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Luxury Goods Retailing - International - August 2012

This report differs from other Mintel retail titles in that it looks primarily at companies involved in design, manufacturing and distribution, rather than traditional retailing. However, many luxury houses are increasingly focusing investment on directly-operated stores in favour of wholesaling to third party distributors. But the reported revenues from these companies (and one of our two market size definitions – see below) does include a mix of retail turnover, wholesale sales to franchisees and concessionaires plus income from licence agreements. Sometimes the last of these is included in wholesaling activities.

The report includes profiles of the top seven luxury operators by turnover including the major ‘multi-branded’ houses LVMH, Richemont and PPR Luxury, along with Polo Ralph Lauren. The other three in our top seven are beauty operators Estée Lauder, Shiseido and L’Oréal. The last two of these also have mass-market operations but in the case of L’Oréal we have been able to hone in on its luxury division. However, Shiseido does not split out luxury separately and so it appears higher up our rankings than it would otherwise be.

Some questions answered in this report include:

  • How can companies prevent the ‘upper-mass’ drift?
  • What luxury goods categories will have the strongest performance given the current economic uncertainty?
  • What are the leading 20 luxury brand operators’ market shares?
  • How can retailers balance tradition and technology in a multichannel world?
  • We’ve seen that China has remained a surgin market for luxury goods. What other regions offer substantial growth opportunities?

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Table of contents

  1. Introduction

    • Company coverage
      • Terms and definitions
        • Luxury goods – a definition
          • Mintel market size – consolidated revenues
            • Mintel market size – at retail selling prices
              • Exchange rates
                • Figure 1: US dollar to euro exchange rates, 2005-11
              • Product categories
                • Technical notes
                  • Financial definitions
                    • Abbreviations
                    • Executive Summary

                      • Market size and forecast
                        • Market shares
                          • Figure 2: Global luxury consumer goods market: The leading 20 operators’ market shares, 2010 and 2011
                        • Regional breakdown
                          • Figure 3: Global luxury consumer goods market: Breakdown, by region, 2010 and 2011
                        • Asia-Pacific revenues
                          • Figure 4: Selected luxury houses: Percentage of group revenues deriving from Asia-Pacific region, 2010 and 2011
                        • Product categories
                            • Figure 5: Global luxury consumer goods market: Breakdown, by product category, 2010 and 2011
                        • Issues in the Market

                          • Preventing the upper-mass drift
                            • High-end and hard-luxury looking the best bets
                              • Balancing technology and tradition in a multichannel world
                                • The BRICs and beyond
                                • Trend Application

                                    • 2015 trend: Access Anything, Anywhere
                                      • 2015 trend: East Meets West
                                      • Global Market Background

                                        • Key points
                                          • Who buys luxury goods?
                                            • Who can afford to buy?
                                              • High Net Worth Individuals (HNWIs)
                                                • Figure 6: Number of HNWIs, by region, 2003-11
                                                • Figure 7: World: HNWIs, 2007-11
                                                • Figure 8: Average wealth of HNWIs, 2003-11
                                              • Economic background
                                                • Other factors
                                                  • Stock markets
                                                    • Figure 9: Major stock market performance, 2008-12
                                                  • Currency
                                                      • Figure 10: Major currencies, 2002-12
                                                    • Tourism
                                                      • Figure 11: International inbound tourism, 2000-11
                                                  • Global Luxury Goods Market Size and Forecast

                                                    • A second consecutive year of double digit growth
                                                        • Figure 12: Global luxury goods: Estimated market size, 2007-14
                                                      • Outlook – 2012 and beyond
                                                        • Economic and political uncertainty
                                                          • Luxury growth rates forecast to soften in 2012
                                                            • Prospects by region
                                                              • Market breakdown by region
                                                                • Asia-Pacific led the market in 2011
                                                                  • European growth underpinned by foreign tourists
                                                                    • The Americas shunted into third place
                                                                      • Middle East became secondary emerging force behind China
                                                                        • Figure 13: Global luxury goods: Estimated market size, by region, 2007-11
                                                                        • Figure 14: Global luxury goods: Estimated share of market, by region, 2010 and 2011
                                                                      • Hard-luxury outperforms again in 2011
                                                                          • Figure 15: Global luxury goods: Estimated market size, by product group, 2007-11
                                                                          • Figure 16: Global luxury goods: Estimated share of market, by product group, 2010 and 2011
                                                                      • Fashion and Leather Goods

                                                                          • Market size
                                                                            • Figure 17: Luxury fashion and leather goods: Global sales, by brand owners, 2007-11
                                                                          • Market shares
                                                                            • Figure 18: Leading ten operators’ share of global luxury fashion and leather goods market, 2010 and 2011
                                                                          • Who’s innovating
                                                                            • Olympic fashions
                                                                              • Vuitton’s Haute Maroquinerie
                                                                                • In-store technology
                                                                                  • New markets and new stores
                                                                                    • Tailoring to market
                                                                                    • Watches and Jewellery

