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Luxury Goods Retail - International - August 2019

Covered in this report

Luxury goods are priced high and 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 very subjective. What counts as luxury for one consumer may be considered high-end, mass market by another. The introduction of ‘masstige’ goods, which are mass-produced goods marketed by brands as luxury items, further complicates matters.

It is usually fairly apparent 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 - some of the brands it sells 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.


“The global luxury goods market resisted some major headwinds in 2018, with ongoing political and economic uncertainty in a number of the key markets, as well as a decline in the population of High Net Worth Individuals. In spite of these challenges, consumer demand has remained robust and the leading players have continued to perform well. However, a slowing global economy could subdue demand going forwards, which will create a more challenging environment for luxury goods brands and retailers.”
– Samantha Dover, Senior Retail Analyst

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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
              • Product breakdown
                • Geographical breakdown
                  • Company profiles
                    • Technical notes
                      • Financial definitions
                        • Exchange rates
                          • Figure 1: US Dollar to Euro annual average exchange rates, 2012-18
                      • Executive Summary

                          • The market
                            • Growth in the luxury goods market accelerated in 2018
                              • Figure 2: Luxury goods market size, reported and total retail sales and forecasts (excl VAT), 2014-24
                            • Asia Pacific continues to capture a bigger share of the market
                              • Figure 3: Luxury goods, sales by region, 2009-18
                            • Fashion and leather goods is the best performing category
                              • Figure 4: Global luxury market by type of product, 2018
                            • The consumer
                              • Fewer consumers buying luxury goods in Germany
                                • Figure 5: Consumers who have bought luxury goods in the last 18 months, April/May 2015, May/June 2016, May/June 2017, June/July 2018 and June 2019
                              • Beauty, clothing and footwear most purchased
                                • Figure 6: Types of luxury goods bought in the last 18 months, June 2019
                              • Rising number of consumers shopping online
                                • Figure 7: Where luxury goods were bought in the last 18 months, June 2019
                              • Consumers in China are boycotting brands
                                • Figure 8: Luxury consumer behaviours, June 2019
                              • Frequency is important to luxury shoppers
                                • Figure 9: Attitudes towards luxury goods, June 2019
                              • Companies and brands
                                • Market shares
                                  • Figure 10: Top 10 luxury goods groups, share of all luxury goods sales, 2018
                                • Online growth continues to outpace the wider market
                                  • Innovation focused on young consumers
                                    • What we think
                                      • Influence of new creative leaders
                                        • Beauty facing masstige competition
                                          • The need to be sustainable and inclusive
                                            • Frequent range updates in demand
                                            • Issues and Insights

                                              • The changing face of luxury
                                                • The facts
                                                  • The implications
                                                    • The importance of innovation
                                                      • The facts
                                                        • The implications
                                                        • The Market – What You Need to Know

                                                          • Slowing economy could subdue future growth
                                                            • Fashion and leather goods continue to perform well
                                                              • Recovery in Americas and Far East takes hold
                                                                • A decline in the HNWI population threatens market
                                                                • Market Size and Forecast

                                                                  • The global economy
                                                                    • Mintel’s market size methodology
                                                                      • The switch to retailing
                                                                        • Mintel’s market size and forecast
                                                                          • Figure 11: Luxury goods market size, reported and total retail sales and forecasts (excl VAT), 2014-24
                                                                      • Product Segmentation

                                                                        • Mintel’s segmentation methodology
                                                                          • Market size breakdown
                                                                            • Figure 12: Global luxury market by type of product, 2018
                                                                            • Figure 13: Global luxury market, sales by product, 2009-18
                                                                          • Fashion and leather goods
                                                                            • Figure 14: Global luxury market: fashion and leather goods sales, 2014-18
                                                                            • Figure 15: Top 10 leading luxury goods companies by share of the fashion and leather goods sector, 2018
                                                                          • Jewellery and watches
                                                                            • Figure 16: Global luxury market: jewellery and watches sales, 2014-18
                                                                            • Figure 17: Top 10 leading luxury goods companies by share of the jewellery and watches sector, 2018
                                                                          • Perfumes and cosmetics
                                                                            • Figure 18: Global luxury market: perfumes and cosmetics sales, 2014-18
                                                                            • Figure 19: Top 10 leading luxury goods companies by share of the perfumes and cosmetics sector, 2018
                                                                        • Regional Breakdown

