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Luxury Goods Retailing - International - August 2015

The concept of luxury goods is still highly subjective. It is usually obvious where a product is luxury and equally obvious where it isn’t, but there is a grey area that 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. Or look at Net-a-porter, in which Richemont has just sold a controlling interest to Yoox. Some of the brands are most definitely luxury brands (eg those from the Kering and Prada stables), but others are not. J Crew is a US mass market brand.

This report looks at the following areas:

  • What are the prospects for luxury online?
  • How can luxury brands leverage digital innovation?
  • The changing face of luxury
  • Has luxury gone ex-growth?

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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), 2010-20
                      • A regional view
                        • Figure 3: Regional share of the luxury goods market, 2007-14
                        • Figure 4: Top 10 countries in the luxury market, by sales, 2013-14
                      • Segmentation by product
                        • Figure 5: Luxury goods market split by product category, % share, 2010 and 2014
                      • Market shares
                        • Figure 6: Leading luxury brands: % share of all luxury sales, 2013 and 2014
                      • The consumer: who buys luxury goods
                        • Figure 7: Those who had bought luxury goods in the last 18 months, by country, May 2014 and April/May 2015
                      • The consumer: where they buy
                        • Figure 8: Where they bought luxury goods, by country, purchases made in-store in home country, April/May 2015
                        • Figure 9: Where they bought luxury goods, by country, purchases made in-store abroad, April/May 2015
                      • Luxury online
                        • Figure 10: Percentage of luxury goods shoppers buying luxury goods online in the last 18 months, by type of retailer website, May 2015
                      • The consumer: spending intentions
                        • Figure 11: 2015 spending intentions, by country, April/May 2015
                      • The consumer: attitudes to shopping online for luxury
                        • Figure 12: Attitudes to shopping online, % that agree with the following statements, April/May 2015
                      • What we think
                      • Issues and Insights

                        • What are the prospects for luxury online?
                          • The facts
                            • The implications
                              • How can luxury brands leverage digital innovation?
                                • The facts
                                  • The implications
                                    • The changing face of luxury
                                      • The facts
                                        • The implications
                                          • Has luxury gone ex-growth?
                                            • The facts
                                              • The implications
                                              • Market Size and Forecast

                                                • Key points
                                                  • A difficult year
                                                    • The market size
                                                      • Outlook
                                                        • Figure 13: Luxury goods market size and forecast (Excl VAT), 2010-20
                                                    • Market Drivers

                                                      • Key points
                                                        • What are luxury goods?
                                                          • The who, when, why and where of buying luxury goods
                                                            • Wealthy individuals
                                                              • Figure 14: Numbers and share of wealth of HNWIs, 2014
                                                            • Growth in numbers
                                                              • Figure 15: Number of HNWIs, 2003-14
                                                              • Figure 16: Numbers of HNWIs, 2007-14
                                                              • Figure 17: Wealth of HNWIs, 2008-14
                                                              • Figure 18: Average wealth of HNWIs, 2003-14
                                                            • Economic background
                                                              • Figure 19: GDP growth in US dollars at current values, 2010-15
                                                              • Figure 20: Leading international currency exchange rates, 2002-15
                                                            • Stock markets
                                                              • Figure 21: Leading stock markets year on year growth, 2010-14
                                                            • Tourism
                                                              • Figure 22: International inbound tourism, 2000-14
                                                          • Luxury Market – A Regional View