                                                                                        • Market size
                                                                                          • Figure 19: Luxury jewellery and watches: Global sales, by brand owners, 2007-11
                                                                                        • Market shares
                                                                                          • Figure 20: Leading ten operators’ share of global luxury watches and jewellery market, 2010 and 2011
                                                                                        • Who’s innovating
                                                                                          • Jubilee and Olympics create demand
                                                                                            • Chinese demand continues
                                                                                              • Brands look for bigger boutique presence
                                                                                                • Online develops with 3D augmented reality technology
                                                                                                  • Technology strengthens the in-store experience
                                                                                                  • Perfume and Cosmetics

                                                                                                      • Market size
                                                                                                        • Figure 21: Luxury perfumes and cosmetics: Global sales, by brand owners, 2007-11
                                                                                                      • Market shares
                                                                                                        • Figure 22: Leading ten operators’ share of global luxury perfumes and cosmetics market, 2010 and 2011
                                                                                                      • Who’s innovating
                                                                                                        • Pop-up shops
                                                                                                          • Selfridges thinks British
                                                                                                            • Penhaligon’s hits the roof
                                                                                                              • Spa performance
                                                                                                                • Figure 23: Kiehl’s spa
                                                                                                              • Isetan puts beauty in a capsule
                                                                                                                • Ba Yan Ka La combines Chinese culture with Western beauty cues
                                                                                                                  • Figure 24: Ba Yan Ka La, Shanghai
                                                                                                              • Brazil

                                                                                                                • SWOT
                                                                                                                  • Strengths
                                                                                                                    • Weaknesses
                                                                                                                      • Opportunities
                                                                                                                        • Threats
                                                                                                                          • Prospects
                                                                                                                          • China

                                                                                                                            • SWOT
                                                                                                                              • Strengths
                                                                                                                                • Weaknesses
                                                                                                                                  • Opportunities
                                                                                                                                    • Threats
                                                                                                                                      • Prospects
                                                                                                                                      • Europe

                                                                                                                                        • SWOT
                                                                                                                                          • Strengths
                                                                                                                                            • Weaknesses
                                                                                                                                              • Opportunities
                                                                                                                                                • Threats
                                                                                                                                                  • Prospects
                                                                                                                                                  • India

                                                                                                                                                    • SWOT
                                                                                                                                                      • Strengths
                                                                                                                                                        • Weaknesses
                                                                                                                                                          • Opportunities
                                                                                                                                                            • Threats
                                                                                                                                                              • Prospects
                                                                                                                                                              • Japan

                                                                                                                                                                • SWOT
                                                                                                                                                                  • Strengths
                                                                                                                                                                    • Weaknesses
                                                                                                                                                                      • Opportunities
                                                                                                                                                                        • Threats
                                                                                                                                                                          • Prospects
                                                                                                                                                                            • Changing habits
                                                                                                                                                                              • Operating in a saturated market
                                                                                                                                                                                • Luxury tourism
                                                                                                                                                                                • Middle East

                                                                                                                                                                                  • SWOT
                                                                                                                                                                                    • Strengths
                                                                                                                                                                                      • Weaknesses
                                                                                                                                                                                        • Opportunities
                                                                                                                                                                                          • Threats
                                                                                                                                                                                            • Prospects
                                                                                                                                                                                              • UAE
                                                                                                                                                                                                • SWOT
                                                                                                                                                                                                  • Strengths
                                                                                                                                                                                                    • Weaknesses
                                                                                                                                                                                                      • Opportunities
                                                                                                                                                                                                        • Threats
                                                                                                                                                                                                        • Russia

                                                                                                                                                                                                          • SWOT
                                                                                                                                                                                                            • Strengths
                                                                                                                                                                                                              • Weaknesses
                                                                                                                                                                                                                • Opportunities
                                                                                                                                                                                                                  • Threats
                                                                                                                                                                                                                    • Prospects
                                                                                                                                                                                                                    • South Africa

                                                                                                                                                                                                                      • SWOT
                                                                                                                                                                                                                        • Strengths
                                                                                                                                                                                                                          • Weaknesses
                                                                                                                                                                                                                            • Opportunities
                                                                                                                                                                                                                              • Threats
                                                                                                                                                                                                                                • Prospects
                                                                                                                                                                                                                                • USA

                                                                                                                                                                                                                                  • SWOT
                                                                                                                                                                                                                                    • Strengths
                                                                                                                                                                                                                                      • Weaknesses
                                                                                                                                                                                                                                        • Opportunities
                                                                                                                                                                                                                                          • Threats
                                                                                                                                                                                                                                            • Prospects
                                                                                                                                                                                                                                            • Market Shares and Key Metrics

