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1Global Powers of Luxury Goods 2016Global Powers of Luxury Goods 2016Disciplined innovation2Global Powers of Luxury Goods 2016ContentsForeword 1Top 100 quick stats 2Global economic outlook 4Discipline by design: luxurys new normal 7Top 10 14Top 100 highlights 16Global Powers of Luxury Goods Top 100 18Geographic analysis 24Product sector analysis 32Newcomers 38Fastest 20 40M an analysis of merger and acquisition activity in the industry and discusses the key forces shaping the luxury market.The worlds 100 largest luxury goods companies generated sales of $222 billion in financial year 2014, 3.6 percent higher year-on-year. The average luxury goods annual sales for a Top 100 company is now $2.2 billion. The global luxury goods sector is expected to grow more slowly in 2016, at a rate many retailers may find disappointing. The growth rate is slowing in important markets such as China and Russia, although some markets continue to perform well and there are pockets of opportunity across the globe. India and Mexico for example are growing quickly, and the Middle East offers further growth potential.There is a shift in the luxury path-to-purchase. Empowered by social networks and digital devices, luxury goods consumers are dictating increasingly when, where and how they engage with luxury brands. They have become both critics and creators, demanding a more personalised luxury experience, and expect to be given the opportunity to shape the products and services they consume.Key findings from the report include: Discipline by design: luxurys new normal We are now entering the second half of the decade of change, which is expected to be characterised by discipline. Demand for luxury goods is still growing profitably despite economic challenges. Italy is once again the leading luxury goods country in terms of number of companies. We hope you find this report interesting and useful, and welcome your feedback.Patrizia Arienti EMEA Fashion the emergence of wearable technology; and specific supply-side innovations. The UK corporate sector, wider economy, and political establishment have also been navigating the countrys upcoming referendum vote on the UK membership of the EU, which has put much of the UK corporate investments into a holding pattern pending the vote outcome on 23 June.5Global Powers of Luxury Goods 2016China/Hong KongBoth mainland China and Hong Kong continue to experience a slowdown in luxury goods spending, with economic uncertainty dampening consumer confidence. The Hong Kong market has also been affected by the strained relations between China and Hong Kong, with many wealthy Chinese tourists staying away. The middle class consumers who used to visit Hong Kong mainly for shopping are now turning to overseas markets or cross-border e-retailers for better prices.In mainland China, the slowing economy has resulted in lower spending, and government measures against luxury gifts in the corporate sector have also had an impact. The countrys performance depends on how quickly the government can shift the focus of Chinas economy from construction and industry to consumer spending.Rest of AsiaOver the next year growth in India will remain strong, although the country still has challenges to overcome before it becomes a major market for luxury brands. Japan is also set to perform well, particularly as it boosts tourist numbers ahead of the 2020 Tokyo Olympic Games. South Korea, meanwhile, will see further steady growth as the market matures further. Middle EastThe Middle East represents a big opportunity for luxury brands. Luxury malls in Abu Dhabi and Dubai have helped put these cities on the map for the industry, and the United Arab Emirates as a whole continue to enjoy strong growth. Well-established big-name brands perform well in the region, and tourism is a major driver of sales in Dubai. Although the region is likely to feel the impact of political unrest as well as global economic uncertainty, but further growth is expected overall. United StatesGrowth in the worlds largest luxury goods market slowed in 2015, hampered by a strong US dollar and a slowdown in trade from Chinese tourism. However domestic shoppers increased their consumption as US consumer spending rose. Both big name brands and newer affordable names such as Kate Spade performed well, and online sales are also growing quickly. In the coming year growth in the market is likely to continue, although the rate of growth could be affected if the dollar continues to appreciate.Latin AmericaMexico is the largest luxury goods market in Latin America followed by Brazil. With the US dollar appreciating against the Mexican peso in 2015, the price of luxury goods in the domestic market became more attractive than purchasing them overseas. Also, the cost of travelling overseas increased due to high US dollar prices and the overall cost of products were similar after taking into account the exchange rate. The outlook for luxury goods is very optimistic, driven by Mexicos fast