Global Luxury Retailing: Market Size, Brand Strategies and Competitor Performance

Following a steep but short decline in sales in 2009 the global luxury market is thriving once more. Affluent consumers are returning to premium brands, and those with newfound wealth are discovering them for the first time. Verdict forecasts that the market will grow 65% between 2010 and 2015. Discover the brands that are driving sales, and the key strategies being used to entice luxury shoppers.Make informed regional investment decisions with luxury expenditure forecasts to 2015 based on inputs including the number of wealthy individuals.Make an informed decision what product categories to prioritise in terms of investment based on expenditure by product category forecasts to 2013.Benchmark your company's performance by accessing profiles of ten key luxury retailers including key operating details and their global market shares.Benchmark your company's performance in terms of your e-commerce proposition and find ways to improve your customers' online experience.Inform your pitches with top quality insights into the market supported by multiple primary interviews with senior managers at top luxury companies.The global luxury goods market is forecast to expand by 65% from 2010 to 2015, with most of this growth coming from emerging economies, especially in Asia Pacific. China remains the key growth generator in the region, but new demand from other markets such as South Korea, Taiwan and to a lesser extent India also contributes to strong performance.Luxury retailers regard China as the top destination for international expansion, with many now aggressively expanding in the country. The focus is however on retail-led expansion to be better aware of new market developments, and dedicating extra effort in boosting brand image through dedicated products, fashion events and destination stores.Despite previously having been skeptical about e-commerce, now the majority of luxury houses have at least some online offer. However, there remains much confusion about how to guarantee a premium service online and many luxury retailers have missed the opportunity to use their transactional sites to further bolster customer engagement.Which markets hold the most potential for the luxury sector and should I invest in them? Which cities are luxury players opening new stores in?Which product categories are forecast to deliver the most robust growth? Which luxury houses are putting extra effort to develop these propositions?What product, marketing and channel innovations and strategies should my company consider in order stay on top of market developments?What aspects of my e-commerce offer should I consider to further boost my brand positioning in the eyes of consumers and stand out from competition?How did players such as Burberry, Armani, PPR, LVMH, Richemont, Polo Ralph Lauren, Hermes, Prada, Bulgari and Christian Dior perform last year?

Luxury Goods Industry

EXECUTIVE SUMMARY
•The downturn of 2008–09 was more painful but shorter than anticipated
•Robust growth in spending on luxury goods continued in 2011
•The luxury goods market is forecast to expand by 64.4% between 2010 and 2015
•Europe will remain the largest region for luxury, despite its market share declining
•Concerns over the US economy threaten continuing strength in luxury goods spending
•In 2010 Asia Pacific excluding Japan overtook the Americas as the second largest luxury market
•The Middle East and Others is the second fastest growing region for luxury spending
•Japan’s importance as a key luxury market is diminishing
•Accessories remain the key product category in the luxury sector
•Luxury houses continue to expand aggressively in Asia Pacific, especially in China
•Luxury retailers are putting extra effort into standing out from the crowd in Asia Pacific
•E-commerce is now an important channel in the luxury goods sector
•There is much confusion about how to deliver a luxury service online
•Flash sale sites are gaining prominence in the luxury goods market
•Hermès, Burberry, and Richemont have realized the steepest sales increases
•Some medium-sized global luxury companies have stolen market share from the top players
STRATEGIC ACTION POINTS
•Luxury retailers should focus on expansion in Greater China and the Middle East
•High-end retailers need to differentiate themselves for Chinese consumers
•In mature markets, focus on destination shops in key cities
•Luxury houses should launch online shops to better engage with their target audience
•Luxury houses should seek to offer online shopping to at least their major markets
•Premium retailers should seek to deliver a luxury service online
•Luxury houses should put extra effort into strengthening their accessories proposition
•In clothing, expand and refine your menswear and men's accessories offer
•Engage with your audience through social media
•Luxury retailers should use discount channels to encourage shoppers to trade up
MARKET CONTEXT AND OUTLOOK
•The luxury goods market expanded rapidly in 2010–11
