods in the last 18 months, by age and annual household income, June 2017
                                                                                            • Italy: International shopping peaks amongst older Millennials
                                                                                              • Figure 60: Italy - Where consumers bought luxury goods in the last 18 months, by age and annual household income, June 2017
                                                                                            • Spain: Online driven by high-earners
                                                                                              • Figure 61: Spain - Where consumers bought luxury goods in the last 18 months, by age and annual household income, June 2017
                                                                                            • UK: Young people most likely to use e-commerce
                                                                                              • Figure 62: UK - Where consumers bought luxury goods in the last 18 months, by age and annual household income, May 2017
                                                                                            • US: Affluent shop for luxury abroad
                                                                                              • Figure 63: US - Where consumers bought luxury goods in the last 18 months, by age and annual household income, May 2017
                                                                                            • China: High levels of overseas purchasing
                                                                                              • Figure 64: China - Where consumers bought luxury goods in the last 18 months, by age and monthly household income, May 2017
                                                                                          • Attitudes towards Luxury Goods

                                                                                            • Quality more important than brand name
                                                                                              • Figure 65: Consumer attitudes towards luxury brands and products, May/June 2017
                                                                                            • Male consumers put off if a brand is too accessible
                                                                                              • Figure 66: Consumer agreement with the statement ‘If a luxury brand is too widely available it loses its appeal’, by gender, May/June 2017
                                                                                            • Young people prioritise luxury experiences
                                                                                              • Figure 67: Consumer agreement with the statement ‘Spending money on luxury experiences is more worthwhile than buying luxury products’, by age, May/June 2017
                                                                                            • See now, buy now most likely to resonate with 16-24s
                                                                                              • Figure 68: Consumer agreement with the statement ‘It is frustrating to see luxury items before they are available to purchase’, by age, May/June 2017
                                                                                            • Consumers shop in-store for experience
                                                                                              • Figure 69: Consumer attitudes towards luxury retail, May/June 2017
                                                                                            • Women most likely to be intimidated by luxury stores
                                                                                              • Figure 70: Consumer agreement with the statement ‘Luxury stores are intimidating’, by gender, May/June 2017
                                                                                            • Young Chinese willing to travel for favourable exchange rates
                                                                                              • Figure 71: China - Consumer attitudes towards luxury, by age, May 2017
                                                                                          • Luxury Goods Shopping Behaviour

                                                                                            • Consumers expect a high level of customer service
                                                                                              • Figure 72: Luxury consumer shopping behaviours, May/June 2017
                                                                                            • Social media important to aspiring Millennials
                                                                                              • Figure 73: Agreement with the statement ‘I follow luxury brands on social media that I'd like to be able to afford in the future’, by age, May/June 2017
                                                                                            • Accessible products attract young Chinese consumers
                                                                                              • Figure 74: China - Luxury consumer shopping behaviours, by age, May 2017
                                                                                            • Less affluent US shoppers put off by online counterfeits
                                                                                              • Figure 75: US - Luxury consumer shopping behaviours, by household income, May 2017
                                                                                            • Affluent UK shoppers engage with aspirational brands via social media
                                                                                              • Figure 76: UK - Luxury consumer shopping behaviours, by household income, May 2017
                                                                                          • Companies and Brands - What You Need to Know

                                                                                            • LVMH consolidates its position as the world’s largest luxury group by revenue
                                                                                              • Haute couture fashion label Christian Dior Couture the strongest CAGR
                                                                                                • Local consumer spend boosts Asia Pacific luxury market
                                                                                                  • LVMH boosts its market leading share of luxury goods market
                                                                                                    • In-store experiences
                                                                                                      • Online accounts for 5% of the luxury market
                                                                                                        • Use of social media for marketing campaigns
                                                                                                        • Innovation & Launch Activity