                                                            • Key points
                                                              • Regional analysis
                                                                • Market size by region
                                                                  • Figure 23: Luxury goods markets, 2010-14
                                                                  • Figure 24: Regional share of the luxury goods market, 2007-14
                                                                • Country market sizes
                                                                  • HNWIs and spending by region
                                                                      • Figure 25: Share of HNWIs and luxury market sales, by region, 2014
                                                                    • HNWIs and spending by country
                                                                      • Figure 26: Top 10 countries in the luxury market, by sales, 2010-14
                                                                      • Figure 27: Country shares of the global luxury market, 2010-14
                                                                    • Americas
                                                                      • Figure 28: The Americas: Leading luxury goods markets, 2010-14
                                                                      • Figure 29: Leading American luxury markets’ share of all luxury spending in the Americas, 2010-14
                                                                    • Asia-Pacific
                                                                      • Figure 30: Asia-Pacific region: Leading luxury goods markets, 2010-14
                                                                      • Figure 31: Asia-Pacific region: Leading luxury goods markets, 2010-14
                                                                    • Europe
                                                                      • Figure 32: Europe: Leading luxury goods markets, 2010-14
                                                                      • Figure 33: Leading European luxury markets’ share of all luxury spending in Europe, 2009-13
                                                                  • Luxury Market – Segment Performance

                                                                    • Fashion and leather goods
                                                                      • Market size
                                                                        • Figure 34: Global luxury market: Fashion and leather goods sales, 2010-14
                                                                      • Market share
                                                                        • Figure 35: Top 10 leading luxury goods retailers, by % share of global luxury fashion and leather goods market, 2013 and 2014
                                                                      • Jewellery and watches
                                                                        • Market size
                                                                          • Figure 36: Global luxury market: Jewellery and watch sales, 2010-14
                                                                        • Market share
                                                                          • Figure 37: Top 10 leading luxury goods retailers, by % share of global luxury fashion and leather goods market, 2013 and 2014
                                                                        • Perfumes and cosmetics
                                                                          • Market size
                                                                            • Figure 38: Global luxury market: Perfumes and cosmetics sales, 2010-14
                                                                          • Market share
                                                                            • Figure 39: Top 10 leading luxury goods retailers, by % share of global luxury perfumes and cosmetics market, 2013 and 2014
                                                                          • Country analysis
                                                                            • Figure 40: Sales by product in selected luxury markets (excl. VAT), 2014
                                                                        • The Consumer – Who Buys Luxury Goods

                                                                          • Key points
                                                                            • What we asked
                                                                              • Technical note
                                                                                • Luxury popularity dips in China
                                                                                  • UK on the rise
                                                                                      • Figure 41: Those who had bought luxury in the last 18 months, by country, May 2014 and April/May 2015
                                                                                    • Female shoppers more important in China
                                                                                        • Figure 42: Those who had bought luxury in last 18 months by country and by gender, April/May 2015
                                                                                      • Younger bias
                                                                                          • Figure 43: Those who had bought luxury in last 18 months by country and by age, May 2015
                                                                                        • Women aged 25-44 years are key consumers in China
                                                                                          • Figure 44: Those who had bought luxury in China in last 18 months by age, April 2015
                                                                                          • Figure 45: Those who had bought luxury goods in China in last 18 months by gender and age, April 2015
                                                                                        • 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 2015
                                                                                        • And elsewhere
                                                                                          • Figure 47: Those who had bought luxury in last 18 months in UK, USA and China by household income, April/May 2014
                                                                                      • The Consumer – Where They Buy

