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Luxury Goods Retailing - International - August 2014

“Especially in China, we expect 2014 and 2015 to be years of lower demand for ostentation and greater demand for niche, discreet luxury brands.”

– Hilary Monk, Senior Retail Analyst

This report answers the following questions:

  • Out-of-country shopping: how big is it and what are the implications?
  • Why is online bigger than might be expected?
  • Ostentatious luxury in decline?
  • How big have brands’ own stores become?

Mintel’s Luxury Goods Retailing – International, August 2014 includes Mintel’s proprietary global market size and forecast, as well as bringing together key operating statistics for leading luxury companies.

The report is concerned just with luxury products and not with other aspects of luxury which fall outside our strict retail definition, such as Cars, Holidays and Art.

The report also includes findings from Mintel’s exclusive consumer research carried out across seven major markets: the UK, the US, France, Germany, Italy, Spain and China. This proprietary data provides valuable insights into attitudes and buying habits related to luxury goods in the major markets.

The report includes profiles of 16 leading luxury companies, spanning the categories that are the focus of this report: watches and jewellery, apparel and leather goods, and fragrance and cosmetics.

Luxury goods are unusual in the retail context in that there is growing vertical integration in the sector. But more than that it is the products and brands that are luxury, rather than the retailers. The major luxury groups are taking a greater control of their retail outlets and the practice of wholesaling and licensing is very much in decline.

The concept of luxury goods is inevitably highly subjective. It is usually obvious where a product is luxury and equally obvious where it isn’t, but there is a grey area between which is more subjective. Take the Swatch group, for example. Swatch itself is clearly mass market and, while they are more upmarket, we think that Longines and Tissot are too. But Omega is a luxury brand, and one of the more desirable as well.

The term “luxury” usually carries with it the idea that there is a very high level of craftsmanship involved and that the products carry a high price so that they are out of the reach of most mass market buyers. Unfortunately they can also carry connotations of ostentation and even “bling”. Many are for people who want to appear richer than they actually are. (An issue which is beyond the scope of this report to investigate is – how many of the genuinely super-rich actually buy luxury goods?)

In our analysis there are three main categories of luxury goods to which we add a miscellaneous group of smaller products:

  • Fashion & leather goods
  • Fragrances & cosmetics
  • Jewellery & watches
  • Other – writing instruments, eyewear, furniture and other home goods and other miscellaneous items. It may also include a small element from hotels (eg Bulgari), spas and bars.

Food, beverages, tobacco, electronic/electrical goods, automobiles and services such as travel are all excluded. 

 

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Table of contents

  1. Introduction

      • Definitions
        • Report scope
          • Mintel market sizes
            • Defining luxury goods
              • Geographical breakdown
                • Technical notes
                  • Financial definitions
                    • Exchange rates
                      • Figure 1: US Dollar to Euro annual average exchange rates, 2009-13
                    • Abbreviations and terminology
                    • Executive Summary

                        • Market size and forecast
                          • Figure 2: Luxury goods market size and forecast (Excl. VAT), 2009-19
                        • Regions and countries
                            • Figure 3: Regional share of the luxury goods market, 2007-13
                            • Figure 4: Luxury goods market: Estimated top ten market sizes, at reported revenues*, 2012 and 2013
                          • Segmentation by product
                            • Figure 5: Luxury goods market split by product category, % share, 2009 and 2013
                            • Figure 6: Sales by product category in selected luxury markets, % share, 2013
                          • Market shares
                            • Figure 7: Leading luxury houses: Estimated market shares, % share, 2012 and 2013
                            • Figure 8: Leading luxury brands: Estimated market shares, (%), 2012 and 2013
                          • The consumer: Who buys luxury goods
                            • Figure 9: Those who had bought luxury in the last 18 months, by country, May 2014
                          • The consumer: Where they buy
                            • Figure 10: Where they bought luxury goods, by country, purchases in-store in home country, May 2014
                            • Figure 11: Where they bought luxury goods, by country, purchases in-store abroad, May 2014
                          • Luxury online
                            • Figure 12: Where they bought luxury goods online, by country, May 2014
                          • The consumer: What products they buy
                            • Figure 13: What they bought in last 18 months, by country, May 2014
                          • The consumer: What brands they own and know
                            • Figure 14: Ownership, by brand and by country, May 2014
                          • What we think
                          • Issues and Insights

                              • Out-of-country shopping: how big is it and what are the implications?
                                • The facts
                                  • The implications
                                    • Online is bigger than might be expected
                                      • The facts
                                        • The implications
                                          • Ostentatious luxury in decline?
                                            • The facts
                                              • The implications
                                                • How big have brands’ own stores become?
                                                  • The facts
                                                    • The implications
                                                    • Trend Application

                                                        • Trend: Transumers
                                                          • Trend: Why Buy
                                                            • Mintel Futures: Generation Next
                                                            • Market Size and Forecast

                                                              • Key points
                                                                • A recovery year
                                                                  • The market size
                                                                      • Figure 15: Luxury goods market size and forecast (Excl VAT), 2009-19
                                                                  • Market Drivers