                                                                                                                                                                                                                                              • Market shares
                                                                                                                                                                                                                                                  • Figure 25: Global luxury consumer goods market: The leading 20 operators’ market shares, 2010 and 2011
                                                                                                                                                                                                                                                • Leading brand owners by revenues
                                                                                                                                                                                                                                                    • Figure 26: Global luxury consumer goods market: Leading operators’ net revenues, 2010 and 2011
                                                                                                                                                                                                                                                  • Revenue growth rates
                                                                                                                                                                                                                                                      • Figure 27: Leading luxury houses: CAGR in revenues, 2007-11, and year-on-year revenue growth, 2010-11
                                                                                                                                                                                                                                                    • Product revenue mix
                                                                                                                                                                                                                                                      • Figure 28: Selected luxury houses: Sales mix, by luxury category, 2011
                                                                                                                                                                                                                                                    • Asia-Pacific revenues
                                                                                                                                                                                                                                                        • Figure 29: Selected luxury houses: Percentage of group revenues deriving from Asia-Pacific region, 2010 and 2011
                                                                                                                                                                                                                                                      • Store numbers
                                                                                                                                                                                                                                                        • Figure 30: Selected luxury houses: Directly-operated store numbers, 2010 and 2011
                                                                                                                                                                                                                                                      • Retail contribution to revenues
                                                                                                                                                                                                                                                        • Figure 31: Selected luxury houses: Percentage of group revenues deriving from direct retailing, 2010 and 2011
                                                                                                                                                                                                                                                      • The Swiss watchmakers
                                                                                                                                                                                                                                                        • Figure 32: Percentage of all COSC certificates accounted for by leading Swiss-watch brands, 2010 and 2011
                                                                                                                                                                                                                                                        • Figure 33: Number of Swiss watch certificates issued by the COSC, brands registering >10,000 certificates in 2010 or 2011
                                                                                                                                                                                                                                                        • Figure 34: Number of Swiss watch certificates issued by the COSC, three leading brands, 2007-11
                                                                                                                                                                                                                                                    • Burberry Group Plc

                                                                                                                                                                                                                                                        • Figure 35: Burberry Group Plc: Share of global luxury goods market, 2007-11
                                                                                                                                                                                                                                                      • Strategic evaluation
                                                                                                                                                                                                                                                        • Background
                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                            • Figure 36: Burberry Group Plc: Group financial performance, 2007/8-2011/12
                                                                                                                                                                                                                                                            • Figure 37: Burberry Group Plc: Percentage of group revenues from Asia-Pacific and Rest of the World segments, 2007/08–2011/12
                                                                                                                                                                                                                                                            • Figure 38: Burberry Group Plc: Percentage of group revenues from retail sales, 2007/08–2011/12
                                                                                                                                                                                                                                                            • Figure 39: Burberry Group Plc: Revenues, by channel, 2007/08-2011/12
                                                                                                                                                                                                                                                            • Figure 40: Burberry Group Plc: Outlet data, 2008/09-2011/12
                                                                                                                                                                                                                                                            • Figure 41: Burberry PLC: Company-owned store breakdown, 2007/08-2011/12
                                                                                                                                                                                                                                                            • Figure 42: Burberry Group Plc: Percentage contribution to retail/wholesale revenues, by product category, 2010/11–2011/12
                                                                                                                                                                                                                                                            • Figure 43: Burberry Group: Retail/wholesale revenues, by product category, 2007/08–2011/12
                                                                                                                                                                                                                                                          • Brands
                                                                                                                                                                                                                                                            • Figure 44: Burberry Group Plc: Identified womenswear and menswear SKU breakdown, July 2012
                                                                                                                                                                                                                                                          • E-commerce and social networks
                                                                                                                                                                                                                                                          • Christian Dior Couture

                                                                                                                                                                                                                                                              • Figure 45: Christian Dior Couture: Share of global luxury goods market, 2007-11
                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                              • Background
                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                  • Figure 46: Christian Dior: Group financial performance, 2007-11
                                                                                                                                                                                                                                                                  • Figure 47: Christian Dior Couture: Percentage contribution to group revenues, 2007-11
                                                                                                                                                                                                                                                                  • Figure 48: Christian Dior Couture: Breakdown of revenues, by channel/geography, 2010 and 2011
                                                                                                                                                                                                                                                                  • Figure 49: Christian Dior Couture: Revenues, by channel, 2007-11
                                                                                                                                                                                                                                                                  • Figure 50: Christian Dior Couture: Retail and Other revenues, by geography, 2007-11
                                                                                                                                                                                                                                                                  • Figure 51: Christian Dior Couture: Outlet numbers, 2007-11
                                                                                                                                                                                                                                                                • Brands
                                                                                                                                                                                                                                                                  • E-commerce and social networks
                                                                                                                                                                                                                                                                  • Estée Lauder Companies