                                                                          • Mintel’s segmentation methodology
                                                                            • Market size breakdown
                                                                              • Figure 20: Luxury goods, sales by region, 2014-18
                                                                            • Share of market by region
                                                                              • Figure 21: Regional share of the luxury goods market, 2018
                                                                              • Figure 22: Luxury goods, percentage of sales by region, 2009-18
                                                                            • Country market sizes
                                                                              • Spend per capita
                                                                                • Figure 23: Wealth per HNWI by region, 2018
                                                                              • Luxury spending by country
                                                                                • Figure 24: Top 10 luxury goods markets, 2014-18
                                                                                • Figure 25: Top 10 countries in the luxury goods market by share of luxury spending, 2014-18
                                                                              • Americas
                                                                                • Figure 26: The Americas: leading luxury goods markets, 2014-18
                                                                                • Figure 27: The Americas, luxury markets’ shares of all luxury spending in the Americas, 2014-18
                                                                              • Asia Pacific
                                                                                • Figure 28: Asia Pacific: leading luxury goods markets, 2014-18
                                                                                • Figure 29: Asia Pacific luxury markets’ share of all luxury spending in the Asia Pacific region, 2014-18
                                                                              • Europe
                                                                                • Figure 30: Europe: leading luxury goods markets, 2014-18
                                                                                • Figure 31: European luxury markets’ share of all luxury spending in Europe, 2014-18
                                                                            • Market Drivers

                                                                              • Economic background
                                                                                  • Figure 32: GDP growth in real and constant prices, 2015-19
                                                                                • Global uncertainty: The trade war between the US and China
                                                                                  • Global uncertainty: Brexit
                                                                                    • Currency
                                                                                        • Figure 33: Leading international currency exchange rates, 2008-19
                                                                                      • The who, where and why of the luxury goods consumer
                                                                                        • Who?
                                                                                          • High Net Wealth Individuals (HNWIs)
                                                                                              • Figure 34: Numbers and share of wealth of HNWIs, 2018
                                                                                            • HNWIs: Regional view
                                                                                              • Figure 35: Number of HNWIs by region, 2009-18
                                                                                              • Figure 36: Wealth of HNWIs by region, 2010-18
                                                                                              • Figure 37: Top 10 largest HNWI populations, 2017 and 2018
                                                                                            • HENRY joins the party
                                                                                              • Where?
                                                                                                • Shopping channels
                                                                                                  • Figure 38: Retailers used to buy luxury goods in the last 18 months, June/July 2018
                                                                                                • Buying outside of the home market
                                                                                                    • Figure 39: International inbound tourism, 2005-18
                                                                                                • The Consumer – What You Need to Know

                                                                                                  • Technical note
                                                                                                    • Demand stable in most regions
                                                                                                      • Product preferences vary by market
                                                                                                        • Rising online penetration
                                                                                                          • Sustainability concerns boosting the resale market
                                                                                                            • Young luxury shoppers demand more
                                                                                                            • Who Buys Luxury Goods

                                                                                                              • Stability in the market
                                                                                                                • Figure 40: Consumers who have bought luxury goods in the last 18 months, April/May 2015, May/June 2016, May/June 2017, June/July 2018 and June 2019
                                                                                                              • Young drive the Chinese luxury market
                                                                                                                • Figure 41: China: consumers who have bought luxury goods in the last 18 months, by gender, age and monthly household income, June 2019
                                                                                                              • Men remain more engaged
                                                                                                                • Figure 42: Consumers who have bought luxury goods in the last 18 months, by gender, June 2019
                                                                                                              • Purchasing influenced by age globally
                                                                                                                • Figure 43: Consumers who have bought luxury goods in the last 18 months, by age, June 2019
                                                                                                              • Affluence inevitably also plays a part
                                                                                                                • Figure 44: Europe: consumers who have bought luxury goods in the last 18 months, by monthly household income, June 2019
                                                                                                                • Figure 45: US: consumers who have bought luxury goods in the last 18 months, by annual household income, June 2019
                                                                                                                • Figure 46: UK: consumers who have bought luxury goods in the last 18 months, by annual household income, June 2019
                                                                                                            • What They Buy

