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Luxury Goods Retailing - Global - August 2011

The luxury goods market is notoriously difficult to put a size to even once a decision has been made about what actually comprises luxury. The likes of Polo Ralph Lauren and Calvin Klein, which by European standards might well be perceived as prestige rather than luxury brands are certainly deemed to be at the luxury end of the spectrum in the US market because it does not have a history of couture. For this reason they are included in Mintel's market size. The mix of channels mentioned above and the way those sales are reported further muddies the waters.

However, Mintel has derived its own global luxury goods market size using a bottom-up analysis of 29 of the top companies operating in the sector (see Global Luxury Goods Market chapter for details of those companies), and we estimate that they account for roughly 80% of the total market. In this report we have published five years of trend data, based on this methodology.

Our market size is designed to provide a useful guide to growth rates and the performance of each company within this framework. In addition we have broken the market size down by region and by major product category over the last five years but again the trends and absolute numbers should be treated as indicative only.

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Table of contents

  1. Introduction

    • Company coverage
      • Terms and definitions
        • Luxury goods – a definition
          • Market size – Mintel definition
            • Market size at retail selling prices
              • Exchange rates
                • Figure 1: US dollar to euro exchange rates, 2005-10
              • Technical notes
                • Financial definitions
                • Executive Summary

                    • The market
                      • Strong performance in 2010
                        • Possible faltering in later 2011
                          • Variable outlook
                            • Forecast
                              • Figure 2: Global luxury goods: Estimated market size at retail selling prices, 2007-13
                            • Market factors
                              • Potential problems
                                • Tipping point?
                                  • HNWIs are key
                                    • Market breakdown: where and what
                                      • Asia to overtake Europe
                                        • Prospects for the Americas
                                          • Figure 3: Global luxury goods: Estimated market breakdown by region, 2009 (inner ring) and 2010 (outer ring)
                                        • Bounce back for hard luxury
                                          • Perfumes and cosmetics outpaced
                                            • Soft luxury buoyant
                                              • Figure 4: Global luxury goods: Estimated market breakdown by product category, 2009 (inner ring) and 2010 (outer ring)
                                            • Companies, brands and innovation
                                              • Market shares
                                                • LVMH maintains a strong lead
                                                  • But Richemont a powerful number two
                                                    • Shiseido in third place
                                                      • Figure 5: Global luxury goods: Estimated market shares, 2010
                                                    • Market developments
                                                      • Focusing on boutiques
                                                        • Flagship openings
                                                          • Online investments
                                                            • What we think
                                                            • Issues in the Market

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

                                                                      • Key points
                                                                        • An international market
                                                                          • Discretionary purchases
                                                                            • Recovery
                                                                              • Western Europe
                                                                                • US
                                                                                  • Japan
                                                                                    • China, India
                                                                                      • Russia
                                                                                        • Brazil
                                                                                          • Stock markets
                                                                                            • Figure 6: Major stock market performance to 5/7/2011
                                                                                          • Currencies
                                                                                            • Figure 7: Major exchange rate developments, 2002-11 (H1)
                                                                                          • Tourism
                                                                                              • Figure 8: International arrivals, 2000-10
                                                                                            • The growth in numbers of wealthy people
                                                                                              • Figure 9: Numbers of HNWIs, 2003-10
                                                                                              • Figure 10: World: High net worth individuals, 2006-10
                                                                                              • Figure 11: Growth in worldwide share of HNWIs, 2005-10
                                                                                          • Global Luxury Goods Market

                                                                                            • Market size
                                                                                                • Figure 12: Global luxury goods: Estimated market size by major player, 2006-10
                                                                                              • Market size at retail selling price
                                                                                                • Market shares
                                                                                                  • Figure 13: Global luxury goods: Estimated market shares of major players, 2008-10
                                                                                                • Market size by region
                                                                                                    • Figure 14: Global luxury goods: Estimated market size by region, 2006-10
                                                                                                  • Channels of distribution
                                                                                                    • Market size by channel
                                                                                                      • Wholesale key to some sectors
                                                                                                        • Licencing – an opportunity to diversify
                                                                                                          • Retail is where it’s at
                                                                                                          • Market Forecasts