                                                                    • Key points
                                                                      • What are luxury goods?
                                                                        • The who, when, why and where of buying luxury goods
                                                                          • Wealthy individuals
                                                                            • Figure 16: Numbers and share of wealth of HNWIs, 2013
                                                                          • Growth in numbers
                                                                            • Figure 17: Numbers of HNWIs, 2007-13
                                                                            • Figure 18: Wealth of HNWIs, 2008-13
                                                                            • Figure 19: Average wealth of HNWIs, 2003-13
                                                                          • Economic background
                                                                            • Stock markets
                                                                              • Figure 20: Leading international stock exchanges, equity performance 2009-13
                                                                            • Currency
                                                                                • Figure 21: Leading international currency exchange rates, 2002-14
                                                                              • Tourism
                                                                                • Figure 22: International inbound tourism, 2000-13
                                                                            • Luxury Market – A Regional View

                                                                              • Key points
                                                                                • Regional analysis
                                                                                  • Market size by region
                                                                                    • Figure 23: Luxury goods markets, 2009-13
                                                                                    • Figure 24: Regional share of the luxury goods market, 2007-13
                                                                                  • Country market sizes
                                                                                    • HNWIs and spending by region
                                                                                        • Figure 25: Share of HNWIs and luxury market sales, by region, 2013
                                                                                      • HNWIs and spending by country
                                                                                        • Figure 26: Top 10 countries in the luxury market, by sales, 2009-13
                                                                                        • Figure 27: Country shares of the global luxury market, 2009-13
                                                                                      • Americas
                                                                                        • Figure 28: The Americas: Leading luxury goods markets, 2009-13
                                                                                        • Figure 29: Leading American luxury markets’ share of all luxury spending in the Americas, 2009-13
                                                                                      • Asia-Pacific
                                                                                        • Figure 30: Asia-Pacific region: Leading luxury goods markets, 2009-13
                                                                                        • Figure 31: Leading Asia-Pacific luxury markets’ share of all luxury spending in the region, 2009-13
                                                                                      • Europe
                                                                                        • Figure 32: Europe region: Leading luxury goods markets, 2009-13
                                                                                        • Figure 33: Leading European luxury markets’ share of all luxury spending in Europe, 2009-13
                                                                                    • Luxury Market – Segment Performance

                                                                                      • Key points
                                                                                        • Fashion and leather goods
                                                                                          • Market size
                                                                                            • Figure 34: Global luxury market: fashion and leather goods sales, 2009-13
                                                                                          • Market share
                                                                                              • Figure 35: Leading 10 operators’ % share of global luxury fashion and leather goods market, 2012 and 2013
                                                                                            • Watches and jewellery
                                                                                              • Market size
                                                                                                • Figure 36: Global luxury market: Jewellery and watches sales, 2009-13
                                                                                              • Market share
                                                                                                • Figure 37: Leading ten operators’ % share of global luxury watches and jewellery goods market, 2012 and 2013
                                                                                              • Perfume and cosmetics
                                                                                                • Market size
                                                                                                  • Figure 38: Global luxury market: Perfumes and cosmetics sales, 2009-13
                                                                                                • Market shares
                                                                                                    • Figure 39: Leading ten operators’ % share of global luxury perfumes and cosmetics goods market, 2012 and 2013
                                                                                                  • Country analysis
                                                                                                      • Figure 40: Sales by product in selected luxury markets, 2013
                                                                                                  • The Consumer – Who Buys Luxury Goods

                                                                                                    • Key points
                                                                                                      • What we asked
                                                                                                        • Technical note
                                                                                                          • China’s love of luxury
                                                                                                            • Italians and Spanish are Europe’s greatest aficionados
                                                                                                                • Figure 41: Those who had bought luxury in the last 18 months, by country, May 2014
                                                                                                              • Men and women equally important
                                                                                                                  • Figure 42: Those who had bought luxury in last 18 months, by country and by gender, May 2014
                                                                                                                • Age patterns more varied
                                                                                                                    • Figure 43: Those who had bought luxury in last 18 months by country and by age, May 2014
                                                                                                                  • Women aged 30-49 are key consumers in China
                                                                                                                    • Figure 44: Those who had bought luxury in China in last 18 months, by age, May 2014
                                                                                                                    • Figure 45: Those who had bought luxury in China in last 18 months, by gender and age, May 2014
                                                                                                                  • Affluence is a key driver in mainland Europe
                                                                                                                    • Figure 46: Those who had bought luxury in last 18 months in Spain, Italy, France and Germany, by household income, May 2014
                                                                                                                  • And elsewhere
                                                                                                                    • Figure 47: Those who had bought luxury in last 18 months in UK, USA and China, by household income, May 2014
                                                                                                                • The Consumer – Where They Buy