                                                                                                              • Changes in luxury purchasing
                                                                                                                • Figure 47: Types of luxury goods bought in the last 18 months, June 2019
                                                                                                                • Figure 48: Breakdown of the types of luxury goods bought in the last 18 months, June 2019
                                                                                                              • Luxury customer profiles by country
                                                                                                                • China: Bags popular amongst affluent consumers
                                                                                                                  • Figure 49: China: types of luxury goods bought in the last 18 months, by monthly household income and age, June 2019
                                                                                                                • Italy: Older shoppers drive luxury fragrance purchasing
                                                                                                                  • Figure 50: Italy: types of luxury goods bought in the last 18 months, by monthly household income and age, June 2019
                                                                                                                • US: Footwear popular amongst less affluent buyers
                                                                                                                  • Figure 51: US: types of luxury goods bought in the last 18 months, by annual household income and age, June 2019
                                                                                                                • Spain: Jewellery and watch purchasing driven by young
                                                                                                                  • Figure 52: Spain: types of luxury goods bought in the last 18 months, by monthly household income and age, June 2019
                                                                                                                • UK: Affluent more likely to buy luxury childrenswear
                                                                                                                  • Figure 53: UK: types of luxury goods bought in the last 18 months, by annual household income and age, June 2019
                                                                                                                • France: An appetite for prestige beauty amongst older consumers
                                                                                                                  • Figure 54: France: types of luxury goods bought in the last 18 months, by monthly household income and age, June 2019
                                                                                                                • Germany: Luxury fragrance buyers age the customer profile
                                                                                                                  • Figure 55: Germany: types of luxury goods bought in the last 18 months, by monthly household income and age, June 2019
                                                                                                              • Where They Shop

                                                                                                                • Most luxury buyers shop at home
                                                                                                                  • Figure 56: Where luxury goods were bought in the last 18 months, June 2019
                                                                                                                • A decline in domestic purchasing in China and the US
                                                                                                                  • Figure 57: Where luxury goods were bought in the last 18 months, in-store in home country, May/June 2017 and June 2019
                                                                                                                • Fewer British tourists are buying luxury goods abroad
                                                                                                                  • Figure 58: Where luxury goods were bought in the last 18 months, in-store abroad, May/June 2017 and June 2019
                                                                                                                • France is the primary destination for Chinese luxury shoppers
                                                                                                                  • Figure 59: China: where consumers bought luxury goods abroad in the last 18 months, June 2019
                                                                                                                • More US luxury consumers shopping online
                                                                                                                  • Figure 60: Where luxury goods were bought in the last 18 months, online, May/June 2017 and June 2019
                                                                                                              • Luxury Consumer Behaviours

                                                                                                                • Resale market gaining momentum
                                                                                                                    • Figure 61: Luxury consumer behaviours, June 2019
                                                                                                                  • Discount purchasing is common
                                                                                                                    • Figure 62: Luxury consumer shopping behaviours, June 2019
                                                                                                                  • China: Young are willing to boycott brands
                                                                                                                      • Figure 63: China: luxury consumer behaviours, by age, June 2019
                                                                                                                    • Europe: Young men are particularly savvy
                                                                                                                        • Figure 64: Europe: luxury consumer behaviours, by age and gender, June 2019
                                                                                                                      • US: Renting peaks amongst 25-34s
                                                                                                                          • Figure 65: US: luxury consumer behaviours, by age, June 2019
                                                                                                                        • UK: Second-hand buying strongest amongst older millennials
                                                                                                                            • Figure 66: UK: luxury consumer behaviours, by age, June 2019
                                                                                                                        • Attitudes Towards Luxury Goods