                                                                                                            • Uncertain global environment
                                                                                                              • Economic growth will slow
                                                                                                                • Luxury sales rebounded strongly in 2010
                                                                                                                  • 2011 off to a cracking start
                                                                                                                    • USA and Europe stronger than expected
                                                                                                                      • The shape of recovery
                                                                                                                          • Figure 15: Global luxury goods: Estimated market size at retail selling prices, 2007-13
                                                                                                                        • Key regions
                                                                                                                          • Europe
                                                                                                                            • Americas
                                                                                                                              • Japan
                                                                                                                                • Other Asia-Pacific
                                                                                                                                  • Middle East
                                                                                                                                  • Fashion and Leather Goods

                                                                                                                                    • Market size
                                                                                                                                      • Soft luxury proving dynamic
                                                                                                                                        • Figure 16: Global luxury goods: Estimated luxury fashion & leather goods market, 2006-10
                                                                                                                                      • Market shares
                                                                                                                                          • Figure 17: Global luxury fashion & leather goods market: Estimated market shares of leading brands, 2006 & 2010
                                                                                                                                        • Key developments
                                                                                                                                          • Men – a major opportunity
                                                                                                                                            • Diffusion lines hold their own
                                                                                                                                              • Niche brands becoming lifestyle brands
                                                                                                                                                • The role of the designer
                                                                                                                                                  • Changing value of luxury
                                                                                                                                                    • Celebrities and influences
                                                                                                                                                      • Fashion looks and trends
                                                                                                                                                      • Jewellery and Watches

                                                                                                                                                        • Market size
                                                                                                                                                          • Strong bounce back for hard luxury
                                                                                                                                                            • Figure 18: Global luxury goods: Estimated luxury jewellery and watches market, 2006-10
                                                                                                                                                          • Market shares
                                                                                                                                                            • Figure 19: Global luxury jewellery & watches market: Estimated market shares of leading brands, 2006 and 2010
                                                                                                                                                          • Key developments
                                                                                                                                                            • Continued rising prices
                                                                                                                                                              • Royal Wedding
                                                                                                                                                                • Value for money
                                                                                                                                                                  • Increased in-house movement
                                                                                                                                                                    • Demand from China
                                                                                                                                                                      • Watch releases
                                                                                                                                                                      • Perfumes and Cosmetics

                                                                                                                                                                        • Market size
                                                                                                                                                                          • Losing share of the luxury market
                                                                                                                                                                            • Figure 20: Global luxury goods: Estimated luxury perfumes & cosmetics market, 2006-10
                                                                                                                                                                          • Market shares
                                                                                                                                                                            • Figure 21: Global luxury cosmetics & perfumes market: Estimated market shares of leading brands, 2006 and 2010
                                                                                                                                                                          • Key developments
                                                                                                                                                                            • Market recovers
                                                                                                                                                                              • M&A activity muted
                                                                                                                                                                                • Internet gains interest
                                                                                                                                                                                  • Key trends
                                                                                                                                                                                    • Skin care
                                                                                                                                                                                      • Colour cosmetics
                                                                                                                                                                                        • Fragrances
                                                                                                                                                                                          • What’s next:
                                                                                                                                                                                          • Regional and Country Analysis – Introduction