•Asia Pacific excluding Japan now accounts for over one quarter of all global luxury sales
•The global luxury market is forecast to grow by over 60% between 2010 and 2015
•Luxury consumption is still rising in Europe
- Luxury spending in Europe recovered strongly in 2010–11 and exceeded pre-recessionary levels
- Luxury spending in Europe has been boosted by tourism
- Concerns about the region's economic future may translate to lower sales from domestic consumers
•Asia Pacific excluding Japan is a key driver for growth in the luxury goods sector
- The luxury retail market in Asia Pacific, excluding Japan, has almost tripled in the last five years
- Asia Pacific excluding Japan will remain the fastest growing market for luxury goods
- China is fueling growth in the luxury goods sector while India still suffers from structural problems
•Luxury spending in the Americas has recovered strongly since 2009
- In 2011 the luxury market in the Americas has grown by over 14% year-on-year
- Future growth in luxury spending in the Americas will be subdued due to the challenging economic environment
- Brazil remains the key contender for international expansion in Latin America
•Japan's influence on the luxury market is weakening
- Luxury spending in Japan rose steeply in 2011
- The luxury market in Japan is forecast to experience marginal growth until 2015
- Luxury spending in Japan has recently been hit by natural disasters and concerns about radiation
•The Middle East and Others is the second fastest growing region for luxury spending
- Following a drop in 2009–10, the region's spend on luxury goods picked up strongly in 2011
- Spending on luxury goods in the Middle East and Others is forecast to almost double by 2015
- While spending in the Gulf is regaining pace, North Africa has been plagued by political unrest
•Product trends: accessories remains the key product category for the luxury goods market
- Accessories has experienced the steepest growth over the last four years
- During 2011–13f accessories and apparel will be the fastest growing product categories
STRATEGIC ISSUES
•Asia Pacific remains the key region for expansion for luxury retailers
- Luxury houses continue to expand aggressively in Asia Pacific, especially in China
- Luxury houses are now seeking direct control in the growth markets of Asia Pacific
- Customers in China are becoming increasingly demanding and knowledgeable about brands
- Luxury retailers are putting extra effort into standing out from the crowd in China
•In mature markets, a presence in luxurious shopping districts remains highly sought after
•High-end department stores continue to expand internationally through physical stores and online
- Premium department stores are opening stores in new markets
- Several department stores are now offering international delivery
•E-commerce is now an important channel in the luxury goods sector
- Several key concerns deterred luxury houses from becoming early adopters of the online channel
- Luxury retailers reconsidered their standing point following the success of multi-brand luxury e-retailers
- There is still much confusion in the luxury sector about how to conduct e-commerce
- In China, the market for multi-brand luxury e-retailers is becoming overcrowded
•Travelling customers and the travel retail channel are key for the luxury goods market
•Discounted luxury fashion channels are expanding, especially in the US and Europe
- In the midst of the downturn retailers sought cheaper luxury and are likely to remain more price sensitive
- Outlet villages have been performing strongly and are expanding to Eastern Europe
- High-end department stores are expanding their discount formats in the US
- Flash sale sites are gaining prominence in the luxury goods market
- Luxury retailers should perceive discount channels as an opportunity to encourage shoppers to trade up
•Luxury houses are now focusing more on menswear, childrenswear, and the introduction of beauty ranges
- Luxury retailers are introducing dedicated menswear stores
- Luxury houses are keen to further develop their childrenswear offering
- Luxury houses are experimenting with beauty products
•Designers continue to collaborate with high street retailers to make their designs available to the wider public
•Pop-up stores are used to generate greater excitement and brand awareness
•Luxury houses are engaging with their customers through social media
•Luxury houses are strengthening their brands' associations with art to highlight heritage
•As the luxury goods market recovers, acquisition and initial public offering activity is intensifying
•The fight against counterfeit goods continues
COMPANY COMPARISONS
•Hermès and Burberry delivered the steepest increases in revenues during 2006–10
•Hermès has the highest operating margin while Christian Dior Couture has the lowest
•For five top luxury houses Asia Pacific accounts for the largest share of revenues
•There are a range of differences in luxury houses' online propositions
- Except for Burberry, global luxury labels currently ship their products to selected markets only
