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Luxury Goods Retailing - International - August 2016

“The global luxury market continues to grow steadily, rising by 10.4% to €142 billion in 2015. The shift from wholesale to retail among leading brands has provided a boost to the value of the market and this strategy offers an opportunity for luxury players to strengthen their high-end positioning through greater control over distribution, discounting and the in-store experience. Uncertainties overhang the market, yet the underlying demand for luxury goods remains strong.”
– Alice Goody, Retail Analyst

This report examines the following issues:

  • What is driving growth in the luxury market?
  • The downward pressure on pricing in luxury
  • Strengthening the high-end positioning through luxury store experiences
Report Scope

Most people have an idea of what constitutes a luxury item, but it is actually very difficult to quantify it. But one can say that a luxury good is branded and it is the goods that are luxury, not the retailer. It is up to the retailer to merchandise the goods in a way that sets them off to their best advantage.

One key trend in recent years has been for luxury brands to take greater control of their own distribution through directly-operated stores, though that is only really possible for the biggest brands.

In general, wholesaling and licensing is in decline.

Market Sizes

Since it is the brands that are luxury and not the retailer, Mintel has calculated the size of the market from the aggregated turnover of brands that we think are viewed as luxury brands, adjusted where necessary to add a retail margin and the sales of smaller players.

Luxury goods

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. The Swatch brand itself is 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.

“Luxury” goods are undoubtedly priced high, though that is often justified by a very high level of craftsmanship. They must have an element of exclusivity and be out of the reach of most mass market buyers certainly in terms of regular purchasing. However, defining the market can be difficult because perception of luxury can be highly subjective.

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

  • Fashion & leather goods

  • Fragrances & cosmetics

  • Jewellery & watches

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

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

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Table of contents

  1. Overview

    • What you need to know
      • Products covered in this report
        • Report scope
          • Mintel market sizes
            • Defining luxury goods
              • Geographical breakdown
                • Technical notes
                  • Financial definitions
                    • Exchange rates
                      • Figure 1: US Dollar to Euro annual average exchange rates, 2010-15
                  • Executive Summary

                      • The market
                        • Market size and forecast
                          • Figure 2: Luxury goods market size and forecast (excl. VAT), 2011-21
                        • A regional view
                          • Figure 3: Regional share of the luxury goods market, 2007-15
                          • Figure 4: Top 10 countries in the luxury market, by sales, 2014-15
                        • Segmentation by product
                          • Figure 5: Luxury goods market split by product category, % share, 2011 and 2015
                        • Companies and brands
                          • Market shares
                            • Figure 6: Leading luxury companies: % share of all luxury sales, 2014 and 2015
                          • The consumer
                            • Who buys luxury goods
                              • Figure 7: Those who had bought luxury goods in the last 18 months, by country, May/June 2016 and April/May 2015
                            • Where they buy
                              • Figure 8: Where they bought luxury goods, by country, purchases made in-store in home country, May/June 2016
                              • Figure 9: Where they bought luxury goods, by country, purchases made in-store abroad, May/June 2016
                            • Luxury online
                              • Figure 10: Percentage of luxury goods shoppers buying luxury goods online in the last 18 months, by type of retailer website, May/June 2016
                            • Interest in luxury products and services
                              • Figure 11: Interest in luxury products and services, May/June 2016
                            • Attitudes towards luxury goods
                              • Figure 12: Attitudes towards luxury products, May/June 2016
                            • What we think
                            • Issues and Insights

                              • What is driving growth in the luxury market?
                                • The facts
                                  • The implications
                                    • The downward pressure on pricing in luxury
                                      • The facts
                                        • The implications
                                          • Strengthening the high-end positioning through luxury store experiences
                                            • The facts
                                              • The implications
                                              • The Luxury Market – What You Need to Know

                                                • Steady growth
                                                  • Mintel’s market size
                                                    • High Net Worth Individuals
                                                      • Americans are low spenders
                                                        • Fashion and leather the largest sector
                                                        • Market Size and Forecast

