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Global Powers of Luxury Goods 2019 Bridging the gap between the old and the newContents Foreword 2 Quick statistics 4 Bridging the gap between the old and the new 6 Global economic outlook 12 Top 10 highlights 14 Global Powers of Luxury Goods Top 100 19 Geographic analysis 25 Product sector analysis 31 New entrants 36 Fastest 20 38 Study methodology and data sources 41 Endnotes 43 Contacts 45Welcome to the sixth edition of Global Powers of Luxury Goods. This report examines and lists the 100 largest luxury goods companies globally, based on the consolidated sales of luxury goods in FY2017 (which we define as financial years ending within the 12 months to 30 June 2018). It also discusses the key trends shaping the luxury market and provides a global economic outlook. The worlds Top 100 luxury goods companies generated aggregated revenues of US$247 billion in FY2017, up from US$217 billion in the previous year (an increase of US$30 billion). Annual growth also jumped to 10.8 percent, on a currency-adjusted composite basis, much higher than the previous years 1.0 percent growth. The minimum revenue threshold required to enter the worlds Top 100 list of luxury goods companies in FY2017 was US$218 million, up by US$7 million from FY2016, with an average company size of US$2.47 billion. Despite the recent slowdown of economic growth in major markets including China, the Eurozone and the US, the luxury goods market looks positive. The Top 100 players showed strong performance in FY2017 seventy-six percent of the companies reported growth in their luxury sales, with nearly half of these recording double-digit year-on-year growth. Key findings from the report include: FY2017 was a good year for luxury goods companies, with year-on-year growth sales across all major countries. Italy was once again the leading luxury goods country in terms of the number of companies, but it still faces growth challenges; France was the best-performing country in terms of sales growth and also contributed the largest share to the Top 100 luxury goods sales. Clothing and footwear companies dominated with the highest number of companies; cosmetics and fragrances witnessed the highest luxury goods sales growth. The ten companies in the multiple luxury goods sector are by far the largest, with an average company size of US$7.59 billion, outperforming the average size of companies in Top 100. These companies together accounted for 30.8 percent of the Top 100 luxury goods sales. We hope you find this report interesting and useful, and welcome your feedback. Patrizia Arienti EMEA Fashion and taking real steps to improve, not only the lives of individuals but also the planet as a whole. 7 TIFFANY Luxury brand Tiffany operates in the diamond industry that has been under the spotlight for many years, accused of bringing conflicts to communities in Africa. In an attempt to turn this perception from negative to positive, Tiffany was one of the first high-end brands to opt sourcing metals and diamonds from responsible mining companies. Now, Tiffany has a zero-tolerance policy for purchasing diamonds from countries with human rights infringements. They went further in their social and environmental commitment by creating a philanthropic foundation working on reef conservation and awareness for responsible mining. 8 8 Global Powers of Luxury Goods 2019 | Bridging the gap between the old and the newLuxury brands usage of social media as a part of their marketing strategy To stimulate interest among Millennials and Gen Z, luxury brands are increasingly using social media platforms to engage with young consumers, while trying to keep their brand value intact. The future success of luxury brands depends on how well they will be able to communicate and market their goods to the new generations of tech-savvy buyers. The rapid digitalization and ease of use of the digitalized platforms have led consumers, especially the youngest ones, to increasingly use social media tools to express their brand preferences. In order to engage with tech-savvy Millennials and Gen Z consumers that seek greater value for money, more personalization, and integrated digital access, luxury brands have started to develop accurate social media strategies. Nowadays, almost every brand has its own distinct social media strategy that is carefully designed keeping in mind their traditional customers preferences and choices. Some of these strategies include unveiling the collection on social media platforms. Others are trying to promote their products on social media by emphasizing their aspirational characteristics rather than their accessibility, to avoid impacting their traditional brand value. They post regularly and consistently, differentiating and optimizing the type of content across platforms. Finally, many luxury brands are also developing relationships with influencers and niche bloggers, who advocate the brand within interested communities. Mr. Bags is already a kind of institution in China but there are many examples of luxury influencers such as fashion bloggers (Gogoboi, Gabi Gregg, Jenn Im, Julia Engel) and fashion businesswomen (Chiara Ferragni) that play a major role in endorsing luxury products. 9 As a downside, the massive use of influencers has raised the interest of regulatory authorities in several countries, starting from the US, and the application of rules on transparency in advertising is affecting the brands relationship with influencers. Specific rules on the use of hashtags like #ad, #sponsored and the like have been issued by a number of advertising bodies and are to be complied in luxury brands social media campaigns. Social media strategies In 2017, Chanel was named the most influential luxury brand on social media. Chanel employs sections of advertising material to stimulate interest on Instagram, while posting the entire advertisement on YouTube or Facebook. The companys content strategy is carefully crafted and centered on creative videos. According to theloup.co Luxury Social Video Index (July 2017), Chanel videos generated more than 300 million views on both YouTube and Facebook, more than any other luxury brand. Additionally, Chanel also posts videos on social media platforms for more behind-the-scenes content, such as its Inside Chanel series. Also, Chanel promotes products by emphasizing their aspirational characteristics rather than their accessibility. 10,11 Gucci, has capitalized on the opportunity of engaging with HENRYs through its industry-leading digital initiatives such as #GucciGram where it collaborated with Instagram artists and #24HourAce where artists participated in Guccis video project and took over the companys Snapchat account for an hour. 12 Louis Vuitton engages its social media followers by giving them exclusive sneak peeks into its new products launches and also by hosting giveaway events on different platforms. Louis Vuitton also regularly posts its catwalk shows, ad campaigns, promo events, store openings, and influencers wearing its designs. The companys social media strategy has been a success according to Similarweb - the average online visit to Louis Vuittons site lasts 4.15 minutes (people typically only spend 1.5 minutes on average). 13 In July 2018, the influential fashion blogger Mr. Bags, with 3.5 million readers on Chinas biggest social media platform Weibo and more than 850,000 followers on WeChat, collaborated with Montblanc on a limited edition collection of womens handbags. 14This strategy was adopted by the company such that fashion bloggers act as its agent and promote the brand in their influencer communities. In 2017, Prada launched its advertising campaign #Prada365, marking its entry in the social media world. The company moved from traditional advertising towards a modern strategy blending print, online and social media. The campaign concept is building a continuous visual data stream throughout the year, replacing the traditional seasonal campaign. The core of the communication became the product, and Prada choose famous testimonials to promote the campaign. 15 In July 2018, Mr. Bags also helped Tods sell handbags worth RMB3.24 million (US$0.5 million) on its new WeChat mini- program “Baoshop” in only six minutes. 169 Global Powers of Luxury Goods 2019 | Bridging the gap between the old and the new
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