                                                                                                          • In-store technology
                                                                                                            • Farfetch: Store of the future
                                                                                                              • Figure 77: Farfetch store of the future, 2017
                                                                                                            • Interactive mirrors
                                                                                                              • Figure 78: World’s most connected mirror in Heathrow Terminal 5, 2016
                                                                                                            • Major players focus on e-commerce
                                                                                                              • Figure 79: 24 Sèvres homepage, 2017
                                                                                                            • Improving online customer service
                                                                                                              • Chatbots
                                                                                                                • Improved delivery options
                                                                                                                  • Collaborations
                                                                                                                    • Louis Vuitton x Supreme
                                                                                                                      • Figure 80: Louis Vuitton x Supreme collaboration, 2017
                                                                                                                    • Burberry collaborates with Mr. Bags
                                                                                                                      • VB x Estée Lauder
                                                                                                                        • Figure 81: VB x Estée Lauder collaboration, 2017
                                                                                                                      • Personalisation
                                                                                                                        • Made to order
                                                                                                                          • Figure 82: Jimmy Choo made to order shoe service, 2017
                                                                                                                        • Customisation in fragrance and beauty
                                                                                                                          • Figure 83: Yves Saint Laurent engraving service, 2017
                                                                                                                        • Store Experience
                                                                                                                          • In-store dining
                                                                                                                            • Figure 84: Ralph’s Coffee & Bar London, 2017
                                                                                                                          • Wellness
                                                                                                                            • Figure 85: The Wellness Clinic in Harrods, 2017
                                                                                                                          • Social media and apps
                                                                                                                          • Online and Social Media

                                                                                                                            • The market
                                                                                                                              • The outlook
                                                                                                                                • The brands online
                                                                                                                                  • Figure 86: Major luxury brands: Number of markets with transactional websites, 2015-17
                                                                                                                                • Multi-brand e-commerce platforms
                                                                                                                                  • The consumer: Shopping online
                                                                                                                                      • Figure 87: Where luxury consumers purchased luxury products in the last 18 months, May/June 2017
                                                                                                                                      • Figure 88: “To have the full luxury experience you need to buy products in-store rather than online”, May/June 2017
                                                                                                                                      • Figure 89: “I agree that luxury stores are intimidating”, May/June 2017
                                                                                                                                    • Social media
                                                                                                                                      • Figure 90: “I follow luxury brands on social media that I’d like to be able to afford in the future”, May/June 2017
                                                                                                                                    • Social media campaigns
                                                                                                                                    • Company Metrics

                                                                                                                                        • Figure 91: Leading luxury companies, by net revenues, 2014-16
                                                                                                                                      • Revenue growth rates
                                                                                                                                        • Figure 92: Leading luxury companies, % CAGR in revenues, 2012-16
                                                                                                                                      • Product revenue mix
                                                                                                                                        • Figure 93: Leading luxury companies, revenue by product group (%), 2016
                                                                                                                                        • Figure 94: Leading luxury companies, Percentage point change in product mix by product group revenue, 2012-16
                                                                                                                                      • Regional revenue growth
                                                                                                                                        • Figure 95: Total luxury sales growth (%), by region, 2012-16
                                                                                                                                      • Store numbers
                                                                                                                                          • Figure 96: Selected leading luxury retailers, estimated store numbers, 2016
                                                                                                                                        • Brand ownership
                                                                                                                                          • Figure 97: Brand ownership, by leading luxury companies, 2017
                                                                                                                                      • Brand Sales and Market Shares

                                                                                                                                        • Market shares
                                                                                                                                          • Figure 98: Top 10 Luxury Goods groups, shares of all luxury goods sales, 2014-16
                                                                                                                                        • Brand sales
                                                                                                                                          • Figure 99: Leading luxury brands, Sales 2014-16
                                                                                                                                        • Brand shares
                                                                                                                                          • Figure 100: Leading luxury brands, Shares of all luxury goods sales 2014-16
                                                                                                                                      • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                                                                                        • Data Sources
                                                                                                                                          • Abbreviations
                                                                                                                                            • Consumer research methodology
                                                                                                                                            • Burberry Group

                                                                                                                                                • What we think
                                                                                                                                                  • Management changes
                                                                                                                                                    • Brand strategy
                                                                                                                                                      • Runway shows
                                                                                                                                                        • Embracing technology
                                                                                                                                                          • Social media
                                                                                                                                                            • Where next?
                                                                                                                                                              • Company background
                                                                                                                                                                • Company performance
                                                                                                                                                                  • Figure 101: Burberry Group Plc: Group financial performance, 2012/13-2016/17
                                                                                                                                                                  • Figure 102: Burberry Group Plc: Revenue by product division, 2012/13-2016/17
                                                                                                                                                                  • Figure 103: Burberry Group Plc: Outlet data, 2012/13-2016/17
                                                                                                                                                                • E-commerce
                                                                                                                                                                • Christian Dior Couture