                                                          • Uncertainty
                                                            • Retail vs wholesale
                                                              • Outlook
                                                                  • Figure 13: Luxury goods market size and forecast (Excl VAT), 2011-21
                                                              • Market Drivers

                                                                • What are luxury goods?
                                                                  • How important is quality?
                                                                    • Who buys luxury goods, when and where?
                                                                      • Luxury goods prices
                                                                        • Wealthy individuals
                                                                          • Figure 14: Numbers and share of wealth of HNWIs, 2015
                                                                        • Growth in numbers
                                                                          • Figure 15: Number of HNWIs, 2003-15
                                                                          • Figure 16: Numbers of HNWIs, 2007-15
                                                                          • Figure 17: Wealth of HNWIs, 2011-15
                                                                          • Figure 18: Average wealth of HNWIs, 2003-15
                                                                        • Economic background
                                                                          • Figure 19: GDP growth in US dollars at current values, 2011-16
                                                                          • Figure 20: Leading international currency exchange rates, 2002-16
                                                                        • Stock markets
                                                                          • Figure 21: Leading stock markets year-on-year growth, 2010-15
                                                                        • Tourism
                                                                          • Figure 22: International inbound tourism, 2000-15
                                                                      • Luxury Market – A Regional View

                                                                        • Regional analysis
                                                                          • Market size by region
                                                                            • Figure 23: Luxury goods markets, 2011-15
                                                                            • Figure 24: Regional share of the luxury goods market, 2007-15
                                                                          • Country market sizes
                                                                            • HNWIs and spending by region
                                                                              • Figure 25: Sales of luxury goods per HNWI by region, 2011-15
                                                                            • HNWIs and spending by country
                                                                              • Figure 26: Top 10 countries in the luxury market, by sales, 2011-15
                                                                              • Figure 27: Country shares of the global luxury market, 2011-15
                                                                            • Americas
                                                                              • Figure 28: The Americas: Leading luxury goods markets, 2011-15
                                                                              • Figure 29: Leading American luxury markets’ share of all luxury spending in the Americas, 2011-15
                                                                            • Asia Pacific
                                                                              • Figure 30: Asia Pacific region: Leading luxury goods markets, 2011-15
                                                                              • Figure 31: Asia Pacific region: Leading luxury goods markets, 2011-15
                                                                            • Europe
                                                                              • Figure 32: Europe: Leading luxury goods markets, 2011-15
                                                                              • Figure 33: Leading European luxury markets’ share of all luxury spending in Europe, 2011-15
                                                                          • Luxury Market – Segment Performance

                                                                            • Fashion and leather goods
                                                                              • Market size
                                                                                • Figure 34: Global luxury market: Fashion and leather goods sales, 2011-15
                                                                              • Market share
                                                                                • Figure 35: Top 10 leading luxury goods retailers, by % share of global luxury fashion and leather goods market, 2015
                                                                              • Jewellery and watches
                                                                                • Market size
                                                                                  • Figure 36: Global luxury market: Jewellery and watch sales, 2011-15
                                                                                • Market share
                                                                                  • Figure 37: Top 10 leading luxury goods retailers, by % share of global luxury fashion and leather goods market, 2015
                                                                                • Perfumes and cosmetics
                                                                                  • Market size
                                                                                    • Figure 38: Global luxury market: Perfumes and cosmetics sales, 2011-15
                                                                                  • Market share
                                                                                    • Figure 39: Top 10 leading luxury goods retailers, by % share of global luxury perfumes and cosmetics market, 2013 and 2014
                                                                                • The Consumer – What You Need to Know

                                                                                  • China and the US see growth in luxury shoppers
                                                                                    • The young and affluent drive luxury purchasing
                                                                                      • In-store purchasing in the home country remains dominant
                                                                                        • Chinese luxury spend migrating overseas and online
                                                                                          • Growth online is being driven by official brand websites
                                                                                            • VIP events could tap into high-earners’ spend
                                                                                              • Personalisation key to luxury retail
                                                                                                • Luxury market remains discount driven
                                                                                                  • Just a third of shoppers think luxury items offer superior quality
                                                                                                  • Who Buys Luxury Goods

