Global and China Luxury Apparel Industry Report 2015-2018

Affected by the global economic downturn and other factors, the total global consumption of luxury goods rose only by 3.2% year on year to EUR224 billion in 2014, of which luxury apparel accounted for the highest 65%.

In 2014, the total consumption of luxury apparel in China (hereinafter referred to Mainland China) reduced by 4.6% year on year to RMB72.62 billion, mainly because China continued to promote anti-corruption policy and China's economic growth slowed down. It is estimated that the total consumption of luxury apparel in Chinese Mainland will further fall to RMB71.33 billion in 2015. Wristwatches and clothing are the top two segments of luxury apparel in China; they contributed 56.8% to the total sales together in 2014 and will share 54.5% jointly in 2015.

Louis Vuitton, Gucci, Prada, Burberry and Chanel are the world's leading luxury apparel brands. Over the past two years, they have taken measures (such as adjusting the price spread, reducing the number of stores, making a layout for E-commerce) to cope with the global economic downturn and China's diminished spending power.

Prada has 40 exclusive stores in 24 cities in Mainland China in 2015. In July, Prada cut down the prices of clothing, bags and other main products by about 10% in many areas containing China.

Burberry fetches the brand value of USD5.873 billion in 2015 as the sixth-largest global luxury brand. As of the end of September 2015, it had opened 59 stores in China, a decrease of 10 ones from 2014.

Chanel raised the prices of bags, leather goods, clothing and other products in European market by 20%, while lowered the prices of the above commodities in China by 20% in March 2015. In April, Chanel cooperated with the luxury E-commerce firm Net-a-Porter for the first time and announced it would launch an E-commerce website at the end of 2016.

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