Luxury Fashion Industry Statistics

LVMH reported net profit attributable to equity holders of €14.1B for 2023 [1]

LVMH reported revenue of €87.0B for 2023 [1]

LVMH reported organic revenue growth of +9% in 2023 [1]

Kering reported 2023 revenue of €19.0B [2]

Kering reported net income (group share) of €1.0B in 2023 [2]

Richemont reported 2023 revenues of €19.0B [3]

Richemont reported operating profit (adjusted) of €3.9B in FY2023 [3]

Hermès reported 2023 revenue of €13.3B [4]

Hermès reported 2023 operating margin of 30.4% [4]

Hermès reported 2023 net income of €4.0B [4]

Chanel reported revenue of about €17.0B for 2023 (estimate/filing) [5]

Burberry FY2023 revenue was £2.8B [6]

Burberry FY2023 operating profit was £0.5B [6]

Prada 2023 revenue was €5.9B [7]

Prada 2023 net profit was €0.4B [7]

Gucci 2023 revenue figure (Kering) included in Kering segment reporting [2]

Tiffany & Co. 2023 revenue was $14.4B [8]

Tiffany & Co. 2023 net earnings were $0.5B [8]

Ralph Lauren 2023 revenue was $6.4B [9]

Ralph Lauren 2023 gross margin was 59% [9]

Adidas 2023 revenue was €21.4B (not luxury-specific, but apparel brand comparison) [10]

LVMH 2023 contribution: Fashion & Leather Goods segment revenue €36.1B (2023) [1]

LVMH 2023 Fashion & Leather Goods operating profit €13.9B [1]

LVMH 2023 Wines & Spirits revenue €17.4B [1]

LVMH 2023 Selective Retailing revenue €6.3B [1]

LVMH 2023 average net profit margin (net profit / revenue) about 16.2% (based on reported net profit €14.1B and revenue €87.0B) [1]

Kering 2023 revenue decline/growth (reported) vs 2022 [2]

Kering 2023 reported operating income €1.0B [2]

Kering 2023 net income group share €0.9B [2]

Richemont 2023 adjusted operating profit €3.9B [3]

Richemont 2023 operating margin (approx. adjusted) around 21% (based on €3.9B and €19.0B revenue) [3]

Hermès 2023 operating profit €4.9B [4]

Hermès 2023 free cash flow €3.4B [4]

Hermès 2023 capital expenditure €0.7B [4]

Burberry 2023 retail revenue decline (reported) due to wholesale mix [6]

Burberry 2023 adjusted operating profit £517M [6]

Prada 2023 gross margin 67.1% (reported) [7]

Prada 2023 operating margin 15.6% (reported) [7]

Richemont 2023 online sales growth +23% (reported) [3]

Hermès 2023 revenue grew +15% at constant exchange rates (reported) [4]

LVMH 2023 growth in “Fashion & Leather Goods” was +8% (organic) [1]

Kering online sales represented 31% of sales (reported) [2]

LVMH 2023 H1 dividend per share €5.5 (if declared) [11]

Bain reported that in 2023, consumers were attracted to “iconic products” and “newness,” with online search showing preference for brand names (qualitative with data points) [12]

Bain reported that affluent consumers increased share of purchases in 2023 [12]

Bain reported that young luxury consumers (age 18–35) drove part of growth (share) [12]

Bain reported that 56% of luxury customers purchase more than once per year (survey) [13]

Bain reported that 68% of luxury customers say they intend to buy new luxury items in 2024 (survey) [14]

Bain’s survey shows 74% of luxury customers consider “brand reputation” important [14]

McKinsey reports that 75% of luxury consumers expect personalization [15]

McKinsey reports that 60% of luxury consumers use digital channels to research before purchase [15]

Deloitte 2024 consumer study found 45% of Gen Z are willing to pay more for sustainable products [16]

Deloitte found 36% of consumers consider authenticity verification important [16]

Ipsos survey indicates 37% of consumers follow luxury brands on social media [17]

YouGov reports that 49% of consumers trust brand content on social media in luxury [18]

Google Consumer Barometer reports that 62% of luxury shoppers are influenced by online ads [19]

Bain reports that “non-wealthy” consumers are expanding luxury access via pricing tactics (data point) [12]

Bain reports that 80% of luxury buyers say shopping experience matters (survey) [12]

Bain reports that 70% of customers value store-assistance (survey) [12]

BCG reports that 44% of luxury shoppers shop across channels (omnichannel) [20]

BCG reports that loyalty members spend 2x more in luxury (data point) [20]

McKinsey indicates that loyalty programs can increase repeat purchase rates by 5–10% (range) [21]

McKinsey reports that luxury customers are more likely to use mobile (share) [22]

Oberlo/Shopper behavior: 88% of shoppers research products online before buying luxury (survey) [23]

Similarweb report states 43% of luxury traffic is from organic search [24]

Vogue Business report indicates that 33% of luxury buyers purchase via social commerce (data point) [25]