                                                                                                                                                                                                                                                                      • Figure 52: Estée Lauder Companies: Share of global luxury goods market, 2007-11
                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                      • Background
                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                            • Figure 53: Estée Lauder: Group financial performance, 2006/07-2011/12
                                                                                                                                                                                                                                                                            • Figure 54: Estée Lauder: Group financial performance, by region, 2006/07-2010/11
                                                                                                                                                                                                                                                                            • Figure 55: Estée Lauder: Sales breakdown, by region, 2006/07 and 2010/11
                                                                                                                                                                                                                                                                            • Figure 56: Estée Lauder: Group financial performance, by product area, 2006/07-2010/11
                                                                                                                                                                                                                                                                            • Figure 57: Estée Lauder: Sales breakdown, by product area, 2006/07and 2010/11
                                                                                                                                                                                                                                                                          • Distribution
                                                                                                                                                                                                                                                                              • Figure 58: Estée Lauder, Net sales, by distribution channel, 2007/08-2010/11
                                                                                                                                                                                                                                                                            • Brands
                                                                                                                                                                                                                                                                              • E-commerce and social networks
                                                                                                                                                                                                                                                                                • Figure 59: Estée Lauder websites, 2012
                                                                                                                                                                                                                                                                            • Giorgio Armani

                                                                                                                                                                                                                                                                                • Figure 60: Giorgio Armani: Estimated share of global luxury goods market, 2007-11
                                                                                                                                                                                                                                                                              • Strategic evaluation
                                                                                                                                                                                                                                                                                • Background
                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                    • Figure 61: Giorgio Armani: group financial performance, 2007-11
                                                                                                                                                                                                                                                                                    • Figure 62: Giorgio Armani: geographical breakdown of sales, 2010-11
                                                                                                                                                                                                                                                                                  • Distribution
                                                                                                                                                                                                                                                                                    • Figure 63: Armani: Outlet numbers, 2007-11
                                                                                                                                                                                                                                                                                  • Brands
                                                                                                                                                                                                                                                                                    • Figure 64: Armani: Brands, 2012
                                                                                                                                                                                                                                                                                  • E-commerce and social networks
                                                                                                                                                                                                                                                                                  • Harry Winston

                                                                                                                                                                                                                                                                                      • Figure 65: Harry Winston: Share of global luxury goods market, 2007-11
                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                      • Background
                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                          • Figure 66: Harry Winston: Luxury performance, 2007/8-2011/12
                                                                                                                                                                                                                                                                                        • Brands
                                                                                                                                                                                                                                                                                          • E-commerce and social networks
                                                                                                                                                                                                                                                                                          • Hermès International

                                                                                                                                                                                                                                                                                              • Figure 67: Hermès: Share of global luxury goods market, 2007-11
                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                              • Background
                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                  • Figure 68: Hermès: Financial performance, 2007-11
                                                                                                                                                                                                                                                                                                • Sales by region
                                                                                                                                                                                                                                                                                                  • Figure 69: Hermès: Share of sales, by region, 2007 and 2011
                                                                                                                                                                                                                                                                                                • Sales by product category
                                                                                                                                                                                                                                                                                                  • Figure 70: Hermès: Sales, by Product category, 2007-11
                                                                                                                                                                                                                                                                                                • Distribution
                                                                                                                                                                                                                                                                                                  • Figure 71: Hermès: Retail outlets, 2007-11
                                                                                                                                                                                                                                                                                                  • Figure 72: Hermès: Stores, by region, 2007-11
                                                                                                                                                                                                                                                                                                • Brands
                                                                                                                                                                                                                                                                                                  • Figure 73: Hermès: Sales mix, 2010 and 2011
                                                                                                                                                                                                                                                                                                • E-commerce and social networks
                                                                                                                                                                                                                                                                                                • L’Oréal Luxe

                                                                                                                                                                                                                                                                                                    • Figure 74: L’Oréal Luxe: Share of global luxury goods market, 2007-11
                                                                                                                                                                                                                                                                                                  • Strategic evaluation
                                                                                                                                                                                                                                                                                                    • Background
                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                        • Figure 75: L’Oréal Group: Financial performance, 2009-11
                                                                                                                                                                                                                                                                                                        • Figure 76: L’Oréal Luxe: Financial performance, 2007-11
                                                                                                                                                                                                                                                                                                        • Figure 77: L’Oréal Luxe: Sales contribution, by region, 2010 and 2011
                                                                                                                                                                                                                                                                                                        • Figure 78: L’Oréal Luxe: Sales, by region and product area, 2009-11
                                                                                                                                                                                                                                                                                                        • Figure 79: L’Oréal Group: Contribution to group revenues, by region, 2011
                                                                                                                                                                                                                                                                                                        • Figure 80: L’Oréal Luxe: Sales contribution, by product category, 2010 and 2011
                                                                                                                                                                                                                                                                                                      • Brands
                                                                                                                                                                                                                                                                                                        • E-commerce and social networks
                                                                                                                                                                                                                                                                                                        • LVMH Moët Hennessey-Louis Vuitton

