According to a recent report by Transparency Market Research (TMR), the vendors of the global luxury apparels market may witness remarkable growth opportunities owing to the presence of a number of companies in the market worldwide. The competitive landscape of the market is seen to be fragmented because various companies offer numerous growth opportunities whether it be branding of products or investing huge sum of money on research and development strategies.
Some of the leading players of the luxury apparels market are Ralph Lauren Corporation, Prada, Burberry Group Inc., Hugo Boss AG, and Dolce. There is intense competition between players to collect most revenue as compared to the other companies and establish their foothold in the market. All companies are focusing on designing high fashion clothing and other factors that can also help to gain momentum so that the market can grow with the advent of time.
As per the TMR report, the global luxury apparels market is estimated to be worthUS$60.7 bn by the end of 2024. The market is expected to expand with a CAGR of 13.2 % within the forecast period of 2016 to 2024. On the basis of material, the market is dominated by the category of cotton with an account of 35.87% of the total share of the market. As per geographical segmentation, Asia Pacific is estimated to be contributing more number of shares with a CAGR of 14.75% by the end of the forecast period.