                                                                                                                                                                                            • Brazil

                                                                                                                                                                                              • Background
                                                                                                                                                                                                • Demographics
                                                                                                                                                                                                  • Economy
                                                                                                                                                                                                    • Consumer spending and retail sales
                                                                                                                                                                                                      • Luxury goods market
                                                                                                                                                                                                        • Figure 22: Brazil: Number of high net worth individuals, 2006-10
                                                                                                                                                                                                      • Key developments
                                                                                                                                                                                                        • Surging up the league tables
                                                                                                                                                                                                          • Consumer trends look favourable
                                                                                                                                                                                                            • Middle classes are key
                                                                                                                                                                                                              • Taxes remain a barrier
                                                                                                                                                                                                                • Consumers pushed abroad
                                                                                                                                                                                                                  • Strong domestic competition
                                                                                                                                                                                                                    • Market activity
                                                                                                                                                                                                                      • Retail development
                                                                                                                                                                                                                        • Brand presence
                                                                                                                                                                                                                          • Figure 23: Brazil luxury goods market: Presence of selected luxury brands, Summer 2011
                                                                                                                                                                                                                        • SWOT
                                                                                                                                                                                                                          • Strengths
                                                                                                                                                                                                                            • Weaknesses
                                                                                                                                                                                                                              • Opportunities
                                                                                                                                                                                                                                • Threats
                                                                                                                                                                                                                                • China

                                                                                                                                                                                                                                  • Background
                                                                                                                                                                                                                                    • One child policy could hamper economic growth
                                                                                                                                                                                                                                      • China overtakes Japan in 2010
                                                                                                                                                                                                                                        • And discretionary spending rises
                                                                                                                                                                                                                                          • Worrying inflation trends
                                                                                                                                                                                                                                            • Retail sales surge ahead
                                                                                                                                                                                                                                              • Luxury goods market
                                                                                                                                                                                                                                                • GDP per capita growing but still very low
                                                                                                                                                                                                                                                  • But the gap is less pronounced on retail sales per capita
                                                                                                                                                                                                                                                    • Fourth largest HNWI population in the world
                                                                                                                                                                                                                                                      • From billionaires…
                                                                                                                                                                                                                                                        • … to the middle classes
                                                                                                                                                                                                                                                          • Figure 24: China: Number of high net worth individuals, 2006-10
                                                                                                                                                                                                                                                        • Key developments
                                                                                                                                                                                                                                                          • Another stellar performance drives up investor confidence
                                                                                                                                                                                                                                                            • Banned billboards to control spending
                                                                                                                                                                                                                                                              • Or economic protectionism?
                                                                                                                                                                                                                                                                • Luxury import taxes cause much debate
                                                                                                                                                                                                                                                                  • The gender divide closes
                                                                                                                                                                                                                                                                    • And affords matchmaking opportunities too
                                                                                                                                                                                                                                                                      • SWOT
                                                                                                                                                                                                                                                                        • Strengths
                                                                                                                                                                                                                                                                          • Weaknesses
                                                                                                                                                                                                                                                                            • Opportunities
                                                                                                                                                                                                                                                                              • Threats
                                                                                                                                                                                                                                                                              • Europe

                                                                                                                                                                                                                                                                                • Background
                                                                                                                                                                                                                                                                                  • Scale
                                                                                                                                                                                                                                                                                    • Diversity
                                                                                                                                                                                                                                                                                      • Politics
                                                                                                                                                                                                                                                                                        • Luxury goods market
                                                                                                                                                                                                                                                                                          • High Net Worth individuals
                                                                                                                                                                                                                                                                                            • Figure 25: Europe: Number of high net worth individuals, 2005-10
                                                                                                                                                                                                                                                                                          • The East
                                                                                                                                                                                                                                                                                            • The West
                                                                                                                                                                                                                                                                                              • Trophies
                                                                                                                                                                                                                                                                                                • The recovery
                                                                                                                                                                                                                                                                                                  • Online
                                                                                                                                                                                                                                                                                                    • SWOT
                                                                                                                                                                                                                                                                                                      • Strengths
                                                                                                                                                                                                                                                                                                        • Weaknesses
                                                                                                                                                                                                                                                                                                          • Opportunities
                                                                                                                                                                                                                                                                                                            • Threats
                                                                                                                                                                                                                                                                                                            • India