                                                                                                                  • Key points
                                                                                                                    • What we asked
                                                                                                                      • Technical note
                                                                                                                        • Multinational and multi-channel
                                                                                                                            • Figure 48: Where they bought luxury goods by country, May 2014
                                                                                                                          • Leading channels
                                                                                                                              • Figure 49: First and second ranked channels where they bought, by country, may 2014
                                                                                                                            • Luxury online
                                                                                                                                • Figure 50: Where they bought luxury goods online, by country, May 2014
                                                                                                                              • Who buys where
                                                                                                                                • China
                                                                                                                                  • Figure 51: China: Where they shop for luxury in China, by age and affluence
                                                                                                                                • France
                                                                                                                                  • Figure 52: France: Where they shop for luxury in France, by age and affluence
                                                                                                                                • Germany
                                                                                                                                  • Figure 53: Germany: Where they shop for luxury in Germany, by age and affluence
                                                                                                                                • Italy
                                                                                                                                  • Figure 54: Italy: Where they shop for luxury in Italy, by age and affluence
                                                                                                                                • Spain
                                                                                                                                  • Figure 55: Spain: Where they shop for luxury in Spain, by age and affluence
                                                                                                                                • UK
                                                                                                                                  • Figure 56: UK: Where they shop for luxury in the UK, by age and affluence
                                                                                                                                • US
                                                                                                                                  • Figure 57: US: Where they shop for luxury in US, by age and affluence
                                                                                                                              • The Consumer – What Products They Buy

                                                                                                                                • Key points
                                                                                                                                  • What we asked
                                                                                                                                    • Technical note
                                                                                                                                      • Beauty is most popular purchase in four countries
                                                                                                                                        • Figure 58: What they bought in last 18 months, by country, May 2014
                                                                                                                                      • Apparel and footwear dominates in most markets
                                                                                                                                        • Figure 59: What they bought in last 18 months, by country, May 2014
                                                                                                                                      • Clothing and footwear
                                                                                                                                          • Figure 60: Luxury clothing and footwear bought in last 18 months, by country, May 2014
                                                                                                                                          • Figure 61: Luxury footwear bought in Italy in the last 18 months, by gender, may 2014
                                                                                                                                          • Figure 62: Luxury menswear bought in France and the UK, by gender of purchaser, May 2014
                                                                                                                                        • Fashion accessories, luggage, bags and other leather goods
                                                                                                                                            • Figure 63: Luxury fashion accessories, luggage, bags and other leather goods bought in last 18 months, by country, May 2014
                                                                                                                                          • Watches and jewellery
                                                                                                                                              • Figure 64: Luxury watches and jewellery bought in last 18 months, by country, May 2014
                                                                                                                                            • Beauty, writing instruments/accessories, and other small items/gifts
                                                                                                                                                • Figure 65: Luxury writing instrument/accessories, beauty and other small items/gifts bought in last 18 months, by country, May 2014
                                                                                                                                                • Figure 66: Luxury cosmetics, fragrances and skincare bought in last 18 months, by country and gender, May 2014
                                                                                                                                            • The Consumer – What Brands They Own and Know

                                                                                                                                              • Key points
                                                                                                                                                • What we asked
                                                                                                                                                  • Technical note
                                                                                                                                                    • Ownership of ‘any’ selected brand by country
                                                                                                                                                      • Ownership highest in Italy, Spain and the US
                                                                                                                                                          • Figure 67: Ownership or desire to own levels of ‘any’ selected luxury brand, by country, May 2014
                                                                                                                                                        • More 25-34 year-olds own luxury brands in the US and the UK
                                                                                                                                                          • Figure 68: UK and US: Ownership levels of ‘any’ selected luxury brand, by age, May 2014
                                                                                                                                                        • Different global preferences
                                                                                                                                                            • Figure 69: Ownership, by brand and by country, May 2014
                                                                                                                                                          • Chanel and Christian Dior most popular brands
                                                                                                                                                            • What brands they own and know by country
                                                                                                                                                              • China: high ownership and desirability
                                                                                                                                                                  • Figure 70: China: Ownership and awareness of select leading luxury brands, May 2014
                                                                                                                                                                • France: comparatively low ownership
                                                                                                                                                                    • Figure 71: France: Ownership and awareness of select leading luxury brands, May 2014
                                                                                                                                                                  • Germany: low ownership and appetite
                                                                                                                                                                      • Figure 72: Germany: Ownership and awareness of select leading luxury brands, May 2014
                                                                                                                                                                    • Italy: Italians love affair with luxury
                                                                                                                                                                        • Figure 73: Italy: Ownership and awareness of select leading luxury brands, May 2014
                                                                                                                                                                      • Spain
                                                                                                                                                                          • Figure 74: Spain: Ownership and awareness of select leading luxury brands, May 2014
                                                                                                                                                                        • UK
                                                                                                                                                                            • Figure 75: UK: Ownership and awareness of select leading luxury brands, May 2014
                                                                                                                                                                          • US
                                                                                                                                                                              • Figure 76: US: Ownership and awareness of select leading luxury brands, May 2014
                                                                                                                                                                          • Who’s Innovating?