- The US is the most popular shipping destination in the luxury goods sector, while Japan is the most common destination in Asia Pacific
- Most luxury retailers offer only limited ranges online
- Delivery charges vary considerably across luxury retailers
- Several luxury houses charge for online purchases depending on the products bought or the total cost of the purchase
- Bottega Veneta offers the speediest and cheapest delivery in the UK
- Hermès' online deliveries in the US take the longest among its peer group
- Only several top luxury brands offer online shopping to Japanese customers
- Luxury players offer express delivery in selected markets
BURBERRY
•Company overview: Burberry has recently revitalized its brand and delivered strong trading
•Recent key developments: Burberry has recently upgraded its online operations
- Burberry has revamped its website
- Burberry has set up a joint venture in the Middle East
- The company is opening new flagship stores in London
- The first Burberry Brit store opened in the UK
•Trading record: Burberry has recently delivered a very strong trading performance
- While it was affected by the global recession Burberry quickly recovered in 2010, and has shown strong financial performance since
- Burberry has been increasingly focusing on the retail channel
- Apparel and accessories are Burberry's key product categories
- Asia Pacific is rapidly growing in importance for Burberry
•Store portfolio: Burberry has brought Chinese and Saudi Arabian stores under its direct control
•Outlook: Burberry has delivered stellar performance and is poised for further growth
CHRISTIAN DIOR
•Company overview: Christian Dior operates a couture label and owns shares in LVMH
•Recent key developments: Christian Dior fired its creative director John Galliano
- The label's creative director was fired
- The industry is left guessing who will replace John Galliano
- The label celebrates the reopening of its Shanghai flagship
- Natalie Portman endorses Miss Dior Chérie perfume
- Christian Dior Couture embraces mobile marketing
- The company is to open a standalone store in South Korea
- Christian Dior Couture entered India in 2010
•Trading record: Christian Dior Couture has recovered strongly following the recession
- Christian Dior Couture's performance was especially weak during the downturn but has recovered strongly
- Christian Dior Couture's wholesale channel has been shrinking
- Christian Dior Couture obtains about half of its retail revenue from Europe and the Middle East
•Store portfolio: the label's retail network has expanded little in the last five years
•Outlook: profit margins and limited presence in growth markets are Christian Dior Couture's key concerns
GIORGIO ARMANI
•Company overview: Giorgio Armani Group is tightly controlled by Mr Armani
•Recent key developments: a key executive has recently left Giorgio Armani and the company has gone fully online
- Giorgio Armani launches a new online store
- The right hand man of Giorgio Armani leaves
- The label will dress Italian athletes for the London 2012 Olympics
- Charlene Wittstock becomes Monaco's princess in an Armani Privé dress
- Another high profile celebrity endorses the Emporio Armani Underwear and Armani Jeans ranges
- The company puts more effort into marketing its childrenswear
•Trading record: while the company recovered in 2010, its trading record suggests weaknesses
•Store portfolio: the group's rate of retail expansion slowed in 2010
•Outlook: Giorgio Armani's competitive position has worsened
HERMÈS
•Company overview: Hermès is known for its silk scarves and ties, and premium handbags
•Recent key developments: Hermès has diversified into several new product categories
- Hermès sells its stake in Jean Paul Gaultier
- Hermès has launched a label dedicated for China
- Hermès has launched a men's-only store in New York
- Hermès has expanded into new product categories
•Trading record: Hermès has been performing strongly despite the recession
- Hermès' revenue has continuously grown over the last five years
- Leather and saddlery goods account for about half of total revenue
- In contrast to many of its rivals, Hermès shows strong performance in the Americas
•Store portfolio: Hermès has been growing its retail network and renovating stores
•Outlook: Hermès is the top performer in the luxury sector and is well placed for further growth
LVMH
•Company overview: LVMH has revamped its brand portfolio through numerous acquisitions and disposals
•Recent key developments: LVMH has grown its jewelry and watches business through acquisitions
- LVMH is focused on strengthening its jewelry and watches proposition
- Louis Vuitton's chief executive officer is stepping down
- Salvatore Ferragamo has collaborated with Bulgari to create the former's first jewelry range
- LVMH is to celebrate its craftsmanship and heritage with the opening of several "heritage sights"
- Bulgari is to open a luxury hotel in London
- Actress Rachel Weisz has been signed to publicize Bulgari's perfume
•Trading record: LVMH's performance in Q2 2011 suggests some weaknesses