                                                                                        • Key points
                                                                                          • What we asked
                                                                                            • Technical note
                                                                                              • Shopping preferences vary across the globe
                                                                                                • Online takes pole position in the US and UK
                                                                                                  • More traditional channels in mainland Europe
                                                                                                    • Figure 48: Where they bought luxury goods by country, April/May 2015
                                                                                                  • Trend data
                                                                                                    • Shopper numbers rising in the US
                                                                                                      • Figure 49: US: Where they bought luxury goods by selected channels, May 2014 and May 2015
                                                                                                    • In-store shopper numbers drop in China
                                                                                                      • Figure 50: China: Where they bought luxury goods by selected channels, May 2014 and April 2015
                                                                                                      • Figure 51: China: Where they bought luxury goods by selected domestic channels, May 2014 and April 2015
                                                                                                    • Europe
                                                                                                      • Figure 52: Mainland Europe: Where they bought luxury goods by selected channels, May 2014 and May 2015
                                                                                                    • Who buys where
                                                                                                      • China
                                                                                                        • Figure 53: China: Where they shop for luxury in China, by age and affluence, April 2015
                                                                                                      • France
                                                                                                        • Figure 54: France: Where they shop for luxury in France, by age and affluence, May 2015
                                                                                                      • Germany
                                                                                                        • Figure 55: Germany: Where they shop for luxury in Germany, by age and affluence, May 2015
                                                                                                      • Italy
                                                                                                        • Figure 56: Italy: Where they shop for luxury in Italy, by age and affluence, May 2015
                                                                                                      • Spain
                                                                                                        • Figure 57: Spain: Where they shop for luxury in Spain, by age and affluence, May 2015
                                                                                                      • UK
                                                                                                        • Figure 58: UK: Where they shop for luxury in the UK, by age and affluence, May 2015
                                                                                                      • US
                                                                                                        • Figure 59: US: Where they shop for luxury in US, by age and affluence, May 2015
                                                                                                    • The Consumer – Spending Intentions

                                                                                                      • Key points
                                                                                                        • What we asked
                                                                                                          • Technical note
                                                                                                            • Chinese and US consumers are more bullish
                                                                                                              • Figure 60: 2015 spending intentions, by country, April/May 2015
                                                                                                              • Figure 61: US: Luxury shoppers who intend to spend more on luxury goods in 2015 than 2014, by age, May 2015
                                                                                                            • Europeans less confident
                                                                                                            • The Consumer – Attitudes to Shopping Online for Luxury

                                                                                                              • Key points
                                                                                                                • What we asked
                                                                                                                  • Technical note
                                                                                                                    • Appetite for online luxury
                                                                                                                      • Multi-channel experience
                                                                                                                          • Figure 62: Attitudes to shopping online for luxury, April/May 2015
                                                                                                                          • Figure 63: Selected attitudes to shopping online for luxury, April/May 2015
                                                                                                                        • Price versus experience
                                                                                                                          • Personalisation
                                                                                                                            • Figure 64: Selected Attitudes to shopping online for luxury, April/May 2015
                                                                                                                          • Attitudes by demographics
                                                                                                                            • Attitudes by where they shopped
                                                                                                                              • Appetite for low price luxury
                                                                                                                                • UK
                                                                                                                                    • Figure 65: UK: Attitudes by where they shopped online and in stores in UK, May 2015
                                                                                                                                  • France
                                                                                                                                    • Figure 66: France: Attitudes by where they shopped online and in stores in France, May 2015
                                                                                                                                  • Germany
                                                                                                                                    • Figure 67: Germany: Attitudes by where they shopped online and in stores in Germany, May 2015
                                                                                                                                  • Italy
                                                                                                                                    • Figure 68: Italy: Attitudes by where they shopped online and in stores in Italy, May 2015
                                                                                                                                  • Spain
                                                                                                                                      • Figure 69: Spain: Attitudes by where they shopped online and in stores in Spain, May 2015
                                                                                                                                    • US
                                                                                                                                      • Figure 70: US: Attitudes by where they shopped online and in stores in US, May 2015
                                                                                                                                    • China
                                                                                                                                      • Figure 71: China: Attitudes by where they shopped online and in stores in China, April 2015
                                                                                                                                  • The Consumer – Attitudes to Luxury Services