                                                                                                                                                                            • Key points
                                                                                                                                                                              • New immersive retail concept for fragrance connoisseurs
                                                                                                                                                                                • Sephora’s ‘techno experience beauty store’
                                                                                                                                                                                  • Pradasphere
                                                                                                                                                                                    • Thomas Pink extends its ‘Personally Pink’ service to airport customers
                                                                                                                                                                                      • Personalised online luxury shopping with enhanced search function
                                                                                                                                                                                        • Online luxury gift shopping service
                                                                                                                                                                                          • .luxury
                                                                                                                                                                                            • Louis Vuitton’s three-floor Selfridges concession
                                                                                                                                                                                              • Karl Lagerfeld’s cutting-edge London store
                                                                                                                                                                                                • Luxury jeweller’s in-store customised ring iPad app
                                                                                                                                                                                                  • Designer pop up store accepts Tweets instead of cash
                                                                                                                                                                                                    • Louis Vuitton’s video bloggers
                                                                                                                                                                                                      • LXR&Co’s app that tailors the shopping experience to the specific customer
                                                                                                                                                                                                      • Online

                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                          • The market
                                                                                                                                                                                                            • The outlook
                                                                                                                                                                                                                • Figure 77: Silk accessories on Hermès.com, July 2014
                                                                                                                                                                                                              • The brands online
                                                                                                                                                                                                                  • Figure 78: Major luxury brands: Number of national, transactional websites, 2013 and 2014
                                                                                                                                                                                                                • Major luxury pureplays
                                                                                                                                                                                                                  • The consumer: shopping online
                                                                                                                                                                                                                    • Figure 79: The consumer: Percentage of luxury-goods shoppers buying luxury goods online in the last 18 months, May 2014
                                                                                                                                                                                                                    • Figure 80: The consumer: Percentage of luxury-goods shoppers buying luxury goods online in the last 18 months, by type of retailer website, May 2014
                                                                                                                                                                                                                  • Website visitor data – UK
                                                                                                                                                                                                                    • Figure 81: UK: Leading retail jewellery/luxury goods sites, by unique visitor numbers, June 2014
                                                                                                                                                                                                                • Company Metrics

                                                                                                                                                                                                                  • Company revenues
                                                                                                                                                                                                                    • Revenues by leading companies
                                                                                                                                                                                                                        • Figure 82: Leading luxury companies, by net revenues, 2011-13
                                                                                                                                                                                                                      • Revenue growth rates
                                                                                                                                                                                                                        • Figure 83: Leading luxury companies: CAGR in revenues, 2009-13
                                                                                                                                                                                                                      • Product revenue mix
                                                                                                                                                                                                                        • Figure 84: Leading luxury companies: Sales mix, by product group, 2013
                                                                                                                                                                                                                      • Asia-Pacific revenue
                                                                                                                                                                                                                        • Figure 85: Selected luxury companies: Percentage of revenues deriving from Asia-Pacific region, 2012 and 2013
                                                                                                                                                                                                                        • Figure 86: Total luxury sales growth in the Asia-Pacific region, 2009-13
                                                                                                                                                                                                                      • Retail contribution to revenues
                                                                                                                                                                                                                        • Figure 87: Selected luxury goods retailers, estimated percentage of group revenues deriving from direct retailing, 2012 and 2013
                                                                                                                                                                                                                      • Store numbers
                                                                                                                                                                                                                        • Figure 88: Leading luxury retailers, store numbers, 2013
                                                                                                                                                                                                                      • Brand ownership
                                                                                                                                                                                                                        • Figure 89: Brand ownership, by leading luxury companies, 2014
                                                                                                                                                                                                                      • Swiss watchmakers output
                                                                                                                                                                                                                        • Figure 90: % share of all COSC certificates accounted for, by leading Swiss-watch brands, 2012 and 2013
                                                                                                                                                                                                                        • Figure 91: Number of Swiss watch certificates issued by the COSC, 2012 and 2013
                                                                                                                                                                                                                        • Figure 92: Number of Swiss watch certificates issued by the COSC, three leading brands, 2009-13
                                                                                                                                                                                                                    • Market Shares

                                                                                                                                                                                                                      • Leading operators
                                                                                                                                                                                                                        • Figure 93: Global luxury goods market: The Leading 20 operators’ market shares, 2012 and 2013
                                                                                                                                                                                                                        • Figure 94: Global luxury goods market: The leading 10 operators’ % market shares, 2012 and 2013
                                                                                                                                                                                                                      • Brand sales and market shares
                                                                                                                                                                                                                        • The world’s top brands: Louis Vuitton thought to see sales decline in 2013
                                                                                                                                                                                                                          • Figure 95: Leading luxury brands: Estimated net sales, 2011-13
                                                                                                                                                                                                                        • Brand shares
                                                                                                                                                                                                                          • Figure 96: Leading luxury brands: Estimated market shares, 2011-13
                                                                                                                                                                                                                      • Giorgio Armani

                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                            • Spanning premium to luxury
                                                                                                                                                                                                                              • Two-pronged strategy continues
                                                                                                                                                                                                                                • Hit by the slowdown
                                                                                                                                                                                                                                  • But margins continue to grow
                                                                                                                                                                                                                                    • Online early and with scale
                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                          • Figure 97: Giorgio Armani: Group financial performance, 2009-13
                                                                                                                                                                                                                                        • E-commerce
                                                                                                                                                                                                                                        • Burberry Group

                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                              • Beauty an integral part of the business
                                                                                                                                                                                                                                                • Online fits well with stores
                                                                                                                                                                                                                                                  • Prospects
                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                        • Figure 98: Burberry Group Plc: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                        • Figure 99: Burberry Group Plc: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                      • E-commerce
                                                                                                                                                                                                                                                      • Christian Dior Couture