                                                                                                                                                                                                                                                                                                            • Figure 81: LVMH: Share of global luxury goods market, 2007-11
                                                                                                                                                                                                                                                                                                          • Strategic evaluation
                                                                                                                                                                                                                                                                                                              • Figure 82: LVMH: Contribution to luxury goods revenues, by product category, 2010-11
                                                                                                                                                                                                                                                                                                              • Figure 83: LVMH: Contribution of Asia region to revenues, selected segments and group total (values shown), 2007-11
                                                                                                                                                                                                                                                                                                            • Background
                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                  • Figure 84: LVMH: Group financial performance, 2007-11
                                                                                                                                                                                                                                                                                                                  • Figure 85: LVMH: Contribution to group revenues, by region, 2007-11
                                                                                                                                                                                                                                                                                                                  • Figure 86: LVMH: Distribution of segment revenues, by region, 2011
                                                                                                                                                                                                                                                                                                                  • Figure 87: LVMH: Distribution of retail outlets, by region, 2010-11
                                                                                                                                                                                                                                                                                                                  • Figure 88: LVMH: Directly-operated outlet numbers, by region, 2007-11
                                                                                                                                                                                                                                                                                                                  • Figure 89: LVMH: Directly-operated outlet numbers, by selected segments, 2009-11
                                                                                                                                                                                                                                                                                                                • Brands
                                                                                                                                                                                                                                                                                                                  • E-commerce and social networks
                                                                                                                                                                                                                                                                                                                  • PPR Luxury (Gucci Group)

                                                                                                                                                                                                                                                                                                                      • Figure 90: PPR Luxury: Share of global luxury goods market, 2007-11
                                                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                                                      • Background
                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                          • Figure 91: PPR Luxury: Brand contributions to total revenue growth, 2010 and 2011
                                                                                                                                                                                                                                                                                                                          • Figure 92: PPR Luxury: Group financial performance, 2007-11
                                                                                                                                                                                                                                                                                                                          • Figure 93: PPR Luxury: Contribution to group and brand revenues, by product category, 2011
                                                                                                                                                                                                                                                                                                                          • Figure 94: PPR Luxury: Contribution to group and brand revenues, by region, 2011
                                                                                                                                                                                                                                                                                                                          • Figure 95: PPR Luxury: Contribution to group revenues, by product category and region, 2007-11
                                                                                                                                                                                                                                                                                                                          • Figure 96: PPR Luxury: Directly-operated outlet numbers, 2007-11
                                                                                                                                                                                                                                                                                                                        • Gucci
                                                                                                                                                                                                                                                                                                                          • Figure 97: Gucci: Contribution to group revenues, by product category and region, 2007-11
                                                                                                                                                                                                                                                                                                                        • Bottega Veneta
                                                                                                                                                                                                                                                                                                                          • Figure 98: Bottega Veneta: Contribution to revenues, by product category and region, 2007-11
                                                                                                                                                                                                                                                                                                                        • Yves Saint Laurent
                                                                                                                                                                                                                                                                                                                          • Figure 99: Yves Saint Laurent: Contribution to revenues, by product category and region, 2007-11
                                                                                                                                                                                                                                                                                                                        • Others
                                                                                                                                                                                                                                                                                                                          • Brands
                                                                                                                                                                                                                                                                                                                            • E-commerce and social networks
                                                                                                                                                                                                                                                                                                                            • Prada

                                                                                                                                                                                                                                                                                                                                • Figure 100: Prada: Share of global luxury goods market, 2007-11
                                                                                                                                                                                                                                                                                                                              • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                  • Figure 101: Prada: Contribution of leather goods category to total net sales revenues, 2008/09–2011/12
                                                                                                                                                                                                                                                                                                                                  • Figure 102: Prada: Expenditure on product development and advertising and promotion, 2010/11-2011/12
                                                                                                                                                                                                                                                                                                                                • Background
                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                    • Figure 103: Prada: Group financial performance, 2007/8-2011/12
                                                                                                                                                                                                                                                                                                                                    • Figure 104: Prada: Directly-operated retail revenues as percentage of total group revenues, 2008/09–2011/12
                                                                                                                                                                                                                                                                                                                                    • Figure 105: Prada: Group net revenue breakdown, by channel, 2008/09–2011/12
                                                                                                                                                                                                                                                                                                                                    • Figure 106: Prada: Total Asia-Pacific revenues as percentage of all net sales, 2008/09–2011/12
                                                                                                                                                                                                                                                                                                                                    • Figure 107: Group net sales revenue breakdown, by region, 2008/09–2011/12
                                                                                                                                                                                                                                                                                                                                    • Figure 108: Group net sales revenue breakdown, by product type, 2008/09–2011/12
                                                                                                                                                                                                                                                                                                                                    • Figure 109: Prada: Directly-operated outlet numbers, by brand, 2010/11–2011/12
                                                                                                                                                                                                                                                                                                                                    • Figure 110: Prada: Directly-operated outlet numbers, by region, 2010/11-2011/12
                                                                                                                                                                                                                                                                                                                                  • Brands
                                                                                                                                                                                                                                                                                                                                    • E-commerce and social networks
                                                                                                                                                                                                                                                                                                                                    • Ralph Lauren Corp