                                                                                                                                    • Key points
                                                                                                                                      • What we asked
                                                                                                                                        • Technical note
                                                                                                                                          • Appetite for custom-made designs
                                                                                                                                            • Interactive store experience
                                                                                                                                                • Figure 72: Attitudes to luxury services, April/May 2015
                                                                                                                                                • Figure 73: Selected Attitudes to luxury services, % agreeing with statement, April/May 2015
                                                                                                                                              • Personal advisors
                                                                                                                                                • Smartphone marketing
                                                                                                                                                    • Figure 74: Selected attitudes to luxury services, % agreeing with statement, April/May 2015
                                                                                                                                                  • Attitudes by where they shopped
                                                                                                                                                    • UK
                                                                                                                                                      • Figure 75: UK: Attitudes to luxury services by where they shopped online and in stores in UK , May 2015
                                                                                                                                                    • France
                                                                                                                                                      • Figure 76: France: Attitudes to luxury services by where they shopped online and in stores in France, May 2015
                                                                                                                                                    • Germany
                                                                                                                                                      • Figure 77: Germany: Attitudes to luxury services by where they shopped online and in stores in Germany, May 2015
                                                                                                                                                    • Italy
                                                                                                                                                      • Figure 78: Italy: Attitudes to luxury services by where they shopped online and in stores in Italy, May 2015
                                                                                                                                                    • Spain
                                                                                                                                                      • Figure 79: Spain: Attitudes to luxury services by where they shopped online and in stores in Spain, May 2015
                                                                                                                                                    • US
                                                                                                                                                      • Figure 80: US: Attitudes to luxury services by where they shopped online and in stores in US, May 2015
                                                                                                                                                    • China
                                                                                                                                                      • Figure 81: China: Attitudes to luxury services by where they shopped online and in stores in China, April 2015
                                                                                                                                                  • Who’s Innovating?

                                                                                                                                                    • In-store
                                                                                                                                                      • Online
                                                                                                                                                      • Online

                                                                                                                                                        • The market
                                                                                                                                                          • The outlook
                                                                                                                                                            • The brands online
                                                                                                                                                              • Figure 82: Major luxury brands: Number of national, transactional websites, 2014-15
                                                                                                                                                            • Yoox Net-A-Porter Group
                                                                                                                                                              • The consumer: shopping online
                                                                                                                                                                • Figure 83: Percentage of luxury-goods shoppers buying luxury goods online in the last 18 months, May 2014-15
                                                                                                                                                                • Figure 84: Percentage of luxury goods shoppers buying luxury goods online in the last 18 months, by type of retailer website, May 2015
                                                                                                                                                            • Company Metrics

                                                                                                                                                              • Company revenues
                                                                                                                                                                • Figure 85: Leading luxury companies, by net revenues, 2012-14
                                                                                                                                                              • Revenue growth rates
                                                                                                                                                                • Figure 86: Leading luxury companies: % CAGR in revenues, 2010-14
                                                                                                                                                              • Product revenue mix
                                                                                                                                                                • Figure 87: Leading luxury companies: % Sales mix, by product group revenue, 2014
                                                                                                                                                              • Asia-Pacific revenue
                                                                                                                                                                • Figure 88: Leading luxury companies: % of revenues deriving from Asia-Pacific region, 2013-14
                                                                                                                                                                • Figure 89: Total luxury sales growth in the Asia-Pacific region, 2010-14
                                                                                                                                                              • Store numbers
                                                                                                                                                                • Figure 90: Selected leading luxury retailers, estimated store numbers, 2014
                                                                                                                                                              • Brand ownership
                                                                                                                                                                • Figure 91: Brand ownership, by leading luxury companies, 2015
                                                                                                                                                              • Swiss watchmakers output
                                                                                                                                                                • Figure 92: % share of all COSC certificates accounted for, by leading Swiss-watch brands, 2013-14
                                                                                                                                                                • Figure 93: Number of Swiss watch certificates issued by the COSC, 2013-14
                                                                                                                                                                • Figure 94: Number of Swiss watch certificates issued by the COSC, three leading brands, 2010-14
                                                                                                                                                            • Brand Sales and Market Shares

                                                                                                                                                                • Figure 95: Leading luxury brands: Sales, 2012-14
                                                                                                                                                                • Figure 96: Leading luxury brands, share of all luxury sales, 2012-14
                                                                                                                                                            • Burberry Group