                                                                                                                                                                    • What we think
                                                                                                                                                                      • LVMH to purchase Christian Dior Couture
                                                                                                                                                                        • Reinventing the brand’s image with new creative director
                                                                                                                                                                          • Well-received new products
                                                                                                                                                                            • Ephemeral stores to pique consumer interest
                                                                                                                                                                              • Exclusive online pop-up footwear shop
                                                                                                                                                                                • Dedicated store concept for fine jewellery and watches
                                                                                                                                                                                  • Tapping into the direct-to-consumer social selling potential in China through WeChat
                                                                                                                                                                                    • Company background
                                                                                                                                                                                      • Company performance
                                                                                                                                                                                        • Figure 104: Christian Dior Couture: Financial performance, 2012-2016-17
                                                                                                                                                                                      • E-commerce
                                                                                                                                                                                      • Coach

                                                                                                                                                                                          • What we think
                                                                                                                                                                                            • Pulling products from hundreds of North American department stores
                                                                                                                                                                                              • New brand ambassador suggests a more millennial-friendly marketing approach
                                                                                                                                                                                                • $2.4bn agreed takeover of Kate Spade to boost access to millennials
                                                                                                                                                                                                  • Building on fragrance range with the launch of Coach for Men
                                                                                                                                                                                                    • New flagship stores focus on the brand’s evolution and commitment to craftsmanship
                                                                                                                                                                                                      • Plans to expand Stuart Weitzman label into a multi-category brand
                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                            • Figure 105: Coach Inc.: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                            • Figure 106: Coach Inc.: Net sales, by region, 2011/12-2015/16
                                                                                                                                                                                                            • Figure 107: Coach Inc.: Coach product sales breakdown, 2011/12-2015/16
                                                                                                                                                                                                            • Figure 108: Coach Inc.: Directly-operated store data, 2012/13-2016/17
                                                                                                                                                                                                          • E-commerce
                                                                                                                                                                                                          • Estée Lauder

                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                • A multi-faceted strategy
                                                                                                                                                                                                                  • Millennials driving makeup category sales growth…
                                                                                                                                                                                                                    • …and set to become more important customer segment
                                                                                                                                                                                                                      • Switching channel focus
                                                                                                                                                                                                                        • Relentless focus on innovation
                                                                                                                                                                                                                          • Acquisitions provide bolt-on growth but also longer-term growth opportunities
                                                                                                                                                                                                                            • Leading Beauty Forward aims to create a more efficient organisation
                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                • Figure 109: Estée Lauder Companies brand map, 2017
                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                • Figure 110: Estée Lauder Companies: Group financial performance, 2011/12-2016/17
                                                                                                                                                                                                                                • Figure 111: Estée Lauder Companies: Group financial performance, by region, 2011/12-2015/16
                                                                                                                                                                                                                                • Figure 112: Estée Lauder Companies: Group financial performance, by product category, 2011/12-2015/16
                                                                                                                                                                                                                              • E-commerce
                                                                                                                                                                                                                              • Giorgio Armani

                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                    • Succession issue
                                                                                                                                                                                                                                      • Brand reorganisation
                                                                                                                                                                                                                                        • Connected hybrid watch
                                                                                                                                                                                                                                          • Cutting back on staff
                                                                                                                                                                                                                                            • Emporio Armani showcases sportswear
                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                  • Figure 113: Giorgio Armani, Group financial performance, 2012-16
                                                                                                                                                                                                                                                • E-commerce
                                                                                                                                                                                                                                                • Hermès