                                                                                                                                                                                                                                                                                                                                        • Figure 111: Ralph Lauren Corp: Estimated share of global luxury goods market, 2007-11
                                                                                                                                                                                                                                                                                                                                      • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                        • Background
                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                              • Figure 112: Ralph Lauren: Group financial performance, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                              • Figure 113: Ralph Lauren: Revenue contributions, by segment, 2007-11
                                                                                                                                                                                                                                                                                                                                              • Figure 114: Ralph Lauren: Turnover, by region, 2007-11
                                                                                                                                                                                                                                                                                                                                              • Figure 115: Ralph Lauren Corp: Total group turnover, by region, 2010-11
                                                                                                                                                                                                                                                                                                                                              • Figure 116: Ralph Lauren: Company-owned outlet numbers, 2008-12
                                                                                                                                                                                                                                                                                                                                            • Brands
                                                                                                                                                                                                                                                                                                                                              • Figure 117: Ralph Lauren: Brands, 2012
                                                                                                                                                                                                                                                                                                                                            • E-commerce and social networks
                                                                                                                                                                                                                                                                                                                                            • Richemont

                                                                                                                                                                                                                                                                                                                                                • Figure 118: Richemont: Share of global luxury goods market, 2007-11
                                                                                                                                                                                                                                                                                                                                              • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                • Background
                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                    • Figure 119: Richemont: Group financial performance, 2007/08–2011/12
                                                                                                                                                                                                                                                                                                                                                    • Figure 120: Richemont: Percentage of group revenues from retail operations, 2007/08–2011/12
                                                                                                                                                                                                                                                                                                                                                    • Figure 121: Richemont: Contribution to group revenues, by region, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                    • Figure 122: Richemont: Revenues, by region, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                    • Figure 123: Richemont: Year-on-year growth in revenues for hard-luxury and soft-luxury goods, 2009/10–2011/12
                                                                                                                                                                                                                                                                                                                                                    • Figure 124: Richemont: Revenues, by product category, 2007/08–2011/12
                                                                                                                                                                                                                                                                                                                                                    • Figure 125: Richemont: Financial performance, by operating segment, 2007/08–2011/12
                                                                                                                                                                                                                                                                                                                                                    • Figure 126: Richemont: Outlet numbers, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                  • Brands
                                                                                                                                                                                                                                                                                                                                                    • E-commerce and social networks
                                                                                                                                                                                                                                                                                                                                                    • Shiseido

                                                                                                                                                                                                                                                                                                                                                        • Figure 127: Shiseido: Share of global luxury goods market, 2007-11
                                                                                                                                                                                                                                                                                                                                                      • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                        • Background
                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                            • Figure 128: Shiseido: Group financial performance, 2007/8-2011/12
                                                                                                                                                                                                                                                                                                                                                            • Figure 129: Shiseido: Sales split, domestic vs overseas, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                            • Figure 130: Shiseido revenues, by region, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                            • Figure 131: Shiseido: Sales, by region, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                          • Brands
                                                                                                                                                                                                                                                                                                                                                            • E-commerce and social networks
                                                                                                                                                                                                                                                                                                                                                            • Swatch

                                                                                                                                                                                                                                                                                                                                                                • Figure 132: Swatch Group (luxury): Estimated share of global luxury goods market, 2007-11
                                                                                                                                                                                                                                                                                                                                                              • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                • Background
                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                    • Figure 133: Swatch Group: Estimated contribution to company’s Watch and Jewellery segment sales, by brand/segment, 2011
                                                                                                                                                                                                                                                                                                                                                                    • Figure 134: Swatch Group: Group financial performance, 2007-11
                                                                                                                                                                                                                                                                                                                                                                    • Figure 135: Swatch Group: Watches and Jewellery segment performance, 2007-11
                                                                                                                                                                                                                                                                                                                                                                    • Figure 136: Swatch Group: Swiss-watch certificates issued by the COSC, 2007-11
                                                                                                                                                                                                                                                                                                                                                                  • Strong demand in emerging markets
                                                                                                                                                                                                                                                                                                                                                                    • Figure 137: Swatch Group: Turnover, by region, 2007-11
                                                                                                                                                                                                                                                                                                                                                                  • Predicting further growth in China
                                                                                                                                                                                                                                                                                                                                                                    • Figure 138: Swatch Group: Total group turnover, by region, 2011
                                                                                                                                                                                                                                                                                                                                                                  • Distribution
                                                                                                                                                                                                                                                                                                                                                                    • Brands
                                                                                                                                                                                                                                                                                                                                                                      • Figure 139: Swatch group: Watch brands, 2012
                                                                                                                                                                                                                                                                                                                                                                    • E-commerce and social networks
                                                                                                                                                                                                                                                                                                                                                                    • Tiffany & Co.