                                                                                                                                                                • What we think
                                                                                                                                                                  • China and Japan
                                                                                                                                                                    • Connecting with its customers on a global scale
                                                                                                                                                                      • Digital commerce
                                                                                                                                                                        • Must-have fashion items
                                                                                                                                                                          • Capitalising on the opportunities in travel retail
                                                                                                                                                                            • Multi-pronged assault on the lucrative beauty category
                                                                                                                                                                              • Enhanced in-store experience
                                                                                                                                                                                • Company background
                                                                                                                                                                                  • Company performance
                                                                                                                                                                                    • Figure 97: Burberry Group Plc: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                    • Figure 98: Burberry Group Plc: Directly-operated stores data, 2010/11-2014/15
                                                                                                                                                                                  • E-commerce
                                                                                                                                                                                  • Christian Dior Couture

                                                                                                                                                                                      • What we think
                                                                                                                                                                                        • Expansion and renovation
                                                                                                                                                                                          • Continuing the shift in focus to Asia
                                                                                                                                                                                            • E-commerce could be expanded
                                                                                                                                                                                              • Fusion sneakers prove popular
                                                                                                                                                                                                • Company background
                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                    • Figure 99: Christian Dior Couture: Group financial performance, 2010-15
                                                                                                                                                                                                  • E-commerce
                                                                                                                                                                                                  • Coach

                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                        • Expanded lifestyle product offering
                                                                                                                                                                                                          • Next-generation store concept delivering positive results
                                                                                                                                                                                                            • New marketing push highlights brand’s change of customer focus
                                                                                                                                                                                                              • Targeting sales of $600m in China
                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                    • Figure 100: Coach Inc.: Group financial performance, 2009/10-2014/15
                                                                                                                                                                                                                    • Figure 101: Coach Inc.: Net sales, by region, 2011/12-2014/15
                                                                                                                                                                                                                    • Figure 102: Coach Inc.: Sales breakdown, by product, 2011/12-2013/14
                                                                                                                                                                                                                    • Figure 103: Coach Inc.: Operated store data, 2011/12-2013/14
                                                                                                                                                                                                                  • E-commerce
                                                                                                                                                                                                                  • Estée Lauder Companies

                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                        • Targeting the Millenials generation
                                                                                                                                                                                                                          • Acquisitions boost growth
                                                                                                                                                                                                                            • China is vital
                                                                                                                                                                                                                              • Online
                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                    • Figure 104: Estée Lauder Companies: Group financial performance, 2009/10-2014/15
                                                                                                                                                                                                                                    • Figure 105: Estée Lauder Companies: Group financial performance, by region, 2009/10-2013/14
                                                                                                                                                                                                                                    • Figure 106: Estée Lauder Companies: Group financial performance, by product area, 2009/10-2013/14
                                                                                                                                                                                                                                    • Figure 107: Estée Lauder Companies: Net sales, by distribution channel, 2009/10-2013/14
                                                                                                                                                                                                                                  • E-commerce
                                                                                                                                                                                                                                  • Giorgio Armani

                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                        • Broad luxury offer
                                                                                                                                                                                                                                          • Extending the brand
                                                                                                                                                                                                                                            • Celebrating 40 years
                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                  • Figure 108: Giorgio Armani: Group financial performance, 2010-14
                                                                                                                                                                                                                                                • E-commerce
                                                                                                                                                                                                                                                • Hermès

                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                      • Growth in Asia remains strong
                                                                                                                                                                                                                                                        • Leather Goods and Saddlery lead growth
                                                                                                                                                                                                                                                          • Online approach
                                                                                                                                                                                                                                                            • LVMH issue resolved
                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                  • Figure 109: Hermès: Financial performance, 2010-14
                                                                                                                                                                                                                                                                  • Figure 110: Hermès: Sales by product category, 2013-14
                                                                                                                                                                                                                                                                • E-commerce
                                                                                                                                                                                                                                                                • Kering