                                                                                                    • Technical note
                                                                                                      • China and the US see growth in luxury shoppers
                                                                                                          • Figure 40: Those who had bought luxury goods in the last 18 months, by country, May/June 2016 and April/May 2015
                                                                                                        • Men out-purchase women
                                                                                                          • Figure 41: Those who had bought luxury goods in the last 18 months by country and by gender, May/June 2016
                                                                                                        • Young consumers drive luxury purchases
                                                                                                          • Figure 42: Those who had bought luxury goods in the last 18 months by country and age, June 2016
                                                                                                          • Figure 43: Those who had bought luxury goods in the last 18 months, China, by age, May 2016
                                                                                                        • Affluence determines purchasing behaviour
                                                                                                          • Figure 44: Those who had bought luxury goods in the last 18 months in Spain, Italy, France and Germany by household income, June 2016
                                                                                                          • Figure 45: Those who had bought luxury goods in the last 18 months in UK, USA and China by annual household income (monthly income for China), May/June 2016
                                                                                                      • Where They Buy

                                                                                                        • In-store purchasing in the home country remains dominant
                                                                                                          • Figure 46: Where they bought luxury goods by country, May/June 2016
                                                                                                        • Department stores the retailer of choice
                                                                                                          • Figure 47: Where they bought luxury goods by country, May/June 2016
                                                                                                        • Luxury brands gain shoppers through their own retail channels
                                                                                                          • Figure 48: Percentage-point increase/decrease in online shopper numbers, by country, 2015 vs 2016
                                                                                                        • Trend data
                                                                                                          • UK
                                                                                                            • Figure 49: UK: Where they bought luxury goods by selected channels, May 2015 and June 2016
                                                                                                          • Mainland Europe
                                                                                                            • Figure 50: Mainland Europe: Where they bought luxury goods by selected channels, May 2015 and June 2016
                                                                                                          • US
                                                                                                            • Figure 51: US: Where they bought luxury goods by selected channels, May 2015 and June 2016
                                                                                                          • Chinese luxury spend migrating overseas and online
                                                                                                            • Figure 52: China: Where they bought luxury goods by selected channels, May 2015 and May 2016
                                                                                                          • Who buys where?
                                                                                                            • UK
                                                                                                              • Figure 53: UK: Where they shop for luxury in UK, by age and affluence, June 2016
                                                                                                            • France
                                                                                                              • Figure 54: France: Where they shop for luxury in France, by age and affluence, June 2016
                                                                                                            • Germany
                                                                                                              • Figure 55: Germany: Where they shop for luxury in Germany, by age and affluence, June 2016
                                                                                                            • Italy
                                                                                                              • Figure 56: Italy: Where they shop for luxury in France, by age and affluence, Italy 2016
                                                                                                            • Spain
                                                                                                              • Figure 57: Spain: Where they shop for luxury in Spain, by age and affluence, June 2016
                                                                                                            • US
                                                                                                              • Figure 58: US: Where they shop for luxury in the US, by age and affluence, June 2016
                                                                                                            • China
                                                                                                              • Figure 59: China: Where they shop for luxury in China, by age and affluence, May 2016
                                                                                                          • Interest in Luxury Products and Services

                                                                                                              • Figure 60: Interest in luxury products and services, May/June 2016
                                                                                                            • Men show greater interest in wearable technology
                                                                                                              • Figure 61: Interest in wearable technology, by gender, June 2016
                                                                                                            • VIP events could tap into high-earners’ spend
                                                                                                              • Figure 62: Interest in in-store events organised by luxury brands, by gender, June 2016
                                                                                                            • Personalisation key to luxury retail
                                                                                                              • Figure 63: Interest in personalisation, June 2016
                                                                                                            • Opportunity for designer rental services in the US
                                                                                                              • Figure 64: US: Interest in designer clothing, accessories or jewellery rental and monthly subscription services, by demographics, June 2016
                                                                                                          • Attitudes towards Luxury Goods