- LVMH has been posting double digit revenue growth since 2010
- LVMH is aggressively expanding its fashion and leather goods and watches and jewelry divisions
- LVMH's share of revenues from Asia Pacific excluding Japan has been growing rapidly
•Trading record: Bulgari's performance recovered in 2010
- Bulgari has benefitted from recent restructuring and a rebound in spending on luxury jewelry and watches
- Jewelry remains Bulgari's key product category
- Asia Pacific excluding Japan is the second largest geographic region by revenue for Bulgari
•Store portfolio: LVMH has been slow at expanding its retail network in Asia Pacific
•Store portfolio: Bulgari has continued to expand its retail network
•Outlook: there are concerns about LVMH's ability to deliver strong growth in the short term
POLO RALPH LAUREN
•Company overview: Polo Ralph Lauren is the largest American luxury house
•Recent key developments: Polo Ralph Lauren has expanded its e-commerce proposition and bought back operations in Asia Pacific
- Polo Ralph Lauren has recently launched e-commerce in several European countries
- Polo Ralph Lauren is bringing its Asia Pacific operations under its direct control
- Polo Ralph Lauren has opened the first standalone stores for the Rugby label outside of North America
•Trading record: Polo Ralph Lauren is expanding its retail business internationally
- Polo Ralph Lauren's leading position in the US protected it during the recession
- Retail has recently become the key revenue-generating channel for the company
- Polo Ralph Lauren is still very dependent on one single market
•Store portfolio: the Ralph Lauren banner has the most extended global presence
•Outlook: Polo Ralph Lauren's further growth will be fueled by international expansion
PPR
•Company overview: PPR has undergone several major transformations in its product offer
•Recent key developments: the group is increasingly focusing on its luxury and lifestyle propositions
- PPR has acquired a premium watchmaker
- Balenciaga has launched a transactional website
- PPR has expanded its sportswear proposition
- Christian Louboutin is seeking compensation from Yves Saint Laurent
- PPR has changed the governance structure of its luxury goods division
- Bottega Veneta has opened a store dedicated for homewares in the Middle East
- Gucci has launched eco-friendly eyewear
- The company has increased its focus on e-commerce operations
•Trading record: the recent sale of Conforama depressed PPR's sales but improved margins
- PPR's luxury arm has been a star performer in the group's portfolio
- Bottega Veneta has delivered very rapid sales growth
- Leather goods is the key product category for Gucci Group
- Steep sales growth in Asia Pacific, and Mainland China in particular, has boosted the luxury division's recent trading performance
•Store portfolio: Yves Saint Laurent has recently revised its retail network
- Japan remains the largest single market by store numbers for Gucci Group
•Outlook: Gucci Group needs to discover ways to deliver stronger growth
PRADA
•Company overview: Prada remains majority-owned by the founding family
•Recent key developments: Prada held an IPO in Hong Kong
- Prada listed a minority stake in Hong Kong
- Church's has opened a women's-only store in London
- Prada has entered the Middle East
- Prada has launched capsule collections to promote global sourcing
- Miu Miu has opened a new flagship store in London
- Prada has increased promotional activity in Asia Pacific
- Prada is offering new bespoke services
•Trading record: Prada has shown very strong growth in Asia Pacific
- Prada has recently delivered strong growth, driven by its retail focus and booming sales in Asia Pacific
- Miu Miu is the most rapidly expanding fascia in Prada's portfolio
- Leather goods account for over half of Prada's total revenue
- While Europe remains Prada's largest market, Asia Pacific is quickly catching up
•Store portfolio: Prada is aggressively expanding its retail network
•Outlook: Prada's success is dependent on the continuing spending boom in Asia Pacific
RICHEMONT
•Company overview: Richemont is the owner of many esteemed jewelry and watch brands
•Recent key developments: Richemont is keen to grow its supply of premium watches
- Richemont has announced plans to boost its capital expenditure
- Van Cleef & Arpels introduces exquisite Bals de Légende collection
- Richemont continues to buy back its equity
- Net-A-Porter has launched a dedicated proposition for men
•Trading record: after struggling in 2009 and 2010 Richemont's trading record recovered strongly in 2011
- Richemont's retail revenue has increased significantly
- Jewelry remains Richemont's largest business
- Richemont delivers most of its revenues from Asia Pacific
•Store portfolio: Richemont is focused on expanding its retail network in growth markets
•Outlook: Richemont is more vulnerable to economic cycles due to its product proposition and manufacturing business
OTHER PLAYERS
•Valentino
•Chanel
•Coach
•Dolce & Gabbana
•Jimmy Choo
•Mulberry
•Salvatore Ferragamo
•Tiffany & Co.