                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                      • Where next?
                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                            • Figure 111: Kering: Financial Performance 2010-14
                                                                                                                                                                                                                                                                            • Figure 112: Kering Luxury: Breakdown of revenue by product category and by region, 2010-14
                                                                                                                                                                                                                                                                          • Gucci
                                                                                                                                                                                                                                                                            • Figure 113: Gucci: Breakdown of revenue by product category and by region, 2010-14
                                                                                                                                                                                                                                                                          • Bottega Veneta
                                                                                                                                                                                                                                                                            • Figure 114: Bottega Veneta: Breakdown of revenue by product category and by region, 2010-14
                                                                                                                                                                                                                                                                          • Yves Saint Laurent
                                                                                                                                                                                                                                                                            • Figure 115: Yves Saint Laurent: Breakdown of revenue by product category and by region, 2010-14
                                                                                                                                                                                                                                                                          • Outlets
                                                                                                                                                                                                                                                                            • Figure 116: Kering Luxury: Directly operated stores, 2013-14
                                                                                                                                                                                                                                                                          • E-commerce
                                                                                                                                                                                                                                                                          • L’Oréal Luxe

                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                • Strongest growth segment for L’Oréal
                                                                                                                                                                                                                                                                                  • Good performance from recent acquisitions
                                                                                                                                                                                                                                                                                    • Group digital transformation gathers pace
                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                          • Figure 117: L’Oréal Group: Net revenues by division, 2010-14
                                                                                                                                                                                                                                                                                          • Figure 118: L’Oréal Luxe: Financial performance, 2010-2014
                                                                                                                                                                                                                                                                                          • Figure 119: L’Oréal Luxe: Sales by region and product area, 2011-2014
                                                                                                                                                                                                                                                                                        • E-commerce
                                                                                                                                                                                                                                                                                        • LVMH – Moët Hennessy-Louis Vuitton

                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                              • Slowdown in China
                                                                                                                                                                                                                                                                                                • Figure 120: LVMH – Share of sales by region, 2009-14
                                                                                                                                                                                                                                                                                              • Where next?
                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                    • Figure 121: LVMH: Group financial performance, 2010-14
                                                                                                                                                                                                                                                                                                    • Figure 122: LVMH: Distribution of revenues, by region, 2010-14
                                                                                                                                                                                                                                                                                                    • Figure 123: LVMH: Distribution of segment revenues, by region, 2010-14
                                                                                                                                                                                                                                                                                                    • Figure 124: LVMH, Outlet portfolio, 2013-14
                                                                                                                                                                                                                                                                                                  • E-commerce
                                                                                                                                                                                                                                                                                                  • Prada Group

                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                        • Where next?
                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                              • Figure 125: Prada: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                              • Figure 126: Prada: Group net revenue breakdown, by channel, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                              • Figure 127: Prada: Group net revenue breakdown, by channel, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                              • Figure 128: Prada: Group net revenue breakdown, by product line, 2012/13-2014/15
                                                                                                                                                                                                                                                                                                              • Figure 129: Prada: Directly operated stores, 2013/14-2014/15
                                                                                                                                                                                                                                                                                                            • E-commerce
                                                                                                                                                                                                                                                                                                            • Ralph Lauren Corporation

                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                  • Global brand restructuring plan to drive profitability
                                                                                                                                                                                                                                                                                                                    • New uber-luxe store concept aimed at VIP customers
                                                                                                                                                                                                                                                                                                                      • Targeting $1bn in online sales
                                                                                                                                                                                                                                                                                                                        • Tapping into wearable technology
                                                                                                                                                                                                                                                                                                                          • Innovative fragrance shopping experience
                                                                                                                                                                                                                                                                                                                            • International expansion opportunities identified in Asia and Brazil
                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                  • Figure 130: Ralph Lauren Corporation: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                  • Figure 131: Ralph Lauren Corporation: Revenue contributions, by segment, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                  • Figure 132: Ralph Lauren Corporation: Turnover, by region, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                • E-commerce
                                                                                                                                                                                                                                                                                                                                • Richemont