                                                                                                              • Figure 65: Attitudes towards luxury products, May/June 2016
                                                                                                            • Luxury market remains discount driven
                                                                                                                • Figure 66: Those that have bought luxury items on discount/special offer in the last 18 months, by gender, May/June 216
                                                                                                              • Brands must communicate the superior quality of their luxury goods
                                                                                                                • Figure 67: Agreement that luxury products offer superior quality than non-luxury products, high earners vs all luxury buyers, June 2016
                                                                                                              • Savvy shoppers mix and match luxury with non-luxury
                                                                                                                • Second-hand luxury market has potential
                                                                                                                  • Figure 68: Purchasing of luxury items second hand, May 2016
                                                                                                                • Young Chinese opt for unique designs over visible logos
                                                                                                                  • Figure 69: China: Those who prefer luxury products with a visible logo and those who like to wear items from less well-known luxury designers, by age, May 2016
                                                                                                              • Brand/Company – What You Need to Know

                                                                                                                • LMVH out in front
                                                                                                                  • Christian Dior Couture strongest CAGR
                                                                                                                    • Americas the fastest growing region
                                                                                                                      • Luxury market dominated by a few players
                                                                                                                        • Innovation on the catwalk
                                                                                                                          • Online sales reach €10bn
                                                                                                                            • Social media crucial for luxury brands
                                                                                                                            • Innovation and Launch Activity

                                                                                                                              • ‘Wow factor’ store experience
                                                                                                                                • Runway show innovation
                                                                                                                                  • Ethical credentials
                                                                                                                                    • Luxury watch with contactless payment functionality
                                                                                                                                      • Limited-editions enhance exclusivity
                                                                                                                                        • Boutique at sea
                                                                                                                                        • Online and Social Media

                                                                                                                                          • The market
                                                                                                                                            • The outlook
                                                                                                                                              • The brands online
                                                                                                                                                  • Figure 70: Major luxury brands: Number of markets with transactional websites, 2014-16
                                                                                                                                                • The luxury retailers online
                                                                                                                                                  • The consumer: Shopping online
                                                                                                                                                      • Figure 71: Percentage of luxury goods shoppers buying luxury goods online in the last 18 months, May 2014-16
                                                                                                                                                      • Figure 72: Percentage of luxury goods shoppers buying luxury goods online in the last 18 months, by type of retailer website, May 2016
                                                                                                                                                    • Online convenience
                                                                                                                                                      • Figure 73: I like the convenience of shopping for luxury products online, May/June 2016
                                                                                                                                                    • Social media
                                                                                                                                                      • Burberry
                                                                                                                                                        • The beauty brands
                                                                                                                                                          • Vloggers and Influencers
                                                                                                                                                            • See it, buy it
                                                                                                                                                            • Company Metrics

                                                                                                                                                                • Figure 74: Leading luxury companies, by net revenues, 2013-15
                                                                                                                                                              • Revenue growth rates
                                                                                                                                                                • Figure 75: Leading luxury companies: % CAGR in revenues, 2011-15
                                                                                                                                                              • Product revenue mix
                                                                                                                                                                • Figure 76: Leading luxury companies: Sales mix (%), by product group revenue, 2015
                                                                                                                                                                • Figure 77: Leading luxury companies: Percentage point change in product mix by product group revenue, 2011-15
                                                                                                                                                              • Regional revenue growth
                                                                                                                                                                • Figure 78: Total luxury sales growth (%), by region, 2011-15
                                                                                                                                                              • Store numbers
                                                                                                                                                                • Figure 79: Selected leading luxury retailers, estimated store numbers, 2015
                                                                                                                                                              • Brand ownership
                                                                                                                                                                • Figure 80: Brand ownership, by leading luxury companies, 2016
                                                                                                                                                              • Swiss watchmakers output
                                                                                                                                                                • Figure 81: Share of all COSC certificates accounted for, by leading Swiss-watch brands, 2014-15
                                                                                                                                                                • Figure 82: Number of Swiss watch certificates issued by the COSC, 2014-15
                                                                                                                                                                • Figure 83: Number of Swiss watch certificates issued by the COSC, three leading brands, 2011-15
                                                                                                                                                            • Brand Sales and Market Shares