                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                            • New concept being rolled out
                                                                                                                                                                                                                                                              • Using communication channels to good effect
                                                                                                                                                                                                                                                                • But failing to benefit from e-commerce
                                                                                                                                                                                                                                                                  • Designer sneakers create a different look
                                                                                                                                                                                                                                                                    • Maintaining interest in the Asian market
                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                          • Figure 100: Christian Dior Couture: Group financial performance, 2009-2013/14
                                                                                                                                                                                                                                                                        • E-commerce
                                                                                                                                                                                                                                                                        • Coach

                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                              • Falling revenues
                                                                                                                                                                                                                                                                                • Restructuring plan to reverse declining domestic sales
                                                                                                                                                                                                                                                                                  • Shuttering stores in North America, opening stores in China
                                                                                                                                                                                                                                                                                    • From bag brand to lifestyle brand
                                                                                                                                                                                                                                                                                      • Reinforcing the brand’s luxury tag
                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                            • Figure 101: Coach: Group financial performance, 2008/09-2013/14
                                                                                                                                                                                                                                                                                            • Figure 102: Coach: Net sales, by region, 2010/11-2012/13
                                                                                                                                                                                                                                                                                            • Figure 103: Coach: Sales breakdown, by product, 2010/11-2012/13
                                                                                                                                                                                                                                                                                            • Figure 104: Coach: North America retail and factory stores, 2010/11-2012/13
                                                                                                                                                                                                                                                                                            • Figure 105: Coach: International directly-operated locations, 2010/11-2012/13
                                                                                                                                                                                                                                                                                            • Figure 106: Coach: International wholesale locations at which Coach products are sold, 2010/11-2012/13
                                                                                                                                                                                                                                                                                          • E-commerce
                                                                                                                                                                                                                                                                                          • Estée Lauder Companies

                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                • Focus on prestige but a diverse brand portfolio
                                                                                                                                                                                                                                                                                                  • Well established in emerging markets
                                                                                                                                                                                                                                                                                                    • Broad spread of distribution channels, but travel retail, online and own stores growing most
                                                                                                                                                                                                                                                                                                      • Multi-channel
                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                            • Figure 107: Estée Lauder Companies: Group financial performance, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                            • Figure 108: Estée Lauder Companies: Group financial performance, by region, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                            • Figure 109: Estée Lauder Companies: Group financial performance, by product area, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                            • Figure 110: Estée Lauder Companies: Net sales, by distribution channel, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                          • E-commerce
                                                                                                                                                                                                                                                                                                          • Hermès

                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                • Ultra-luxury pitch keeps Hermès resilient
                                                                                                                                                                                                                                                                                                                  • Ongoing expansion in Asia
                                                                                                                                                                                                                                                                                                                    • The LVMH issue
                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                          • Figure 111: Hermès: Financial performance, 2008-13
                                                                                                                                                                                                                                                                                                                          • Figure 112: Hermès: Sales, by product category, 2011-13
                                                                                                                                                                                                                                                                                                                        • E-commerce
                                                                                                                                                                                                                                                                                                                        • Kering Luxury

                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                              • Strong performance
                                                                                                                                                                                                                                                                                                                                • Taking control of distribution
                                                                                                                                                                                                                                                                                                                                  • Figure 113: Kering Luxury – Retail outlets, 2013
                                                                                                                                                                                                                                                                                                                                • Online
                                                                                                                                                                                                                                                                                                                                  • Prospects
                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                        • Figure 114: Kering Luxury: Financial performance, 2009-13
                                                                                                                                                                                                                                                                                                                                        • Figure 115: Kering Luxury: Breakdown of revenue, by product category and by region, 2009-13
                                                                                                                                                                                                                                                                                                                                      • Gucci
                                                                                                                                                                                                                                                                                                                                        • Figure 116: Gucci: Breakdown of revenue, by product category and by region, 2009-13
                                                                                                                                                                                                                                                                                                                                      • Bottega Veneta
                                                                                                                                                                                                                                                                                                                                        • Figure 117: Bottega Veneta: Breakdown of revenue, by product category and by region, 2009-13
                                                                                                                                                                                                                                                                                                                                      • Yves Saint Laurent
                                                                                                                                                                                                                                                                                                                                        • Figure 118: Yves Saint Laurent: Breakdown of revenue, by product category and by region, 2009-13
                                                                                                                                                                                                                                                                                                                                      • Other brands
                                                                                                                                                                                                                                                                                                                                        • E-commerce
                                                                                                                                                                                                                                                                                                                                        • L’Oréal Luxe

                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                              • Strongest growing segment in L’Oréal Group in 2013
                                                                                                                                                                                                                                                                                                                                                • Many strengths position it well for future sales and profit growth
                                                                                                                                                                                                                                                                                                                                                  • Selected strategic acquisitions trading well
                                                                                                                                                                                                                                                                                                                                                    • Outlook
                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                          • Figure 119: L’Oréal Group: Net revenues, by division, 2009-13
                                                                                                                                                                                                                                                                                                                                                          • Figure 120: L’Oréal Luxe: Financial performance, 2009-13
                                                                                                                                                                                                                                                                                                                                                          • Figure 121: L’Oréal Luxe: Sales, by region and product area, 2010-13
                                                                                                                                                                                                                                                                                                                                                        • E-commerce
                                                                                                                                                                                                                                                                                                                                                        • LVMH – Moët Hennessy-Louis Vuitton