                                                                                                                                                                                                                                                                                                              • Background
                                                                                                                                                                                                                                                                                                                • Demographics
                                                                                                                                                                                                                                                                                                                  • Economy
                                                                                                                                                                                                                                                                                                                    • Consumer spending and retail sales
                                                                                                                                                                                                                                                                                                                      • Luxury goods market
                                                                                                                                                                                                                                                                                                                        • Figure 26: India: Number of high net worth individuals, 2006-10
                                                                                                                                                                                                                                                                                                                      • Key developments
                                                                                                                                                                                                                                                                                                                        • A culture ripe for luxury
                                                                                                                                                                                                                                                                                                                          • Purchasing priorities
                                                                                                                                                                                                                                                                                                                            • Space concerns
                                                                                                                                                                                                                                                                                                                              • Problematic partnerships
                                                                                                                                                                                                                                                                                                                                • FDI rules have proved a bar – up to now
                                                                                                                                                                                                                                                                                                                                  • Domestic competition in luxury
                                                                                                                                                                                                                                                                                                                                    • Brand presence
                                                                                                                                                                                                                                                                                                                                      • Figure 27: India luxury goods market: Presence of selected luxury brands, Summer 2011
                                                                                                                                                                                                                                                                                                                                    • SWOT
                                                                                                                                                                                                                                                                                                                                      • Strengths
                                                                                                                                                                                                                                                                                                                                        • Weaknesses
                                                                                                                                                                                                                                                                                                                                          • Opportunities
                                                                                                                                                                                                                                                                                                                                            • Threats
                                                                                                                                                                                                                                                                                                                                            • Japan

                                                                                                                                                                                                                                                                                                                                              • Background
                                                                                                                                                                                                                                                                                                                                                • Surprise population rise
                                                                                                                                                                                                                                                                                                                                                  • Economic malaise
                                                                                                                                                                                                                                                                                                                                                    • Tragedy strikes
                                                                                                                                                                                                                                                                                                                                                      • Prolonged retail malaise
                                                                                                                                                                                                                                                                                                                                                        • Luxury goods market
                                                                                                                                                                                                                                                                                                                                                          • Figure 28: Japan: Number of high net worth individuals, 2007-10
                                                                                                                                                                                                                                                                                                                                                        • Key developments
                                                                                                                                                                                                                                                                                                                                                          • A large but mature market
                                                                                                                                                                                                                                                                                                                                                            • Changing habits
                                                                                                                                                                                                                                                                                                                                                              • Operating in a saturated market
                                                                                                                                                                                                                                                                                                                                                                • Looking to affluent neighbours
                                                                                                                                                                                                                                                                                                                                                                  • SWOT
                                                                                                                                                                                                                                                                                                                                                                    • Strengths
                                                                                                                                                                                                                                                                                                                                                                      • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                        • Opportunities
                                                                                                                                                                                                                                                                                                                                                                          • Threats
                                                                                                                                                                                                                                                                                                                                                                          • Middle East

                                                                                                                                                                                                                                                                                                                                                                            • Background
                                                                                                                                                                                                                                                                                                                                                                              • Lebanon posts above average growth
                                                                                                                                                                                                                                                                                                                                                                                • Saudi Arabia needs more quality space
                                                                                                                                                                                                                                                                                                                                                                                  • GDP per capita
                                                                                                                                                                                                                                                                                                                                                                                    • The Arab Spring
                                                                                                                                                                                                                                                                                                                                                                                      • Luxury goods market
                                                                                                                                                                                                                                                                                                                                                                                        • Less than 0.5 million HNWIs
                                                                                                                                                                                                                                                                                                                                                                                          • But growing faster than any other region
                                                                                                                                                                                                                                                                                                                                                                                            • Kuwait and Bahrain leap ahead
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 29: Middle east: Number of high net worth individuals, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                            • A younger and more male-focused cohort
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 30: Middle east and Global average: high net worth individuals by age, 2010
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 31: Middle east and Global average: high net worth individuals by gender, 2010
                                                                                                                                                                                                                                                                                                                                                                                            • Key developments
                                                                                                                                                                                                                                                                                                                                                                                              • Long tradition of luxury
                                                                                                                                                                                                                                                                                                                                                                                                • Activity starts to step up
                                                                                                                                                                                                                                                                                                                                                                                                  • Better infrastructure and more established wealth than other emerging markets
                                                                                                                                                                                                                                                                                                                                                                                                    • Focused centres of activity
                                                                                                                                                                                                                                                                                                                                                                                                      • Dubai shows signs of recovery
                                                                                                                                                                                                                                                                                                                                                                                                        • International tourist and shopping destination
                                                                                                                                                                                                                                                                                                                                                                                                          • Capitalising on the Chinese tourist
                                                                                                                                                                                                                                                                                                                                                                                                            • Beirut in the spotlight too
                                                                                                                                                                                                                                                                                                                                                                                                              • Joint ventures
                                                                                                                                                                                                                                                                                                                                                                                                                • SWOT
                                                                                                                                                                                                                                                                                                                                                                                                                  • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                    • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                      • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                        • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                        • Russia