•Versace
APPENDIX
•Market definition
- Categories covered
- Regions covered
- Players covered
•Methodology
- Building up the market size
- Forecasts
•Exchange rates
•Datamonitor’s wealth data
- Definitions
- Global Wealth Model methodology
•Further reading
•Ask the analyst
•Global Retail FreeView
•Verdict consulting
•Disclaimer
TABLES
•Table: Global retail expenditure on luxury branded goods ($bn/€bn), 2006–11e
•Table: Retail expenditure on luxury branded products by region ($bn), 2006–11e
•Table: Retail expenditure on luxury branded products by region (€bn), 2006–11e
•Table: Global retail expenditure on luxury branded goods ($bn/€bn), 2006–15f
•Table: European expenditure on luxury branded goods ($bn/€bn), 2006–11e
•Table: Asia Pacific excluding Japan: expenditure on luxury branded products ($bn/€bn), 2006–11e
•Table: Americas: expenditure on luxury branded products ($bn/€bn), 2006–11e
•Table: Japan: expenditure on luxury branded goods ($bn/€bn), 2006–11e
•Table: The Middle East and Others: expenditure on luxury branded goods ($bn/€bn), 2006–11e
•Table: Global expenditure on branded luxury goods by product category ($bn), 2007–11e
•Table: Global expenditure on branded luxury goods by product category (€bn), 2007–11e
•Table: Global expenditure on branded luxury goods by product category ($bn), 2011–13f
•Table: Global expenditure on branded luxury goods by product category (€bn), 2011–13f
•Table: Top 10 global luxury houses by revenue ($m) and revenue growth (%), 2006–10
•Table: Top 10 global luxury houses by revenue (€m) and revenue growth(%), 2006–10
•Table: Top 10 luxury houses' global market shares (%), 2006–10
•Table: Top 10 global luxury houses by operating margins (%), FY2010/11–H1 FY2011/12
•Table: Burberry company overview 2011
•Table: Burberry: trading record (£m), FY2007–H1 FY2012
•Table: Burberry: trading record ($m), FY2007–H1 FY2012
•Table: Burberry: revenues from retail, wholesale, and licensing (£m), FY2007–H1 FY2012
•Table: Burberry: revenues from retail, wholesale, and licensing ($m), FY2007–H1 FY2012
•Table: Burberry: revenue by product category (£m), FY2007–11
•Table: Burberry: revenue by geographic region (£m), FY2007–H1 FY2012
•Table: Burberry: revenue by geographic region ($m), FY2007–H1 FY2012
•Table: Burberry store portfolio, FY2007–Q1 FY2012
•Table: Christian Dior company overview 2011
•Table: Christian Dior: trading record (€m), 2006–H1 2011
•Table: Christian Dior: trading record ($m), 2006–H1 2011
•Table: Christian Dior Couture: trading performance (€m), 2006–H1 2011
•Table: Christian Dior Couture: trading performance ($m), 2006–H1 2011
•Table: Christian Dior Couture: revenue from retail, wholesale, and licensing (€m), 2006–10
•Table: Christian Dior Couture: revenue from retail, wholesale, and licensing ($m), 2006–10
•Table: Christian Dior Couture: retail revenue by geographic region (€m), 2006–10
•Table: Christian Dior Couture: retail revenue by geographic region ($m), 2006–10
•Table: Christian Dior Couture: store portfolio, 2006–10
•Table: Giorgio Armani company overview 2011
•Table: Giorgio Armani Group: trading record (€m), 2006–10
•Table: Giorgio Armani Group: trading record ($m), 2006–10
•Table: Giorgio Armani: store portfolio of directly operated standalone stores by region
•Table: Hermès company overview 2011
•Table: Hermès: trading record (€m), 2006–H1 2011
•Table: Hermès: trading record ($m), 2006–H1 2011
•Table: Hermès: revenue by product category (€m), 2006–H1 2011
•Table: Hermès: revenue by product category ($m), 2006–H1 2011
•Table: Hermès: revenue by geographic region (€m), 2006–H1 2011