                                                                                                                          • Sustainability efforts lack conviction
                                                                                                                            • Figure 67: Attitudes towards luxury goods, June 2019
                                                                                                                          • China: Young deterred by prolific discounting
                                                                                                                            • Figure 68: China: attitudes towards luxury goods, by age, June 2019
                                                                                                                          • Europe: Older consumers want more provenance
                                                                                                                            • Figure 69: Europe: attitudes towards luxury goods, by age, June 2019
                                                                                                                          • US: Demand for diversity amongst young
                                                                                                                            • Figure 70: US: attitudes towards luxury goods, by age, June 2019
                                                                                                                          • UK: 24-44s driven by experiences
                                                                                                                              • Figure 71: UK: attitudes towards luxury goods, by age, June 2019
                                                                                                                          • Companies and Brands – What You Need to Know

                                                                                                                            • Aggregate sales up in all regions in 2018
                                                                                                                              • Acquisitions provide a boost to revenues
                                                                                                                                • Leading players strengthen their position
                                                                                                                                  • Online is becoming more important
                                                                                                                                    • Young shoppers are shaping the industry
                                                                                                                                    • Company Metrics

                                                                                                                                        • Figure 72: Leading luxury companies, by net revenues, 2016-18
                                                                                                                                      • Revenue growth rates
                                                                                                                                        • Figure 73: Leading luxury companies, % CAGR in revenues, 2013-18
                                                                                                                                      • Product revenue mix
                                                                                                                                          • Figure 74: Leading luxury companies, revenue by product group, 2018
                                                                                                                                          • Figure 75: Leading luxury companies, revenue by product group (continued), 2018
                                                                                                                                          • Figure 76: Leading luxury companies, percentage point change in product mix by product group revenue, 2014-18
                                                                                                                                        • Regional revenue growth
                                                                                                                                          • Figure 77: Leading luxury companies, total revenue by region, 2014-18
                                                                                                                                        • Store numbers
                                                                                                                                            • Figure 78: Selected leading luxury retailers, estimated store numbers, 2018
                                                                                                                                          • Brand ownership
                                                                                                                                            • Figure 79: Brand ownership, by leading luxury companies, 2019
                                                                                                                                        • Market Shares

                                                                                                                                          • Consolidation in the luxury goods market
                                                                                                                                            • Figure 80: Top 10 luxury goods groups’ shares of all luxury goods sales, 2018
                                                                                                                                            • Figure 81: Top 20 luxury goods groups, share of all luxury goods sales, 2016-18
                                                                                                                                        • Online and Social Media

                                                                                                                                          • The market
                                                                                                                                            • The outlook
                                                                                                                                              • The allure of luxury e-commerce
                                                                                                                                                • An opportunity for online growth in India
                                                                                                                                                  • The brands online
                                                                                                                                                    • Figure 82: Major luxury brands: Number of markets with transactional websites, 2016-19
                                                                                                                                                  • Pureplay luxury e-tailers
                                                                                                                                                    • Social media
                                                                                                                                                      • Get with the program! How luxury brands are using WeChat’s Mini Programs
                                                                                                                                                        • Check out Instagram’s latest feature
                                                                                                                                                        • Launch Activity and Innovation

                                                                                                                                                          • Upping the ante on sustainability
                                                                                                                                                            • Animal welfare becomes a priority
                                                                                                                                                              • New ways to boost customer experience
                                                                                                                                                                • Pop-ups create hype
                                                                                                                                                                  • Paying homage to brand heritage
                                                                                                                                                                    • Virtual try-before-you buy
                                                                                                                                                                      • Challenging luxury
                                                                                                                                                                        • Ongoing brand extension
                                                                                                                                                                          • New stores focus on the next generation
                                                                                                                                                                          • Giorgio Armani

                                                                                                                                                                              • What we think
                                                                                                                                                                                • Brand restructuring should improve sales with wholesale accounts
                                                                                                                                                                                  • Exploring growth through pop-up shops
                                                                                                                                                                                    • What next?
                                                                                                                                                                                      • Company background
                                                                                                                                                                                        • Company performance
                                                                                                                                                                                          • Figure 83: Giorgio Armani: group financial performance, 2012-18
                                                                                                                                                                                        • E-commerce
                                                                                                                                                                                        • Burberry Group