                                                                                                                                                                • Figure 84: Top 10 luxury companies, share of all luxury goods sales, 2013-15
                                                                                                                                                                • Figure 85: Leading luxury brands: Sales, 2013-15
                                                                                                                                                                • Figure 86: Leading luxury brands: Share of all luxury sales, 2013-15
                                                                                                                                                            • Appendix – Data Sources, Abbreviations and Supporting Information

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

                                                                                                                                                                      • What we think
                                                                                                                                                                        • Performance
                                                                                                                                                                          • Strategy
                                                                                                                                                                            • Unifying the Burberry label into a single brand
                                                                                                                                                                              • Embracing the commercial value of Snapchat
                                                                                                                                                                                • A change to the seasonal runway calendar
                                                                                                                                                                                  • Experience is all
                                                                                                                                                                                    • Where next?
                                                                                                                                                                                      • Company background
                                                                                                                                                                                        • Company performance
                                                                                                                                                                                            • Figure 87: Burberry Group Plc: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                            • Figure 88: Burberry Group Plc: Group financial performance, revenue by product division, 2011/12-2015/16
                                                                                                                                                                                            • Figure 89: Burberry Group Plc: Outlet data, 2011/12-2015/16
                                                                                                                                                                                          • E-commerce
                                                                                                                                                                                          • Christian Dior Couture

                                                                                                                                                                                              • What we think
                                                                                                                                                                                                • Double-digit retail revenue growth on back of store investment
                                                                                                                                                                                                  • Tapping into haute couture demand in emerging markets
                                                                                                                                                                                                    • New creative director to lure female clients away from rivals
                                                                                                                                                                                                      • Luxury menswear retail
                                                                                                                                                                                                        • Advertising
                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                              • Figure 90: Christian Dior Couture: Financial performance, 2011-2015/16
                                                                                                                                                                                                            • E-commerce
                                                                                                                                                                                                            • Coach

                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                  • Reconnecting the brand with its core craftsmanship roots
                                                                                                                                                                                                                    • Unique in-store experience
                                                                                                                                                                                                                      • New luxury store concept to showcase the brand
                                                                                                                                                                                                                        • Reinventing itself as a full lifestyle label
                                                                                                                                                                                                                          • Apple Watch tie-up
                                                                                                                                                                                                                            • Walt Disney collaboration brings together two iconic brands
                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                  • Figure 91: Coach Inc.: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                  • Figure 92: Coach Inc.: Net sales, by region, 2011/12-2015/16
                                                                                                                                                                                                                                  • Figure 93: Coach Inc.: Coach product sales breakdown, 2011/12-2014/15
                                                                                                                                                                                                                                  • Figure 94: Coach Inc.: Operated store data, 2012/13-2014/15
                                                                                                                                                                                                                                • E-commerce
                                                                                                                                                                                                                                • Estée Lauder

                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                      • Skincare struggles while haircare excels
                                                                                                                                                                                                                                        • Targeting the young
                                                                                                                                                                                                                                          • The ‘Ageless’ market
                                                                                                                                                                                                                                            • Figure 95: Darphin Exquisâge Beauty Revealing Collection, 2015
                                                                                                                                                                                                                                          • Man in the mirror
                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                • Figure 96: Estée Lauder Companies: Group financial performance, 2010/11-2015/16
                                                                                                                                                                                                                                                • Figure 97: Estée Lauder Companies: Group financial performance, by region, 2010/11-2014/15
                                                                                                                                                                                                                                                • Figure 98: Estée Lauder Companies: Group financial performance, by product category, 2010/11-2014/15
                                                                                                                                                                                                                                              • E-commerce
                                                                                                                                                                                                                                              • Giorgio Armani

                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                    • 40th anniversary celebrations go digital
                                                                                                                                                                                                                                                      • Introducing the New Normal
                                                                                                                                                                                                                                                        • Extensions create a lifestyle brand
                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                              • Figure 99: Giorgio Armani: Group financial performance, 2011-15
                                                                                                                                                                                                                                                            • E-commerce
                                                                                                                                                                                                                                                            • Hermès