                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                      • Production of Hermès Birkin bag increased
                                                                                                                                                                                                                                                        • Leather drives growth
                                                                                                                                                                                                                                                          • Customisable handbags
                                                                                                                                                                                                                                                            • Looking ahead
                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                    • Figure 114: Hermès: Financial performance, 2012-16
                                                                                                                                                                                                                                                                    • Figure 115: Hermès: Sales by product category, 2015-16
                                                                                                                                                                                                                                                                  • H1 2017
                                                                                                                                                                                                                                                                    • E-commerce
                                                                                                                                                                                                                                                                    • Kering

                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                          • Store-to-door in 90 minutes
                                                                                                                                                                                                                                                                            • Gucci.com to launch in China in 2017
                                                                                                                                                                                                                                                                              • Big plans for Yves Saint Laurent
                                                                                                                                                                                                                                                                                • Bottega Veneta’s multi-product lifestyle strategy
                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                        • Figure 116: Kering: Financial performance, 2012-16
                                                                                                                                                                                                                                                                                        • Figure 117: Kering Luxury: Breakdown of revenue by region, 2012-16
                                                                                                                                                                                                                                                                                        • Figure 118: Kering Luxury: Directly-operated stores, 2015-16
                                                                                                                                                                                                                                                                                      • E-commerce
                                                                                                                                                                                                                                                                                      • L’Oréal Luxe

                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                            • Acquisitions
                                                                                                                                                                                                                                                                                              • North American growth
                                                                                                                                                                                                                                                                                                • Personalisation
                                                                                                                                                                                                                                                                                                  • Increasing retail presence
                                                                                                                                                                                                                                                                                                    • Where next?
                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                          • Figure 119: L’Oréal Group: Net revenues by division, 2012-16
                                                                                                                                                                                                                                                                                                          • Figure 120: L’Oréal Luxe: Financial performance, 2012-16
                                                                                                                                                                                                                                                                                                        • E-commerce
                                                                                                                                                                                                                                                                                                        • LVMH

                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                              • Recent performance
                                                                                                                                                                                                                                                                                                                • Underlying progress?
                                                                                                                                                                                                                                                                                                                  • Mass market retail
                                                                                                                                                                                                                                                                                                                    • Where next?
                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                        • Christian Dior Couture– An explanation
                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                            • First half upturn
                                                                                                                                                                                                                                                                                                                              • Figure 121: LVMH Group, Financial performance, 2012-16
                                                                                                                                                                                                                                                                                                                              • Figure 122: LVMH: Distribution of revenues by region, 2012-16
                                                                                                                                                                                                                                                                                                                              • Figure 123: LVMH: Geographic distribution of revenues by product category, 2012-16
                                                                                                                                                                                                                                                                                                                            • Wholesale/retail
                                                                                                                                                                                                                                                                                                                              • Figure 124: LVMH: Sales by type of distribution, 2013-16
                                                                                                                                                                                                                                                                                                                              • Figure 125: LVMH: Outlet portfolio, 2015-16
                                                                                                                                                                                                                                                                                                                            • E-commerce
                                                                                                                                                                                                                                                                                                                            • Prada Group

                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                  • Performance
                                                                                                                                                                                                                                                                                                                                    • Strategy
                                                                                                                                                                                                                                                                                                                                      • Collaborations
                                                                                                                                                                                                                                                                                                                                        • Where next?
                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                              • Figure 126: Prada: Group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                              • Figure 127: Prada: Group net revenue breakdown, by channel, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                              • Figure 128: Prada: Group retail revenue breakdown, by brand, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                              • Figure 129: Prada: Group retail revenue breakdown, by market, 2015/16-2016/17
                                                                                                                                                                                                                                                                                                                                              • Figure 130: Prada: Group retail revenue breakdown, by product line, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                              • Figure 131: Prada: Directly-operated stores, 2013/14-2016/17
                                                                                                                                                                                                                                                                                                                                            • E-commerce
                                                                                                                                                                                                                                                                                                                                            • Ralph Lauren

                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                  • Rolling out new coffee shop/hybrid bar concept to more stores
                                                                                                                                                                                                                                                                                                                                                    • Debuts 'See Now, Buy Now' collection
                                                                                                                                                                                                                                                                                                                                                      • New e-commerce platform to capture more digital sales
                                                                                                                                                                                                                                                                                                                                                        • Consumers abandoning the brand
                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                              • Figure 132: Ralph Lauren Corporation: Group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                              • Figure 133: Ralph Lauren Corporation: Retail store and concession-based shop-within-shops network, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                            • E-commerce
                                                                                                                                                                                                                                                                                                                                                            • Richemont