                                                                                                                                                                                            • What we think
                                                                                                                                                                                              • New contemporary logo to reflect new vision and repositioning strategy under new chief creative director
                                                                                                                                                                                                • Collaborations
                                                                                                                                                                                                  • Reducing in-store technology
                                                                                                                                                                                                    • Internationals Women’s Day
                                                                                                                                                                                                      • Ramps up sustainable and eco-credentials
                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                            • Figure 84: Burberry Group Plc: Group financial performance, 2014/15-2018/19
                                                                                                                                                                                                            • Figure 85: Burberry Group Plc: revenue by product division, 2014/15-2018/19
                                                                                                                                                                                                            • Figure 86: Burberry Group Plc: outlet data, 2014/15-2018/19
                                                                                                                                                                                                          • E-commerce
                                                                                                                                                                                                          • Hermès

                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                • The Chinese hunger for luxury
                                                                                                                                                                                                                  • Pop-up shops offering personalisation
                                                                                                                                                                                                                    • The face of Hermès cosmetics and skincare
                                                                                                                                                                                                                      • Plastic-free packaging on upcoming cosmetics and skin care
                                                                                                                                                                                                                        • What next?
                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                • Figure 87: Hermès: financial performance, 2014-18
                                                                                                                                                                                                                                • Figure 88: Hermès: sales by product category, 2016-18
                                                                                                                                                                                                                              • Q1 2019
                                                                                                                                                                                                                                • E-commerce
                                                                                                                                                                                                                                • Kering

                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                      • Flagship Gucci brand experiencing slower growth
                                                                                                                                                                                                                                        • Revitalised in-store shopping experience helping drive directly-operated store sales
                                                                                                                                                                                                                                          • Stepping up its own digital operations and taking e-commerce in-house
                                                                                                                                                                                                                                            • Moving towards a more sustainable and eco-friendly luxury fashion house
                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                  • Figure 89: Kering: Financial performance, 2014-18
                                                                                                                                                                                                                                                  • Figure 90: Kering Luxury: Breakdown of revenue by region, 2013-18
                                                                                                                                                                                                                                                  • Figure 91: Kering Luxury: Directly-operated stores, 2017-18
                                                                                                                                                                                                                                                • E-commerce
                                                                                                                                                                                                                                                • Estée Lauder

                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                      • Estée Lauder showcases latest research into anti-ageing
                                                                                                                                                                                                                                                        • Estée Lauder expands its Animal Welfare Partnerships
                                                                                                                                                                                                                                                          • Estée Lauder raises outlook of Leading Beauty Forward initiative
                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                • Figure 92: Estée Lauder Companies: group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                • Figure 93: Estée Lauder Companies: Group financial performance, by region, 2013/14-2017/18
                                                                                                                                                                                                                                                                • Figure 94: Estée Lauder Companies: Group financial performance, by product category, 2013/14-2017/18
                                                                                                                                                                                                                                                              • E-commerce
                                                                                                                                                                                                                                                              • Ralph Lauren

                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                    • Social media celebrities to woo high-spending younger consumers
                                                                                                                                                                                                                                                                      • Accelerating push into streetwear to win over millennials
                                                                                                                                                                                                                                                                        • Bricks-and-mortar expansion focused on China
                                                                                                                                                                                                                                                                          • Pushing further into the digital space
                                                                                                                                                                                                                                                                            • New commitment to boost eco-friendly credentials
                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                  • Figure 95: Ralph Lauren Corporation: Group financial performance, 2014/15-2018/19
                                                                                                                                                                                                                                                                                  • Figure 96: Ralph Lauren Corporation: Global directly-operated stores and concessions, 2014/15-2018/19
                                                                                                                                                                                                                                                                                • E-commerce
                                                                                                                                                                                                                                                                                • L’Oréal Luxe

                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                      • L’Oréal launches AI powered Mobile Acne Analysis App with Alibaba
                                                                                                                                                                                                                                                                                        • L’Oréal revolutionises the plastic lifecycle with Carbios
                                                                                                                                                                                                                                                                                          • L’Oréal confirms exclusive negotiation for acquiring Mugler and Azzaro
                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                • Figure 97: L’Oréal group: net revenues b division, 2014-18
                                                                                                                                                                                                                                                                                                • Figure 98: L’Oréal Luxe: financial; performance, 2014-18
                                                                                                                                                                                                                                                                                              • E-commerce
                                                                                                                                                                                                                                                                                              • LVMH