                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                  • Performance
                                                                                                                                                                                                                                                                    • Partners with Apple on the Hermès smartwatch series
                                                                                                                                                                                                                                                                      • Increasing manufacturing capabilities to meet demand
                                                                                                                                                                                                                                                                        • Strengthens relationship with footwear designer Pierre Hardy
                                                                                                                                                                                                                                                                          • Improving brand transparency
                                                                                                                                                                                                                                                                            • Where next?
                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                    • Figure 100: Hermès: Financial performance, 2011-15
                                                                                                                                                                                                                                                                                    • Figure 101: Hermès: Sales by product category, 2014-15
                                                                                                                                                                                                                                                                                  • E-commerce
                                                                                                                                                                                                                                                                                  • Kering

                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                        • The resurgence of Gucci in 2015
                                                                                                                                                                                                                                                                                          • More ways to shop Bottega Veneta
                                                                                                                                                                                                                                                                                            • YSL revenue up 37.8% on the back of e-commerce and store expansion
                                                                                                                                                                                                                                                                                              • Luxury fashion themed restaurants
                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                      • Figure 102: Kering: Financial Performance, 2011-15
                                                                                                                                                                                                                                                                                                      • Figure 103: Kering Luxury: Breakdown of revenue by region, 2011-15
                                                                                                                                                                                                                                                                                                    • Outlets
                                                                                                                                                                                                                                                                                                      • Figure 104: Kering Luxury: Directly-operated stores, 2014-15
                                                                                                                                                                                                                                                                                                    • E-commerce
                                                                                                                                                                                                                                                                                                    • L’Oréal Luxe

                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                          • Make-up a driver of luxury growth
                                                                                                                                                                                                                                                                                                            • Travel Retail
                                                                                                                                                                                                                                                                                                              • Digital
                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                    • Figure 105: L’Oréal Group: Net revenues by division, 2011-15
                                                                                                                                                                                                                                                                                                                    • Figure 106: L’Oréal Luxe: Financial performance, 2011-15
                                                                                                                                                                                                                                                                                                                    • Figure 107: L’Oréal Luxe: Sales by region and product area, 2011-15
                                                                                                                                                                                                                                                                                                                  • E-commerce
                                                                                                                                                                                                                                                                                                                  • LVMH

                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                        • Where next
                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                • Figure 108: LVMH: Group financial performance, 2011-15
                                                                                                                                                                                                                                                                                                                                • Figure 109: LVMH: Distribution of revenues by region, 2011-15
                                                                                                                                                                                                                                                                                                                                • Figure 110: LVMH: Distribution of segment revenues by region, 2011-15
                                                                                                                                                                                                                                                                                                                                • Figure 111: LVMH: Sales by type of distribution, 2013-15
                                                                                                                                                                                                                                                                                                                                • Figure 112: LVMH: Outlet portfolio, 2014, 2015
                                                                                                                                                                                                                                                                                                                              • E-commerce
                                                                                                                                                                                                                                                                                                                              • Prada Group

                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                    • Performance
                                                                                                                                                                                                                                                                                                                                      • Strategy
                                                                                                                                                                                                                                                                                                                                        • New social responsibility
                                                                                                                                                                                                                                                                                                                                          • Tapping into the personalisation trend
                                                                                                                                                                                                                                                                                                                                            • See now, buy now
                                                                                                                                                                                                                                                                                                                                              • Where next?
                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                    • Figure 113: Prada: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                    • Figure 114: Prada: Group net revenue breakdown, by channel, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                    • Figure 115: Prada: Group financial performance, by trademark, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                    • Figure 116: Prada: Group retail revenue breakdown, by channel, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                    • Figure 117: Prada: Group revenue breakdown, by product line, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                    • Figure 118: Prada: Directly operated stores, 2013/14-2015/16
                                                                                                                                                                                                                                                                                                                                                  • E-commerce
                                                                                                                                                                                                                                                                                                                                                  • Ralph Lauren Corporation