                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                              • Economic upturn
                                                                                                                                                                                                                                                                                                                                                                • Figure 122: LVMH – Share of sales, by region, 2008-13
                                                                                                                                                                                                                                                                                                                                                              • Online
                                                                                                                                                                                                                                                                                                                                                                • The problems of maturity
                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                      • Figure 123: LVMH: Group financial performance, 2009-13
                                                                                                                                                                                                                                                                                                                                                                      • Figure 124: LVMH: Distribution of revenues, by region, 2009-13
                                                                                                                                                                                                                                                                                                                                                                      • Figure 125: LVMH: Distribution of segment revenues, by region, 2010-13
                                                                                                                                                                                                                                                                                                                                                                      • Figure 126: LVMH, outlet portfolio, December 2013
                                                                                                                                                                                                                                                                                                                                                                    • E-commerce
                                                                                                                                                                                                                                                                                                                                                                    • Prada Group

                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                          • Concerns over faltering brand appeal are premature
                                                                                                                                                                                                                                                                                                                                                                            • Building on menswear sales momentum
                                                                                                                                                                                                                                                                                                                                                                              • Developing Miu Miu into a luxury lifestyle brand
                                                                                                                                                                                                                                                                                                                                                                                • Investing in stores and craftsmanship
                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 127: Prada: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 128: Prada: Group net revenue breakdown, by channel, 2010/11-2013/14
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 129: Prada: Group net revenue breakdown, by region, 2010/11-2013/14
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 130: Prada: Group net revenue breakdown, by product line
                                                                                                                                                                                                                                                                                                                                                                                    • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                    • Ralph Lauren Corporation

                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                          • A strong growth story
                                                                                                                                                                                                                                                                                                                                                                                            • Weak internationally compared to its peers
                                                                                                                                                                                                                                                                                                                                                                                              • Focus on expanding higher end luxury brands
                                                                                                                                                                                                                                                                                                                                                                                                • …and expanding online
                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 131: Ralph Lauren: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 132: Ralph Lauren: Revenue contributions, by segment, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 133: Ralph Lauren: Turnover, by region, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                    • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                                    • Richemont

                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                          • Online is patchy
                                                                                                                                                                                                                                                                                                                                                                                                            • Where next
                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 134: Richemont: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 135: Richemont: Revenues, by region, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 136: Richemont: Revenues, by category, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 137: Richemont: Revenues, by category, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                • Shiseido

                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                      • A business in need of reform
                                                                                                                                                                                                                                                                                                                                                                                                                        • Crisis in the domestic business
                                                                                                                                                                                                                                                                                                                                                                                                                          • International business
                                                                                                                                                                                                                                                                                                                                                                                                                            • Outlook
                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 138: Shiseido: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 139: Shiseido: Sales split, domestic vs overseas, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 140: Shiseido revenues, by region, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                • Swatch Group – Luxury

                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                      • 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                        • A mix of businesses
                                                                                                                                                                                                                                                                                                                                                                                                                                          • No online presence
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Prospects
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 141: Swatch: Group financial performance, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 142: Swatch Group: Estimated luxury revenues, 2010-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 143: Swatch Group: Watches and jewellery segment performance, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 144: Swatch Group: Net sales, by region, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Tiffany & Co.

                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Outcome of arbitration vs Swatch
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Sales soar in Asia-Pacific and emerging markets
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Top end clearly leading the way
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Margins hit by arbitration expense
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Broad appeal but focusing on brand values
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Online significant but steady
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 145: Tiffany & Co.: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 146: Tiffany & Co: Sales growth, by region, 2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 147: Tiffany & Co: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Tod’s Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • As demand falls at home, Tods is looking internationally for growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Higher end more resilient
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • But can it expand beyond footwear?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 148: Tod’s Group: Financial performance, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 149: Tod’s Group: Sales, by region, 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 150: Tod’s Group: Sales, by region, 2012-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 151: Tod’s Group: Sales, by product type, 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 152: Tod’s Group: Sales by product type, 2012-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 153: Tod’s Group: Sales by brand, 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 154: Tod’s Group: Sales, by brand, 2012-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Appendix – Broader Market Environment

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 155: Selected luxury goods markets: € to currencies of markets in this report, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 156: Selected luxury goods markets: $ to currencies of markets in this report, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 157: Population, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 158: Gross domestic product: annual % change at constant prices, 2007-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 159: Consumer price indices: Annual % change, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Appendix – UK Consumer Data