                                                                                                                                                                                                                                                                                                                                                                                                                          • Background
                                                                                                                                                                                                                                                                                                                                                                                                                            • Recovery
                                                                                                                                                                                                                                                                                                                                                                                                                              • Elections coming up
                                                                                                                                                                                                                                                                                                                                                                                                                                • Falling population
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Growing affluent middle class
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Luxury goods market
                                                                                                                                                                                                                                                                                                                                                                                                                                      • High net worth individuals
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 32: Russia: Breakdown of population, by average monthly income per capita, 2004-09
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 33: Russia: Number of high net worth individuals, 2005-10
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market developments
                                                                                                                                                                                                                                                                                                                                                                                                                                        • SWOT
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                • USA

                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Population on the rise
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The recession
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Protracted recovery
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Can we really?
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The final days of the world’s largest superpower?
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Luxury goods markets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 34: US: Number of high net worth individuals, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Key developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Influence on the wane?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The recovery
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Luxury tourism potential…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • …could be being undermined
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • SWOT
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Armani

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 35: Armani: Share of global luxury goods market, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 36: Armani Financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 37: Armani: Sales by brand and by region, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 38: Armani: Outlets, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 39: Armani: Outlets by brand, 2008-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 40: Armani: Brands, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Bulgari SpA

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 41: Bulgari: Share of global luxury goods market, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 42: Bulgari SpA: Financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 43: Bulgari SpA: Sales growth rates by category, 2008-09, 2009-10, Q4 2010, Q1 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 44: Bulgari SpA: Contribution to revenue by category, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 45: Swiss-watch certificates issued by the COSC, 2007-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 46: Bulgari SpA: Net revenue growth for selected regions, 2008-Q1 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 47: Bulgari SpA: Net revenue by region, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 48: Bulgari SpA: Growth rates in Chinese net revenues, 2009, 2010 and Q1 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 49: Bulgari SpA: Contribution to revenue by region, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 50: Bulgari SpA: Outlet numbers, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Burberry

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 51: Burberry: Share of global luxury goods market, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Outlook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 52: Burberry Group: Financial performance, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 53: Burberry Group: Revenue by channel, 2005/06, 2009/10 and 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 54: Burberry Group: Revenue by regional destination, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 55: Burberry Group: FY retail/wholesale revenue by region and % year-on-year growth on underlying basis, 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 56: Burberry retail division: Directly-operated outlet data, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 57: Burberry Group: Directly-operated and franchise outlets, by region, 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Market positioning/target audience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 58: Burberry Group: Retail/wholesale revenue by product category, 2009/10 and 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 59: Burberry Group: Product categories retail/wholesale revenue and % year-on-year growth on underlying basis, FY 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 60: Burberry Group: Product pyramid
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Advertising
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Ethical/Environmental issues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Christian Dior Couture

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 61: Christian Dior couture: Share of global luxury goods market, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Ownership
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 62: Christian Dior Couture: Financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Sales by business sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 63: Christian Dior Couture: Total revenue, by business sector, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail revenues by region
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 64: Christian Dior Couture: Retail revenue by geographic region, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 65: Christian Dior Couture: Outlet numbers, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 66: Christian Dior Couture: Store coverage by geographic region, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market positioning and values
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Estée Lauder Companies