•Table: Hermès: revenue by geographic region ($m), 2006–H1 2011
•Table: Hermès: store portfolio, 2006–10
•Table: LVMH company overview 2011
•Table: LVMH: trading record (€m), 2007–H1 2011
•Table: LVMH: trading record ($m), 2007–H1 2011
•Table: LVMH: revenue by product category (€m), 2006–H1 2011
•Table: LVMH: revenue by product category ($m), 2006–H1 2011
•Table: LVMH: trading performance (€m), H1 2011
•Table: LVMH: revenue by geographic region (€m), 2006–H1 2011
•Table: LVMH: revenue by geographic region ($m), 2006–H1 2011
•Table: Bulgari: trading record (€m), 2006–H1 2011
•Table: Bulgari: trading record ($m), 2006–H1 2011
•Table: Bulgari: revenues by product category (€m), 2008–H1 2011
•Table: Bulgari: revenues by product category ($m), 2008–H1 2011
•Table: Bulgari: revenue by geographic region (€m), 2006–H1 2011
•Table: Bulgari: revenue by geographic region ($m), 2006–H1 2011
•Table: LVMH: store portfolio, 2006–H1 2011
•Table: LVMH: store portfolio by region, 2006–H1 2011
•Table: Bulgari: store portfolio, 2006–10
•Table: Polo Ralph Lauren company overview 2011
•Table: Polo Ralph Lauren: trading record ($m), FY2007–Q1 FY2012
•Table: Polo Ralph Lauren: trading record by retail, wholesale, and licensing ($m), 2007–Q1 2012
•Table: Polo Ralph Lauren: revenue by geographic region ($m), FY2007–11
•Table: Polo Ralph Lauren: store portfolio of directly operated standalone stores by region, 2008–Q1 2012
•Table: PPR company overview 2011
•Table: PPR: trading record (€m), 2006–H1 2011
•Table: PPR: trading record ($m), 2006–H1 2011
•Table: Gucci Group: trading performance (€m), 2006–H1 2011
•Table: Gucci Group: trading performance ($m), 2006–H1 2011
•Table: Gucci Group: trading record by brand (€m), 2006–H1 2011
•Table: Gucci Group: trading record by brand ($m), 2006–H1 2011
•Table: Gucci Group: estimated revenue by geographic region (€m), 2006–10
•Table: Gucci Group: estimated revenue by geographic region ($m), 2006–10
•Table: Gucci Group: store network by brand, 2006–10
•Table: Gucci Group: store portfolio by geographic region, 2007–10
•Table: Gucci Group: store network by brand and region in 2009 and 2010
•Table: Prada company overview 2011
•Table: Prada: trading record (€m), FY2008–H1 FY2012
•Table: Prada: trading record ($m), FY2008–H1 FY2012
•Table: Prada: trading record by retail, wholesale, and licensing (€m), FY2009–H1 FY2012
•Table: Prada: trading record by retail, wholesale, and licensing ($m), FY2009–H1 FY2012
•Table: Prada: turnover by brand, which includes retail and wholesale sales but excludes revenue from licensing (€m), FY2009–H1 FY2012
•Table: Prada: turnover by brand, which includes retail and wholesale sales but excludes revenue from licensing ($m), FY2009–H1 FY2012
•Table: Prada: turnover by product category (€m), which includes retail and wholesale sales but excludes revenue from licensing, FY2009–H1 FY2011
•Table: Prada: turnover by product category ($m), which includes retail and wholesale sales but excludes revenue from licensing, FY2009–H1 FY2011
•Table: Prada: turnover by geographic region (€m), which includes retail and wholesale sales but excludes revenue from licensing, FY2009–H1 FY2012
•Table: Prada: turnover by geographic region ($m), which includes retail and wholesale sales but excludes revenue from licensing, FY2009–H1 FY2012
•Table: Prada: directly operated stores by brand, FY2009–September 2011
•Table: Richemont company overview 2011
•Table: Richemont: trading performance (€m), FY2007–11
•Table: Richemont: trading performance ($m), FY2007–11
•Table: Richemont: revenue from retail and wholesale channels (€m), FY2007–11
•Table: Richemont: revenue by product category (€m), FY2007–11