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Who Buys Luxury
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 160: Luxury shopping done in the past 18 months, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What they buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 161: Most popular luxury branded items bought in the past 18 months, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 162: Next most popular luxury branded items bought in the past 18 months, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 163: Other luxury branded items bought in the past 18 months, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where They Buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 164: Locations where luxury branded items were bought, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 165: Locations where luxury branded items were bought, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 166: locations where luxury branded items were bought - bought in the UK , by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 167: Locations where luxury branded items were bought – bought in another country, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What Brands They Own and Know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 168: Ownership of luxury branded products – Louis Vuitton, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 169: Ownership of luxury branded products – Gucci, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 170: Ownership of luxury branded products – Mont Blanc, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 171: Ownership of luxury branded products – Chanel, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 172: Ownership of luxury branded products – Hermès, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 173: Ownership of luxury branded products – Prada, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 174: Ownership of luxury branded products – Omega, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 175: Ownership of luxury branded products – Burberry, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 176: Ownership of luxury branded products – Tiffany, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 177: Ownership of luxury branded products – Dolce & Gabbana, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 178: Ownership of luxury branded products – Christian Dior, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 179: Ownership of luxury branded products – Rolex, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Appendix – France Consumer Data

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Who Buys Luxury
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 180: Luxury shopping done in the past 18 months, by demographics, France, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What They Buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 181: Most popular luxury branded items bought in the past 18 months, by demographics, France, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 182: Next most popular luxury branded items bought in the past 18 months, by demographics, France, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 183: Other luxury branded items bought in the past 18 months, by demographics, France, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where They Buy Luxury
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 184: locations where luxury branded items were bought, by demographics, France, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 185: locations where luxury branded items were bought, by demographics, France, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 186: Locations where luxury branded items were bought – bought in France, by demographics, France, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 187: Locations where luxury branded items were bought – bought in another country, by demographics, France, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What Brands They Own and Know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 188: Ownership of luxury branded products – Louis Vuitton, by demographics, France, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 189: Ownership of luxury branded products – Gucci, by demographics, France, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 190: Ownership of luxury branded products – Mont Blanc, by demographics, France, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 191: Ownership of luxury branded products – Chanel, by demographics, France, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 192: Ownership of luxury branded products – Hermès, by demographics, France, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 193: Ownership of luxury branded products – Prada, by demographics, France, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 194: Ownership of luxury branded products – Omega, by demographics, France, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 195: Ownership of luxury branded products – Burberry, by demographics, France, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 196: Ownership of luxury branded products – Tiffany, by demographics, France, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 197: Ownership of luxury branded products – Dolce & Gabbana, by demographics, France, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 198: Ownership of luxury branded products – Christian Dior, by demographics, France, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 199: Ownership of luxury branded products – Rolex, by demographics, France, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Appendix – Germany Consumer Data

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Who Buys Luxury
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 200: Luxury shopping done in the past 18 months, by demographics, Germany, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What They Buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 201: Most popular luxury branded items bought in the past 18 months, by demographics, Germany, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 202: Next most popular luxury branded items bought in the past 18 months, by demographics, Germany, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 203: Other luxury branded items bought in the past 18 months, by demographics, Germany, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where They Buy Luxury
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 204: Locations where luxury branded items were bought, by demographics, Germany, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 205: locations where luxury branded items were bought, by demographics, Germany, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 206: locations where luxury branded items were bought – bough in Germany, by demographics, Germany, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 207: locations where luxury branded items were bought – bough abroad, by demographics, Germany, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What Brands They Own and Know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 208: Ownership of luxury branded products – Louis Vuitton, by demographics, Germany, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 209: Ownership of luxury branded products – Gucci, by demographics, Germany, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 210: Ownership of luxury branded products – Mont Blanc, by demographics, Germany, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 211: Ownership of luxury branded products – Chanel, by demographics, Germany, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 212: Ownership of luxury branded products – Hermès, by demographics, Germany, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 213: Ownership of luxury branded products – Prada, by demographics, Germany, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 214: Ownership of luxury branded products – Omega, by demographics, Germany, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 215: Ownership of luxury branded products – Burberry, by demographics, Germany, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 216: Ownership of luxury branded products – Tiffany, by demographics, Germany, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 217: Ownership of luxury branded products – Dolce & Gabbana, by demographics, Germany, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 218: Ownership of luxury branded products – Christian Dior, by demographics, Germany, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 219: Ownership of luxury branded products – Rolex, by demographics, Germany, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Appendix – Spain Consumer Data

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Who Buys Luxury
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 220: Luxury shopping done in the past 18 months, by demographics, Spain, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What They Buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 221: Most popular luxury branded items bought in the past 18 months, by demographics, Spain, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 222: Next most popular luxury branded items bought in the past 18 months, by demographics, Spain, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 223: Other luxury branded items bought in the past 18 months, by demographics, Spain, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where They Buy Luxury
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 224: locations where luxury branded items were bought, by demographics, Spain, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 225: Locations where luxury branded items were bought, by demographics, Spain, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 226: locations where luxury branded items were bought – bought in Spain, by demographics, Spain, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 227: Locations where luxury branded items were bought – bought abroad, by demographics, Spain, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What Brands They Own and Know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 228: Ownership of luxury branded products – Louis Vuitton, by demographics, Spain, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 229: Ownership of luxury branded products – Gucci, by demographics, Spain, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 230: Ownership of luxury branded products – Mont Blanc, by demographics, Spain, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 231: Ownership of luxury branded products – Chanel, by demographics, Spain, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 232: Ownership of luxury branded products – Hermès, by demographics, Spain, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 233: Ownership of luxury branded products – Prada, by demographics, Spain, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 234: Ownership of luxury branded products – Omega, by demographics, Spain, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 235: Ownership of luxury branded products – Burberry, by demographics, Spain, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 236: Ownership of luxury branded products – Tiffany, by demographics, Spain, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 237: Ownership of luxury branded products – Dolce & Gabbana, by demographics, Spain, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 238: Ownership of luxury branded products – Christian Dior, by demographics, Spain, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 239: Ownership of luxury branded products – Rolex, by demographics, Spain, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Appendix – Italy Consumer Data