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 67: Estée Lauder: Share of global luxury goods market, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 68: Estée Lauder: Group financial performance, by region, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • By region
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 69: Estée Lauder: Group sales by region, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • By product area
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 70: Estée Lauder: Group financial performance, by product area, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 71: Estée Lauder: Group sales by product category, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 72: Estée Lauder, Net sales by distribution channel, 2004/05 and 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 73: Estée Lauder websites, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Gucci Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 74: Gucci Group: share of global luxury goods market, 2006-2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 75: Gucci Group: Financial data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 76: Gucci Group: Share of group sales, by region, 2006 and 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 77: Gucci Group: Relative sales importance, by brand division, 2006 and 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 78: Gucci Group: Gucci division –turnover by product category and region, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 79: Gucci Group: Bottega Veneta division –turnover by product and region, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 80: Gucci Group: Yves Saint Laurent division –turnover by product and region, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 81: Gucci Group: Other brands division –turnover by product and region, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 82: Gucci group: Interim sales and profit, 2010 and 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 83: Gucci Group: Directly-operated stores, by brand, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 84: Gucci Group: Directly-operated stores by brand and region, 2009 and 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Market positioning and brand essence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 85: Gucci Group: Brand essence and positioning, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 86: Gucci Group: Breakdown of revenue, by major category, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 87: Gucci Group: Main product categories, by brand, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Advertising and marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 88: Gucci Group: Group websites, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Hermès International

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 89: Hermès: Share of global luxury goods market, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 90: Hermès: Financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sales by region
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 91: Hermès: Share of group sales by region, 2006 and 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sales by product category
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 92: Hermès: Sales by major product category, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 93: Hermès: Retail outlets, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 94: Hermès: Stores by region, 2007-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 95: Hermès: Product breakdown, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • L’Oréal (Luxury Division)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 96: L’Oréal luxury division: Share of global luxury goods market, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 97: L’Oréal: Sales by division, 2009-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 98: L’Oréal Luxury division: Financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sales by region and product area
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 99: L’Oréal Luxury division: Sales by region and product area, 2009 and 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 100: L’Oréal Luxury division: Sales breakdown by geographic region, 2005 and 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 101: L’Oréal Luxury division: Sales breakdown by product area, 2005 and 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • First half 2011 results
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Product offer and major lines
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 102: L’Oréal: Luxury brands, product offer and major lines, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 103: L’Oréal luxury brands: E-commerce offer, July 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • LVMH Holding

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 104: LVMH: Share of global luxury goods market, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 105: LVMH: Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 106: LVMH: Relative sales importance, by division, 2006 and 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 107: LVMH: Relative profit importance, by division, 2006 and 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sales by region: Rest of Asia drives growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 108: LVMH: Group sales by region, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Regional sales by division
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 109: LVMH: Fashion & leather goods division sales breakdown, by region, 2001, 2009 and 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 110: LVMH: Perfumes and cosmetics division sales, by region, 2001, 2009 and 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 111: LVMH: Watches and jewellery division sales, by region, 2001 and 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 112: LVMH: Sales growth by division and region, 2009-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 113: LVMH: Performance by luxury brand, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 114: LVMH: Sales by luxury division, interim period 2010 and 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 115: LVMH: Group outlet numbers, by region, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 116: LVMH: Outlet data by luxury brand, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market positioning and brand essence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 117: LVMH: Brand positioning/essence, 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 118: LVMH: Main product categories by brand, 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Innovation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Polo Ralph Lauren Corp