•Table: Richemont: revenue by geographic region (€m), FY2007–11
•Table: Richemont: revenue by geographic region ($m), FY2007–11
•Table: Richemont: number of company owned stores, FY2007–11
FIGURES
•Figure: Global retail expenditure on luxury branded products ($bn), 2006–11e
•Figure: Share of expenditure on luxury branded products by region (%), 2006 and 2011e
•Figure: Retail expenditure on luxury branded products by region ($bn), 2006 and 2011e
•Figure: Global retail expenditure on luxury branded products ($bn), 2006–15f
•Figure: Retail expenditure on luxury branded products by region ($bn), 2006–15f
•Figure: Share of expenditure on luxury branded products by region (%), 2006, 2011e, and 2015f
•Figure: European expenditure on luxury branded goods ($bn), 2006–11e
•Figure: European expenditure on luxury branded goods ($bn), 2006–15f
•Figure: Asia Pacific excluding Japan: expenditure on luxury branded goods ($bn), 2006–11e
•Figure: Asia Pacific excluding Japan: expenditure on luxury branded products ($bn), 2006–15f
•Figure: Americas: expenditure on luxury branded products ($bn), 2006–11e
•Figure: Americas: expenditure on luxury branded products ($bn), 2006–15f
•Figure: Japan: expenditure on luxury branded goods ($bn), 2006–11e
•Figure: Japan: expenditure on luxury branded products ($bn), 2005–15f
•Figure: The Middle East and Others: expenditure on luxury branded goods ($bn), 2006–11e
•Figure: The Middle East and Others: expenditure on luxury branded products ($bn), 2005–15f
•Figure: Global expenditure on branded luxury goods by product category ($bn), 2007–13f
•Figure: Share of global expenditure on branded luxury goods by product category ($), 2007, 2011e, and 2013f
•Figure: Prada's runway show in China in January 2011
•Figure: The new Mulberry store in Soho, New York
•Figure: Burberry's UK homepage
•Figure: Pictures and a video of a coat sold on Burberry's e-store
•Figure: Nordstrom Rack store on New York's Union Square
•Figure: The interior of a Bloomingdale's Outlet store
•Figure: Christian Louboutin's first men's store in Paris
•Figure: Coach men's-only store in New York
•Figure: The Lanvin Petite collection launched in 2011
•Figure: Sample products from Tom Ford's make-up collection launched in 2011
•Figure: Pictures of the upcoming Versace and H&M collection released in June 2011
•Figure: The Target Missoni pop-up store in New York, September 2011
•Figure: Chanel exhibition in Harrods, September 2011
•Figure: Windows of the Louis Vuitton pop-up shop in Cannes, May 2011
•Figure: Tommy Hilfiger pop-up store in London, May 2011
•Figure: Burberry offering fans to order a sample of the new perfume on Facebook
•Figure: Operating margins of top 10 luxury retailers, 2010/11
•Figure: Top 10 global luxury retailers' revenue split by geographic region (%), based on most recently reported full year or half year trading
•Figure: 10 luxury houses ranked by the number of countries they ship to, as of September 2011
•Figure: 10 luxury houses ranked by an average price for a standard delivery (€), as of September 2011
•Figure: Comparative costs and fulfillment times for standard delivery by luxury retailers in the UK, 2011
•Figure: Comparative costs and fulfillment times for standard delivery by luxury retailers in the US, 2011
•Figure: Comparative costs and fulfillment times for standard delivery by luxury retailers in Japan, 2011
•Figure: Burberry store 2011
•Figure: Burberry's updated site, Burberry.com
•Figure: Burberry revenue split by product category (%), FY2007 and FY2011
•Figure: Burberry: revenue split by geographic region (%), FY2007–2011