                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                    • A diverse and balanced group
                                                                                                                                                                                                                                                                                                      • Acquisitions and launches boost diversity
                                                                                                                                                                                                                                                                                                        • Digital is the future
                                                                                                                                                                                                                                                                                                          • Commitment to France
                                                                                                                                                                                                                                                                                                            • What next?
                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                    • Figure 99: LVMH Group: financial performance, 2014-18
                                                                                                                                                                                                                                                                                                                    • Figure 100: LVMH: Distribution of luxury revenues by region, 2014-18
                                                                                                                                                                                                                                                                                                                    • Figure 101: LVMH: geographic distribution of total revenues by product category, 2014-18
                                                                                                                                                                                                                                                                                                                  • Wholesale/retail
                                                                                                                                                                                                                                                                                                                    • Figure 102: LVMH: sales by type of distribution, 2014-18
                                                                                                                                                                                                                                                                                                                    • Figure 103: LVMH: outlet portfolio, 2017 and 2018
                                                                                                                                                                                                                                                                                                                    • Figure 104: LVMH: Store numbers by Maison (division), 2018
                                                                                                                                                                                                                                                                                                                  • Brands
                                                                                                                                                                                                                                                                                                                    • Figure 105: LVMH: Brands by ‘Maisons’, 2019
                                                                                                                                                                                                                                                                                                                  • E-commerce
                                                                                                                                                                                                                                                                                                                  • Prada Group

                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                        • Shaping a digital future for Prada
                                                                                                                                                                                                                                                                                                                          • Partnerships with e-tailers
                                                                                                                                                                                                                                                                                                                            • Investing in a sustainable and environmentally-friendly makeover
                                                                                                                                                                                                                                                                                                                              • Prada stops end-of-season markdowns to protect its brand
                                                                                                                                                                                                                                                                                                                                • What’s next?
                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                      • Figure 106: Prada: group financial performance, 2013-18
                                                                                                                                                                                                                                                                                                                                      • Figure 107: Prada: group net revenues breakdown, by channel, 2013-18
                                                                                                                                                                                                                                                                                                                                      • Figure 108: Prada: group net retail revenues breakdown, by brand, 2013-18
                                                                                                                                                                                                                                                                                                                                      • Figure 109: Prada: group net retail revenues breakdown, by region, 2013-18
                                                                                                                                                                                                                                                                                                                                      • Figure 110: Prada: group net retail revenues breakdown, by product line, 2013-18
                                                                                                                                                                                                                                                                                                                                      • Figure 111: Prada: directly operated stores, 2013-18
                                                                                                                                                                                                                                                                                                                                    • E-commerce
                                                                                                                                                                                                                                                                                                                                    • Richemont

                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                          • YNAP’s post-Richemont acquisition figures send out mixed messages
                                                                                                                                                                                                                                                                                                                                            • YNAP acquisition will boost online presence of Richemont’s other brands
                                                                                                                                                                                                                                                                                                                                              • Being part of Richemont opens up access to more brands for YNAP
                                                                                                                                                                                                                                                                                                                                                • Partnership with Alibaba takes Richemont deeper into China
                                                                                                                                                                                                                                                                                                                                                  • What next?
                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                        • Figure 112: Richemont: group financial performance, 2014/15-2018/19
                                                                                                                                                                                                                                                                                                                                                        • Figure 113: Richemont: revenues by region, 2014/15-2018/19
                                                                                                                                                                                                                                                                                                                                                        • Figure 114: Richemont: revenues by product, 2014/15-2018/19
                                                                                                                                                                                                                                                                                                                                                        • Figure 115: Richemont: revenues by maison, 2014/15-2018/19
                                                                                                                                                                                                                                                                                                                                                        • Figure 116: Richemont Group: outlet numbers and transactional websites, 2017/18-2018/19
                                                                                                                                                                                                                                                                                                                                                        • Figure 117: YNAP Group: group financial performance, 2015-2018/19
                                                                                                                                                                                                                                                                                                                                                    • Shiseido