                                                                                                                                                                                                                                                                                                                                                                        • Figure 140: Tiffany & Co: Share of global luxury goods market, 2007-11
                                                                                                                                                                                                                                                                                                                                                                      • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                        • Background
                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                            • Figure 141: Tiffany & Co.: Group financial performance, 2007/8-2011/12
                                                                                                                                                                                                                                                                                                                                                                            • Figure 142: Tiffany & Co: Share of group sales, by region, 2008/09-2011/12
                                                                                                                                                                                                                                                                                                                                                                            • Figure 143: Tiffany & Co: Sales growth, by region, 2011/12
                                                                                                                                                                                                                                                                                                                                                                          • Distribution
                                                                                                                                                                                                                                                                                                                                                                            • Figure 144: Tiffany & Co.: Outlet data, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                            • Figure 145: Tiffany & Co: Stores, by region, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                            • Figure 146: Tiffany & Co: Store numbers, by country, January 2012
                                                                                                                                                                                                                                                                                                                                                                            • Figure 147: Tiffany & Co: Company-operated store numbers and size, January 2012
                                                                                                                                                                                                                                                                                                                                                                          • Brands
                                                                                                                                                                                                                                                                                                                                                                              • Figure 148: Tiffany & Co: Group product mix, 2009/10 to 2011/12
                                                                                                                                                                                                                                                                                                                                                                            • E-commerce and social networks
                                                                                                                                                                                                                                                                                                                                                                            • Tod’s

                                                                                                                                                                                                                                                                                                                                                                                • Figure 149: Tod’s: Share of global luxury goods market, 2007-11
                                                                                                                                                                                                                                                                                                                                                                              • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                • Background
                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                    • Figure 150: Tod’s Group: Financial performance, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                    • Figure 151: Tod’s Group: Sales, by region, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                    • Figure 152: Tod’s Group: Outlets, 2007-2011
                                                                                                                                                                                                                                                                                                                                                                                    • Figure 153: Tod’s store portfolio, December 2011
                                                                                                                                                                                                                                                                                                                                                                                  • Brands
                                                                                                                                                                                                                                                                                                                                                                                    • Figure 154: Tod’s Group: Sales, by product, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                    • Figure 155: Tod’s Group: Sales, by brand, 2011
                                                                                                                                                                                                                                                                                                                                                                                    • Figure 156: Tod’s group–sales, by brand, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                  • E-commerce and social networks
                                                                                                                                                                                                                                                                                                                                                                                  • Valentino

                                                                                                                                                                                                                                                                                                                                                                                      • Figure 157: Valentino: Share of global luxury goods market, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                      • Background
                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                          • Figure 158: Valentino Fashion Group: Financial performance, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                          • Figure 159: Valentino Fashion Group: Sales split, by region, 2011
                                                                                                                                                                                                                                                                                                                                                                                        • Distribution
                                                                                                                                                                                                                                                                                                                                                                                          • Figure 160: Valentino Fashion Group: Number of boutiques, 2011
                                                                                                                                                                                                                                                                                                                                                                                        • Brands
                                                                                                                                                                                                                                                                                                                                                                                          • E-commerce and social networks
                                                                                                                                                                                                                                                                                                                                                                                          • Appendix – Broader Market Environment

                                                                                                                                                                                                                                                                                                                                                                                              • Figure 161: Selected luxury goods markets: Total population, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 162: Selected luxury goods markets: Population breakdown, by age group, 2010
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 163: Selected luxury goods markets: GDP growth rates (in current prices), 2002-11
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 164: Selected luxury goods markets: GDP growth rates (in constant prices), 2002-11
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 165: Selected luxury goods markets: Consumer prices, % change on previous year, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 166: Selected luxury goods markets: Total retail sales, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 167: Selected luxury goods markets: HNWI numbers, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 168: Selected luxury goods markets: HNWIs as a proportion of the total population, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 169: Selected luxury goods markets: $ to currencies of markets in this report, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 170: Selected luxury goods markets: € to currencies of markets in this report, 2007-11