growing middle-class and upper-middle-class who are seeking ever-more luxurious lifestyles and looking to differentiate themselves.The luxury goods market in Brazil slowed in 2015 due to economic uncertainty. This particularly impacted the gift sales market which is a key part of luxury sales in the country. Many Brazilians are staying away from the more expensive brands, while affordable luxury brands such as Michael Kors continue to gain market share. Other than increased price-sensitivity, consumers are purchasing more discreet luxury items to avoid appearing ostentatious in light of the current economic climate and wider social issues.6Global Powers of Luxury Goods 20167Global Powers of Luxury Goods 2016Discipline by design: luxurys new normalKey forces shaping the luxury marketThe luxury goods sector has now passed the mid-point of what we have previously termed the decade of change during which there will be a remarkable difference between 2010 and 2020.The first half of this period was characterised by the Chinese consumer and the explosion in the use of digital technology. This period has offered strong growth, new markets and exciting channels. It brought with it an avalanche of exciting new technologies and platforms for brands to play on, and experiment with.We are now entering the second half of the decade, which we believe should be characterised by discipline. The external environment will change in a number of crucial areas: an evolution in consumer buying behaviours; the merging of channels and business model complexity; an increase in international travel; the growing importance of the millennial consumer; and the continued impact of the global economy. All of these factors create opportunities for the luxury goods sector.There are four key elements of growth for luxury goods companies, and if brands bring disciplined, long-term investment to these areas and focus on them, they will be well-placed to succeed. In addition, brands will also emerge as winners, in the eyes of the consumers, investors and stakeholder communities, if they manage carefully four other factors in the market: reputational risk, regulation and stakeholders, inertia and external events. Source: DeloitteFigure 1. The key forces shaping the global luxury market MillennialsReputational riskRegulation and Dior developed a web documentary series The quest for essence describing the raw materials used in their fragrances through an engaging journey of discovering traditions and paying tribute to the environment. A combination of two factors in consumer markets, travel and millennials, offers a vast opportunity for luxury brand companies to develop how a brand is seen, distributed and marketed, in order to capture more value. “Spend by people travelling accounts for 40% of the personal luxury market.”3In many luxury goods markets (such as France, Italy, the UK and Hong Kong), the majority of consumer spending is generated by foreign tourists. Although there were a number of factors restricting tourist spending in 2015, such as domestic economic problems, exchange rate fluctuations and political conflicts, the outlook remains positive. Globally, the transit retail channel not only accounts for 40 per cent of total luxury goods spending, but it is growing at a faster rate than the industry overall. It has grown by an average of eight per cent a year for the past ten years, compared to around six per cent for the wider luxury market.Air traffic is expected to double over the next 15 years which is a big opportunity.4This growth will be driven largely by an increase in travellers from emerging markets. Crucially, these travellers are much younger than travellers from developed market countries. For example, the age dependency ratio (the ratio of travellers aged over 65 compared to those aged between15-64) is around 42 per cent for Japan and 33 per cent for Germany, but 10-12 per cent for Turkey, China and Brazil, and less than ten per cent for India and Indonesia.When the combination of travel and millennials is considered in relation to the luxury market, it is particularly important for companies to consider the Chinese consumer. Overall Chinese consumers are the travel sectors biggest spenders and they remain strategically important for luxury brands. China is still driving much of the volume growth in travel retail, and this will continue as the next generation of luxury shoppers come into the work force and start to acquire wealth. There are currently over 400 million millennials in China, which is more than the working populations of the US and Europe combined.5These consumers are different from their parents, who were willing to be told what to purchase by the big Western brand companies. They were keen to make large show-off purchases from the big name labels in order to display their new-found wealth. Todays young Chinese luxury consumers have more confidence, prefer more subtle and sophisticated styles, and like to buy cool brands.MillennialsTravel
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