                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                  • Recent performance
                                                                                                                                                                                                                                                                                                                                                                    • Watches – Being redefined again
                                                                                                                                                                                                                                                                                                                                                                      • Where next?
                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                            • Figure 134: Richemont: Group financial performance, 2013/14-2016/17
                                                                                                                                                                                                                                                                                                                                                                            • Figure 135: Richemont: Revenues by region, 2014/15-2016/17
                                                                                                                                                                                                                                                                                                                                                                            • Figure 136: Richemont: Revenues by product, 2013/14-2016/17
                                                                                                                                                                                                                                                                                                                                                                            • Figure 137: Richemont: Revenues by maison, 2013/14-2016/17
                                                                                                                                                                                                                                                                                                                                                                            • Figure 138: Richemont Group: Outlet numbers and transactional websites, 2015/16-2016/17
                                                                                                                                                                                                                                                                                                                                                                          • E-commerce
                                                                                                                                                                                                                                                                                                                                                                          • Shiseido

                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                • Vision 2020 initiative aims to put Shiseido back on track
                                                                                                                                                                                                                                                                                                                                                                                  • Prestige brands at core of Shiseido business
                                                                                                                                                                                                                                                                                                                                                                                    • bareMinerals prestige brand targeted for turnaround
                                                                                                                                                                                                                                                                                                                                                                                      • Gaultier licence revenue loss to be offset by Dolce&Gabbana investment
                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                            • Figure 139: Shiseido: Group financial performance, 2011/12-2016
                                                                                                                                                                                                                                                                                                                                                                                            • Figure 140: Shiseido: Group sales performance, by region, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                          • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                          • Swatch Group - Luxury

                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                • Developing a smartwatch operating system
                                                                                                                                                                                                                                                                                                                                                                                                  • Contactless payment watches
                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 141: Swatch Group financial performance by brand, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 142: Swatch Group, Net sales by region, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 143: Swatch Group: Watches and jewellery segment performance, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                      • H1 2017
                                                                                                                                                                                                                                                                                                                                                                                                        • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                                        • Tiffany & Co.

                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                              • New jewellery collection to appeal to younger generations
                                                                                                                                                                                                                                                                                                                                                                                                                • Lady Gaga to push the brand’s new fashion jewellery collection
                                                                                                                                                                                                                                                                                                                                                                                                                  • Hong Kong airport pop-up
                                                                                                                                                                                                                                                                                                                                                                                                                    • Plans to beef up its e-commerce platform
                                                                                                                                                                                                                                                                                                                                                                                                                      • In-store customer experience
                                                                                                                                                                                                                                                                                                                                                                                                                        • Looking to non-core jewellery product categories for sales growth opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 144: Tiffany & Co.: Group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 145: Tiffany & Co.: Company-operated stores and estimated sales per outlet, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                              • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                              • Tod’s Group

                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Enhancing the in-store experience
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Embracing the athleisure trend with collaboration with Aston Martin
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Exclusive capsule collection with Yoox Net-a-Porter
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Luxury consumers on-the-go
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 146: Tod’s Group: Financial performance, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 147: Tod’s Group: Sales, by region, 2015-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 148: Tod’s Group: Sales by product type, 2015-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 149: Tod’s Group: Sales by brand, 2015-16
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Breakdown of sales by distribution channel
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 150: Tod’s Group: Sales by distribution channel, 2015-16
                                                                                                                                                                                                                                                                                                                                                                                                                                              • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                              • YNAP Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The future: more investment in technology
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 151: YNAP Group: Group financial performance, 2014-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 152: YNAP Group, sales mix, 2016

                                                                                                                                                                                                                                                                                                                                                                                                                                                      Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                      To learn more about the companies covered in this report please contact us.

                                                                                                                                                                                                                                                                                                                                                                                                                                                      Luxury Goods Retail - International - August 2017

                                                                                                                                                                                                                                                                                                                                                                                                                                                      US $2,828.70 (Excl.Tax)