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 119: Polo Ralph Lauren: Share of global luxury goods market, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 120: Polo Ralph Lauren: Group Financial performance, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 121: Polo Ralph Lauren: Revenue contributions by segment, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 122: Polo Ralph Lauren: Turnover by region, 2006/07-10/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 123: Polo Ralph Lauren: Total group turnover by region, 2008/09-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Note: No continuous data prior to 2008/09 as Asia was not reported as a segment.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 124: Comparable store sales by fascia, 2009/10-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 125: Polo Ralph Lauren: Company-owned outlet numbers, 2008-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 126: Polo Ralph Lauren: Retail outlets supplied, 2010-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 127: Polo Ralph Lauren: % breakdown of outlet numbers supplied, 2010-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 128: Polo Ralph Lauren: Owned retail outlets, by region, 2010-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 129: Polo Ralph Lauren: Brands and positioning, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 130: Polo Ralph Lauren: Advertising expenditure, 2008/09-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 131: Polo Ralph Lauren: Unique visitor and customer numbers, 2009/10-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Prada

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 132: Prada Holding NV: Group share of global luxury market, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 133: Prada Group: Financial data, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 134: Prada Group: Sales by region, 2009/10 and 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 135: Prada Group and major brands: Sales by major product category, 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 136: Prada Group: Sales growth, by major product category, 2009/10 and 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Richemont

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 137: Richemont Group: Share of global luxury market, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 138: Richemont Group: Financial performance, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 139: Richemont Group: Sales performance, by region, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 140: Richemont Group: Contribution to total sales by region, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 141: Richemont Group: Financial performance by business segment, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 142: Richemont group: Sales by business segment, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 143: Richemont Group: Sales by product line, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 144: Richemont Group: Sales growth rates, by product category, 2009/10 and 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 145: Richemont Group: Turnover by product category, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 146: Richemont Group: Performance by brand, 2009/10-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 147: Richemont Group: Number of outlets, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 148: Richemont Group: Number of outlets, by brand, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Distribution developments by brand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 149: Richemont Group: Distribution developments by brand 2009/10 and 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 150: Richemont group: Brand positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 151: Richemont Group: Product developments, 2009/10 & 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Advertising and marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 152: Richemont Group: Brand websites, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Shiseido

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 153: Shiseido: Share of global luxury goods market, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 154: Shiseido: Financial performance, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 155: Shiseido: Sales by region, 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 156: Shiseido: Financial performance, by region, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Swatch

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 157: Swatch Group (Luxury): Estimated share of global luxury goods market, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 158: Swatch Group: Financial data, 2006-H1 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 159: Swiss-watch certificates issued by the COSC, 2007-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 160: Swatch Group: Estimated contribution to watch & jewellery sales by brand/segment, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 161: Swatch Group: Turnover by region, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 162: Swatch Group: Total group turnover, by region, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 163: Swatch Group: Retail fascia, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 164: Swatch Group: Watch brands by segment, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 165: Swatch Group: Brand websites, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Tiffany & Co

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 166: Tiffany & Co: Share of global luxury goods market, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 167: Tiffany & Co: Financial performance, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 168: Tiffany & Co: Turnover by region, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 169: Tiffany & Co: Outlet data, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market positioning/brand values
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Price
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Advertising
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Home shopping and e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Valentino Fashion Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 170: Valentino: Share of global luxury goods market, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 171: Valentino Fashion Group: Financial performance, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 172: Valentino: Boutiques, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 173: Valentino Fashion Group: Outlets, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 174: Valentino: Principal brands, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 175: Hugo Boss: Principal brands, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – Broader Market Environment

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Population
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 176: Selected luxury goods markets: Total population, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 177: Selected luxury goods markets: Population breakdown, by age group, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • GDP
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 178: Selected luxury goods markets: GDP (in current prices), 2001-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 179: Selected luxury goods markets: GDP growth rates (in constant prices), 2001-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consumer prices
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 180: Selected luxury goods markets: Consumer prices, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 181: Selected luxury goods markets: Total retail sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • High Net Worth individuals
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 182: Selected luxury goods markets: HNWI numbers, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 183: Selected luxury goods markets: HNWIs as a proportion of the total population, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Exchange rates
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 184: Selected luxury goods markets: $ to currencies of markets in this report, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 185: Selected luxury goods markets: € to currencies of markets in this report, 2006-10

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Companies Covered

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

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Luxury Goods Retailing - Global - August 2011

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    £1,285.00 (Excl.Tax)