                                                                                                                                                                                                                                                                                                                                                                                          Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                          • Alexander McQueen
                                                                                                                                                                                                                                                                                                                                                                                          • Aveda
                                                                                                                                                                                                                                                                                                                                                                                          • Baume & Mercier
                                                                                                                                                                                                                                                                                                                                                                                          • Benetton (Asia)
                                                                                                                                                                                                                                                                                                                                                                                          • Bulgari S.p.A. [Bvlgari]
                                                                                                                                                                                                                                                                                                                                                                                          • Burberry Group Plc
                                                                                                                                                                                                                                                                                                                                                                                          • Cacharel
                                                                                                                                                                                                                                                                                                                                                                                          • Calvin Klein, Inc.
                                                                                                                                                                                                                                                                                                                                                                                          • Cartier SA
                                                                                                                                                                                                                                                                                                                                                                                          • Christian Dior
                                                                                                                                                                                                                                                                                                                                                                                          • Christian Lacroix
                                                                                                                                                                                                                                                                                                                                                                                          • Dolce & Gabbana
                                                                                                                                                                                                                                                                                                                                                                                          • Donna Karan International Inc.
                                                                                                                                                                                                                                                                                                                                                                                          • Ermenegildo Zegna Ltd
                                                                                                                                                                                                                                                                                                                                                                                          • Estée Lauder Companies Inc. (The)
                                                                                                                                                                                                                                                                                                                                                                                          • Facebook, Inc.
                                                                                                                                                                                                                                                                                                                                                                                          • Foursquare
                                                                                                                                                                                                                                                                                                                                                                                          • Giorgio Armani S.p.A.
                                                                                                                                                                                                                                                                                                                                                                                          • Girard-Perregaux
                                                                                                                                                                                                                                                                                                                                                                                          • Glasshütte Original
                                                                                                                                                                                                                                                                                                                                                                                          • Gucci Group N.V.
                                                                                                                                                                                                                                                                                                                                                                                          • Harry Winston
                                                                                                                                                                                                                                                                                                                                                                                          • Helena Rubinstein
                                                                                                                                                                                                                                                                                                                                                                                          • Hugo Boss
                                                                                                                                                                                                                                                                                                                                                                                          • J C Penney Company, Inc
                                                                                                                                                                                                                                                                                                                                                                                          • Jaquet Droz
                                                                                                                                                                                                                                                                                                                                                                                          • Jean Paul Gaultier SA
                                                                                                                                                                                                                                                                                                                                                                                          • L'Oréal SA
                                                                                                                                                                                                                                                                                                                                                                                          • Lancôme
                                                                                                                                                                                                                                                                                                                                                                                          • Luxottica Group S.p.A.
                                                                                                                                                                                                                                                                                                                                                                                          • LVMH Moët Hennessy Louis Vuitton SA
                                                                                                                                                                                                                                                                                                                                                                                          • Marlboro Classics
                                                                                                                                                                                                                                                                                                                                                                                          • Matsuzakaya
                                                                                                                                                                                                                                                                                                                                                                                          • Missoni S.p.A
                                                                                                                                                                                                                                                                                                                                                                                          • Montblanc
                                                                                                                                                                                                                                                                                                                                                                                          • Officine Panerai
                                                                                                                                                                                                                                                                                                                                                                                          • Polo Ralph Lauren Corporation
                                                                                                                                                                                                                                                                                                                                                                                          • Prada (I Pellettieri d'Italia S.p.A.)
                                                                                                                                                                                                                                                                                                                                                                                          • Richemont Group
                                                                                                                                                                                                                                                                                                                                                                                          • Roger & Gallet
                                                                                                                                                                                                                                                                                                                                                                                          • Salvatore Ferragamo
                                                                                                                                                                                                                                                                                                                                                                                          • Shiseido International
                                                                                                                                                                                                                                                                                                                                                                                          • Shu Uemura
                                                                                                                                                                                                                                                                                                                                                                                          • Stella McCartney
                                                                                                                                                                                                                                                                                                                                                                                          • Swatch
                                                                                                                                                                                                                                                                                                                                                                                          • Tiffany & Co.
                                                                                                                                                                                                                                                                                                                                                                                          • Tommy Hilfiger Corporation
                                                                                                                                                                                                                                                                                                                                                                                          • Twitter, Inc.
                                                                                                                                                                                                                                                                                                                                                                                          • Vacheron Constantin
                                                                                                                                                                                                                                                                                                                                                                                          • Valentino
                                                                                                                                                                                                                                                                                                                                                                                          • Van Cleef & Arpels
                                                                                                                                                                                                                                                                                                                                                                                          • Viktor & Rolf
                                                                                                                                                                                                                                                                                                                                                                                          • Warnaco Group Inc., The
                                                                                                                                                                                                                                                                                                                                                                                          • YouTube, Inc.
                                                                                                                                                                                                                                                                                                                                                                                          • Yves Saint Laurent

                                                                                                                                                                                                                                                                                                                                                                                          Luxury Goods Retailing - International - August 2012

                                                                                                                                                                                                                                                                                                                                                                                          £1,285.00 (Excl.Tax)