•Figure: Burberry: revenue split by geographic region, FY2011
•Figure: Christian Dior store 2011
•Figure: The remodeled Dior boutique in Shanghai's Plaza 66 shopping mall and one of the looks presented in the runway show organized for the store opening
•Figure: Natalie Portman as the face of Miss Dior Chérie perfume
•Figure: The Christian Dior app which focuses on the lipstick range Addict
•Figure: Christian Dior Couture: retail revenue by geographic region (%), 2006–10
•Figure: Christian Dior Couture: retail revenue by geographic region (%) in 2010
•Figure: Emporio Armani store 2011
•Figure: Giorgio Armani Group: turnover including licensed products at wholesale value by geographic region (%), 2006–10
•Figure: Giorgio Armani Group: turnover including licensed products at wholesale value by geographic region (%), 2011
•Figure: Hermès store 2011
•Figure: Hermès' first store dedicated to menswear in New York
•Figure: Hermès: revenue by product category (%) in 2006 and H1 2011
•Figure: Hermès: revenue by geographic region (%), 2006–H1 2011
•Figure: Hermès: revenue by geographic region (%), H1 2011
•Figure: Louis Vuitton store 2011
•Figure: Rachel Weisz in Bulgari's scent advert
•Figure: LVMH: revenue split by product category (%), 2006 and H1 2011
•Figure: LVMH: revenue by geographic region (%), 2006–H1 2011
•Figure: LVMH: revenue by geographic region (%) in H1 2011
•Figure: LVMH fashion and leather goods: revenue by geographic region (%) in H1 2011
•Figure: Bulgari: revenue by product category (%) in 2008 and H1 2011
•Figure: Bulgari: revenue by geographic region (%), 2006–H1 2011
•Figure: Bulgari: revenue by geographic region (%) in H1 2011
•Figure: Ralph Lauren store 2011
•Figure: The new Polo Ralph Lauren's Rugby store in London
•Figure: Polo Ralph Lauren: revenue by geographic region ($m), FY2007–11
•Figure: Polo Ralph Lauren: revenue by geographic region (%) in FY2011
•Figure: Gucci store 2011
•Figure: Balenciaga's e-shop
•Figure: Gucci Group: revenue by product category (%) in 2007 and 2010
•Figure: Gucci Group: revenue by geographic region (%), 2006–10
•Figure: Gucci Group: revenue by geographic region (%) in 2010
•Figure: Prada store 2011
•Figure: Church's ladies' store in London opened in September 2011
•Figure: Prada: turnover by product category (%), which includes retail and wholesale sales but excludes revenue from licensing, FY2009 and FY2011
•Figure: Prada: turnover by geographic region (%), which includes retail and wholesale sales but excludes revenue from licensing, FY2009–11
•Figure: Prada: turnover by geographic region (%), which includes retail and wholesale sales but excludes revenue from licensing, FY2011
•Figure: Cartier store 2011
•Figure: Richemont: revenue by product category (%) in FY2007 and FY2011
•Figure: Richemont: revenue by geographic region (%), FY2007–11
•Figure: Richemont: revenue by geographic region (%) in FY2011
•Figure: The first Dolce & Gabbana standalone store in Prague launched in September 2011
•Figure: Shoes from the Jimmy Choo men's collection launched for the autumn/winter 2011/12 season
•Figure: Sketches for the upcoming Versace Young collection for spring/summer 2012


Companies mentioned
Arnoldo Mondadori Editore S.p.A., Burberry Group plc, Christian Dior S.A., CMS Energy Corporation, Compagnie Financiere Richemont AG, Daily Mail and General Trust plc, ERGO Versicherungsgruppe AG, Gucci Group, Hutchison 3G UK Limited, LVMH Moet Hennessy Louis Vuitton SA, Nestlé SA, Permira Advisers LLP, Polo Ralph Lauren Corporation, PPR SA, Puig, Royal KPN N.V., Schindler Holding Ltd., Tommy Hilfiger Corporation