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Who Buys Luxury
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 240: Luxury shopping done in the past 18 months, by demographics, Italy, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What They Buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 241: Most popular luxury branded items bought in the past 18 months, by demographics, Italy, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 242: Next most popular luxury branded items bought in the past 18 months, by demographics, Italy, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 243: Other luxury branded items bought in the past 18 months, by demographics, Italy, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where They Buy Luxury
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 244: Locations where luxury branded items were bought, by demographics, Italy, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 245: Locations where luxury branded items were bought, by demographics, Italy, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 246: Locations where luxury branded items were bought – bough in italy, by demographics, Italy, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 247: Locations where luxury branded items were bought – bought abroad, by demographics, Italy, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What Brands They Own and Know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 248: Ownership of luxury branded products – Louis Vuitton, by demographics, Italy, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 249: Ownership of luxury branded products – Gucci, by demographics, Italy, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 250: Ownership of luxury branded products – Mont Blanc, by demographics, Italy, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 251: Ownership of luxury branded products – Chanel, by demographics, Italy, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 252: Ownership of luxury branded products – Hermès, by demographics, Italy, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 253: Ownership of luxury branded products – Prada, by demographics, Italy, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 254: Ownership of luxury branded products – Omega, by demographics, Italy, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 255: Ownership of luxury branded products – Burberry, by demographics, Italy, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 256: Ownership of luxury branded products – Tiffany, by demographics, Italy, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 257: Ownership of luxury branded products – Dolce & Gabbana, by demographics, Italy, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 258: Ownership of luxury branded products – Christian Dior, by demographics, Italy, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 259: Ownership of luxury branded products – Rolex, by demographics, Italy, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Appendix – China Consumer Data

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Who Buys Luxury
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 260: Luxury shopping done in the past 18 months, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What Products They Buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 261: Most popular luxury branded items bought in the past 18 months, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 262: Next most popular luxury branded items bought in the past 18 months, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 263: Other luxury branded items bought in the past 18 months, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where They Buy Luxury
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 264: Most popular locations where luxury branded items were bought – Nets, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 265: Next most popular locations where luxury branded items were bought – Nets, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 266: Locations where luxury branded items were bought – Bought online, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 267: Locations where luxury branded items were bought – Bought in China, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 268: Locations where luxury branded items were bought – Bought in another country, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What Brands They Own and Know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 269: Ownership of luxury branded products – Louis vuitton, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 270: Ownership of luxury branded products – Gucci, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 271: Ownership of luxury branded products – Mont Blanc, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 272: Ownership of luxury branded products – Chanel, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 273: Ownership of luxury branded products – Hermès, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 274: Ownership of luxury branded products – Prada, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 275: Ownership of luxury branded products – Omega, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 276: Ownership of luxury branded products – Burberry, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 277: Ownership of luxury branded products – Tiffany, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 278: Ownership of luxury branded products – Dolce & Gabbana, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 279: Ownership of luxury branded products – Christian Dior, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 280: Ownership of luxury branded products – Rolex, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Appendix – US Consumer Data

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Who Buys Luxury
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 281: Luxury shopping done in the past 18 months, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What Products They Buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 282: Most popular luxury branded items bought in the past 18 months, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 283: Next most popular luxury branded items bought in the past 18 months, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 284: Other luxury branded items bought in the past 18 months, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where They Buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 285: Most popular locations where luxury branded items were bought, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 286: Next most popular locations where luxury branded items were bought, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 287: Locations where luxury branded items were bought – Bought online, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 288: Locations where luxury branded items were bought – Bought in the USA, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 289: Locations where luxury branded items were bought – Bought in another country, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What Brands They Own and Know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 290: Ownership of luxury branded products – Louis Vuitton, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 291: Ownership of luxury branded products – Gucci, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 292: Ownership of luxury branded products – Mont Blanc, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 293: Ownership of luxury branded products – Chanel, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 294: Ownership of luxury branded products – Hermès, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 295: Ownership of luxury branded products – Prada, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 296: Ownership of luxury branded products – Omega, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 297: Ownership of luxury branded products – Burberry, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 298: Ownership of luxury branded products – Tiffany, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 299: Ownership of luxury branded products – Dolce & Gabbana, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 300: Ownership of luxury branded products – Christian Dior, by demographics, May 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 301: Ownership of luxury branded products – Rolex, by demographics, May 2014

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Companies Covered

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

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Luxury Goods Retailing - International - August 2014

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  US $2,940.64 (Excl.Tax)