                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                        • New CEO brings mass market retail acumen to shore up the business side of things
                                                                                                                                                                                                                                                                                                                                                          • Getting designs to market more quickly
                                                                                                                                                                                                                                                                                                                                                            • Focusing more on the company’s three core brands
                                                                                                                                                                                                                                                                                                                                                              • E-commerce improvements driving retail revenue
                                                                                                                                                                                                                                                                                                                                                                • Reimagining the shopping experience
                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                      • Figure 119: Ralph Lauren Corporation: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                      • Figure 120: Ralph Lauren Corporation: Store and concession-based shop-within-shops network, 2012-16
                                                                                                                                                                                                                                                                                                                                                                    • E-commerce
                                                                                                                                                                                                                                                                                                                                                                    • Richemont

                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                          • Where next?
                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                • Figure 121: Richemont: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                • Figure 122: Richemont: Revenues by region, 2013/14-2015/16
                                                                                                                                                                                                                                                                                                                                                                                • Figure 123: Richemont: Revenues by product category, 2013/14-2015/16
                                                                                                                                                                                                                                                                                                                                                                                • Figure 124: Richemont: Performance by Maison, 2013/14-2015/16
                                                                                                                                                                                                                                                                                                                                                                              • E-commerce
                                                                                                                                                                                                                                                                                                                                                                              • Shiseido

                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                    • VISION 2020 paves the way
                                                                                                                                                                                                                                                                                                                                                                                      • China is challenging but holds promise
                                                                                                                                                                                                                                                                                                                                                                                        • Loss of the Gaultier licence will hit EMEA
                                                                                                                                                                                                                                                                                                                                                                                          • Travel Retail represents a growth area
                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 125: Shiseido: Group financial performance, 2010/11-2016
                                                                                                                                                                                                                                                                                                                                                                                                • Performance by brand
                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 126: Shiseido revenues, by region, 2010/11-2015
                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 127: Shiseido revenues, by region, 2015-16
                                                                                                                                                                                                                                                                                                                                                                                                • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                                • Swatch Group - Luxury

                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                      • Master Chronometer
                                                                                                                                                                                                                                                                                                                                                                                                        • Brand extension
                                                                                                                                                                                                                                                                                                                                                                                                          • Revamping online but e-commerce still missing
                                                                                                                                                                                                                                                                                                                                                                                                            • Store expansions
                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 128: Swatch: Group financial performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 129: Swatch Group: Net sales, by region, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 130: Swatch Group: Watches and jewellery segment performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                • Tiffany & Co.

                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                      • Net-a-Porter deal an opportunity for the heritage brand to reach a new audience
                                                                                                                                                                                                                                                                                                                                                                                                                        • Focusing on reinvigorating non-jewellery offering
                                                                                                                                                                                                                                                                                                                                                                                                                          • Limited editions strengthen Tiffany & Co.’s exclusivity credentials
                                                                                                                                                                                                                                                                                                                                                                                                                            • Boutique at sea to woo affluent travellers
                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 131: Tiffany & Co.: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 132: Tiffany & Co.: Stores and estimated sales per outlet, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                • Tod’s Group

                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Partners with Net-a-Porter
                                                                                                                                                                                                                                                                                                                                                                                                                                        • New third party e-commerce strategy to reach out to China’s online luxury consumers
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Slowdown in store expansion on the back of slump in same-store sales
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Bolstering its authentic Italian style credentials
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Considering scrapping six-monthly collections and introducing new products every month
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 133: Tod’s Group: Financial performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sales by region
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 134: Tod’s Group: Sales, by region, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 135: Tod’s Group: Sales, by region, 2014-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sales by product category
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 136: Tod’s Group: Sales, by product type, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 137: Tod’s Group: Sales by product type, 2014-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sales by brand
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 138: Tod’s Group: Sales by brand, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 139: Tod’s Group: Sales, by brand, 2014-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • YNAP Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The merger
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 140: YNAP group: Group financial performance, 2012-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 141: YNAP Group: Sales mix, 2014

                                                                                                                                                                                                                                                                                                                                                                                                                                                              Companies Covered

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

                                                                                                                                                                                                                                                                                                                                                                                                                                                              Luxury Goods Retailing - International - August 2016

                                                                                                                                                                                                                                                                                                                                                                                                                                                              £2,195.00 (Excl.Tax)