                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                          • Figure 133: Richemont: Group financial performance, 2011/12-2014/15
                                                                                                                                                                                                                                                                                                                                          • Figure 134: Richemont: Revenues by region, 2011/12–2014/15
                                                                                                                                                                                                                                                                                                                                          • Figure 135: Richemont: Revenues by category, 2010/11–2014/15
                                                                                                                                                                                                                                                                                                                                          • Figure 136: Richemont: Revenues by Maison, 2011/12-2014/15
                                                                                                                                                                                                                                                                                                                                        • E-commerce
                                                                                                                                                                                                                                                                                                                                        • Shiseido

                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                              • Ready to rebound?
                                                                                                                                                                                                                                                                                                                                                • Investing in R&D
                                                                                                                                                                                                                                                                                                                                                  • The China issue
                                                                                                                                                                                                                                                                                                                                                    • Figure 137: Shiseido – Share of sales by region, 2011-15
                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                      • Figure 138: Shiseido: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                      • Figure 139: Shiseido: Sales split, domestic vs overseas, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                      • Figure 140: Shiseido revenues, by region, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                    • E-commerce
                                                                                                                                                                                                                                                                                                                                                    • Swatch Group – Luxury

                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                          • E-commerce still a missing link
                                                                                                                                                                                                                                                                                                                                                            • Dispute with Tiffany & Co still not resolved
                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                  • Figure 141: Swatch: Group financial performance, 2010-14
                                                                                                                                                                                                                                                                                                                                                                  • Figure 142: Swatch Group: Estimated revenues from the luxury brands only, 2010-14
                                                                                                                                                                                                                                                                                                                                                                  • Figure 143: Swatch Group: Watches and jewellery segment performance, 2010-14
                                                                                                                                                                                                                                                                                                                                                                  • Figure 144: Swatch Group: Net sales, by region, 2010-14
                                                                                                                                                                                                                                                                                                                                                                • E-commerce
                                                                                                                                                                                                                                                                                                                                                                • Tiffany & Co.

                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                      • New couture jewellery collection aimed at the ultra-wealthy
                                                                                                                                                                                                                                                                                                                                                                        • Re-establishing itself in the luxury watch market
                                                                                                                                                                                                                                                                                                                                                                          • Targeting the self-gifting financially independent female consumer
                                                                                                                                                                                                                                                                                                                                                                            • Same-sex campaign broadens appeal of its engagement rings
                                                                                                                                                                                                                                                                                                                                                                              • European store expansion on back of sales growth in the region
                                                                                                                                                                                                                                                                                                                                                                                • Authentic shopping experience
                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 145: Tiffany & Co.: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 146: Tiffany & Co: Sales growth, by region, 2014/15
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 147: Tiffany & Co.: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                    • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                    • Tod’s Group

                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                          • Reinventing the brand
                                                                                                                                                                                                                                                                                                                                                                                            • New creative chiefs spearhead clothing and accessories line
                                                                                                                                                                                                                                                                                                                                                                                              • Hogan spin off rumours casts doubt over the brand’s long term global appeal
                                                                                                                                                                                                                                                                                                                                                                                                • Roger Viviers licensing deal up for renewal
                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 148: Tod’s Group: Financial performance, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 149: Tod’s Group: Sales, by region, 2014
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 150: Tod’s Group: Sales, by region, 2013-14
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 151: Tod’s Group: Sales, by product type, 2014
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 152: Tod’s Group: Sales by product type, 2013-14
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 153: Tod’s Group: Sales by brand, 2014
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 154: Tod’s Group: Sales, by brand, 2013-14
                                                                                                                                                                                                                                                                                                                                                                                                      • E-commerce

                                                                                                                                                                                                                                                                                                                                                                                                      Companies Covered

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

                                                                                                                                                                                                                                                                                                                                                                                                      Luxury Goods Retailing - International - August 2015

                                                                                                                                                                                                                                                                                                                                                                                                      US $2,842.31 (Excl.Tax)