                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                          • Shiseido partners with Alibaba to accelerate growth
                                                                                                                                                                                                                                                                                                                                                            • Shiseido ups its green efforts
                                                                                                                                                                                                                                                                                                                                                              • Shiseido launches IoT skincare service, Optune
                                                                                                                                                                                                                                                                                                                                                                • Integrating foundation and medicated skincare
                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                      • Figure 118: Shiseido: group financial performance, 2014/15-2018
                                                                                                                                                                                                                                                                                                                                                                      • Figure 119: Shiseido: Group Financial performance, by region, 2014/15-2018
                                                                                                                                                                                                                                                                                                                                                                      • Figure 120: Shiseido: Group sales performance, by region, 2017-18
                                                                                                                                                                                                                                                                                                                                                                    • Q1 2019
                                                                                                                                                                                                                                                                                                                                                                      • E-commerce
                                                                                                                                                                                                                                                                                                                                                                      • Swatch Group

                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                            • Growth expected to continue across all product ranges
                                                                                                                                                                                                                                                                                                                                                                              • Swatch Group withdraws from Baselworld to hold its own fair in 2019
                                                                                                                                                                                                                                                                                                                                                                                • After success in China, Swatch Pay contactless payment comes to Switzerland
                                                                                                                                                                                                                                                                                                                                                                                  • Positive outlook in spite of potential turbulence from the Chinese market
                                                                                                                                                                                                                                                                                                                                                                                    • Where next?
                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                          • Figure 121: Swatch Group: financial performance by brand, 2013-18
                                                                                                                                                                                                                                                                                                                                                                                          • Figure 122: Swatch Group: net sales by region, 2013-18
                                                                                                                                                                                                                                                                                                                                                                                          • Figure 123: Swatch Group: watches and jewellery segment, financial performance, 2013-18
                                                                                                                                                                                                                                                                                                                                                                                        • Retail operations
                                                                                                                                                                                                                                                                                                                                                                                          • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                          • Tapestry

                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                • Building a house of brands
                                                                                                                                                                                                                                                                                                                                                                                                  • Expanded product offering sales offsetting sluggish women’s handbag revenue
                                                                                                                                                                                                                                                                                                                                                                                                    • Maximising opportunities with Chinese consumers
                                                                                                                                                                                                                                                                                                                                                                                                      • Reducing its environmental impact
                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 124: Tapestry Inc.: Group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 125: Tapestry Inc.: Net sales, by region, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 126: Tapestry Inc.: Product sales breakdown, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 127: Tapestry Inc.: Directly-operated stores, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                          • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                                          • Tiffany & Co.

                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                • Continuous investment in marketing and public relations
                                                                                                                                                                                                                                                                                                                                                                                                                  • Stronger presence in digital and social media
                                                                                                                                                                                                                                                                                                                                                                                                                    • Selling through emotions
                                                                                                                                                                                                                                                                                                                                                                                                                      • Serious about diamond sourcing
                                                                                                                                                                                                                                                                                                                                                                                                                        • What next?
                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 128: Tiffany & Co., sales performance by jewellery category, 2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 129: Tiffany & Co.: group financial performance, 2013/14-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 130: Tiffany & Co.: company-operated stores and estimated sales per outlet, 2013/14-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                            • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                            • Tod’s Group

                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                  • More frequent product launches and collaborations
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Directly-operated store sales bounce on back of new boutique concept
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Maximising digital opportunities with newly acquired e-commerce business
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 131: Tod’s Group: Financial performance, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 132: Tod’s Group: sales, by region, 2017-18
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 133: Tod’s Group: Sales by product type, 2017-18
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 134: Tod’s Group: Sales, by brand, 2017-18
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Breakdown of sales by distribution channel
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 135: Tod’s Group: sales by distribution channel, 2017-18
                                                                                                                                                                                                                                                                                                                                                                                                                                          • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                                                                                                                                                                                                                                                                                                                                                                                            • Data Sources
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Abbreviations

                                                                                                                                                                                                                                                                                                                                                                                                                                              Luxury Goods Retail - International - August 2019

                                                                                                                                                                                                                                                                                                                                                                                                                                              £2,195.00 (Excl.Tax)