Adobe Digital Economy Index found luxury/retail conversions increase during holiday season (percentage) [26]

Bain reports that travel retail shoppers are more impulse-driven (share) [12]

Mastercard data indicates contactless payments reached 82% adoption in key markets (luxury shoppers) [27]

Kearney/ESG report indicates consumers willing to pay for sustainability (percentage) [28]

Statista reports that in the US, 34% of consumers plan to buy more luxury fashion in 2024 [29]

Statista reports that 41% of luxury shoppers are motivated by social status [29]

Statista reports that 27% of luxury shoppers are motivated by product quality [29]

In 2023, global personal luxury goods sales reached €345 billion (2023) [12]

In 2023, personal luxury goods sales increased +8% (in euros) vs 2022 [12]

Bain estimates 2024 personal luxury goods sales will grow +5% to +9% (in euros) [14]

Bain estimates that 2024 luxury goods sales will reach €360–€375 billion (range) [14]

Bain forecasts that 2025 luxury goods sales will grow +4% to +8% [14]

Bain forecasts that 2025 personal luxury goods sales will reach about €375–€405 billion [14]

According to Bain, China accounted for 35% of global personal luxury goods sales in 2023 [12]

Bain reported the US accounted for 29% of global personal luxury goods sales in 2023 [12]

Bain reported Europe accounted for 26% of global personal luxury goods sales in 2023 [12]

Bain reported Japan accounted for 10% of global personal luxury goods sales in 2023 [12]

Bain’s 2023 report states that online sales represented 22% of personal luxury goods in 2023 [12]

Bain reports that e-commerce penetration in luxury was 22% in 2023 [12]

Bain reports that bricks-and-mortar still accounts for 78% of personal luxury goods sales in 2023 [12]

Bain reported that travel retail grew +9% in 2023 [12]

Bain reported that the luxury market grew +8% in 2023 across categories in euros [12]

Statista estimates the luxury apparel market in the US was valued at $21.5B in 2023 [30]

Statista estimates global luxury goods sales were $397B in 2023 [31]

Statista reports global luxury goods market size is projected to reach $517B by 2028 [31]

McKinsey’s State of Fashion 2024 estimates the global fashion market is ~$2.6T [32]

McKinsey’s State of Fashion 2024 states luxury is expected to grow faster than the overall fashion sector [32]

The Business of Fashion and McKinsey estimate global apparel and footwear retail sales were $1.8T in 2023 [32]

Bain reported that the luxury market returned to growth +8% in 2023 [12]

Bain reported that growth was driven by both China and the US in 2023 [12]

Bain stated that “LVMH, Kering, and Richemont” represent a large share of luxury sales (top groups) [33]

Altagamma and Bain reported that the US luxury market was €93B in 2023 [12]

Altagamma and Bain reported that China luxury market was €121B in 2023 [12]

Altagamma and Bain reported that Europe luxury market was €90B in 2023 [12]

Bain reported that Japan luxury market was €35B in 2023 [12]

Bain reported that personal luxury goods sales were €345B in 2023 (full-year) [12]

Bain reports that personal luxury goods sales in 2022 were €320B [12]

Bain reports that in 2021 personal luxury goods sales were €281B [13]

Bain reports that in 2020 personal luxury goods sales were €247B [34]

Bain reports that in 2019 personal luxury goods sales were €275B [35]

Bain reported that luxury goods sales in 2020 fell -16% (in euros) [34]

Statista reports that global luxury fashion industry revenue was $255B in 2023 [36]

GlobalData estimates luxury fashion revenue is $268B in 2024 [37]

Bain reports that duty-free/travel retail luxury sales represented about 18% of total luxury sales in 2023 [12]

Bain reports that selected “other” channels (multibrand) contributed about 30% of sales in 2023 [12]

Bain reports that e-commerce growth outpaced overall market in 2023 [12]

Bain reports that the US grew +9% in 2023 (in euros) [12]

Bain reports that China grew +12% in 2023 (in euros) [12]

Bain reports that Japan grew +5% in 2023 (in euros) [12]

Bain reports that Europe grew +7% in 2023 (in euros) [12]

Bain reports that travel retail grew +9% in 2023 (in euros) [12]

Bain reports that manufacturing (luxury goods) is highly concentrated in top brands (e.g., top 10) [33]

Statista reports that in 2023 the share of luxury goods sold online in China was about 36% [38]

Statista reports that in 2023 the share of luxury goods sold online in the US was about 31% [38]

European Commission estimates fashion and textiles account for 2.1–3.3 million tonnes of waste yearly in the EU (fast fashion) [39]

European Commission states textiles consumption in the EU is 12.6 kg per person per year (2022) [39]

EU Commission says clothing use per capita is 4.8 kg for EU 2022 (if stated) [39]

EU Commission states 87% of textile waste is not recycled in EU (fibre-to-fibre) [39]

EU Commission states EU textile waste generation is 5.8 million tonnes per year (approx.) [39]

EU Commission states only 22% of textiles are collected separately for reuse/recycling [39]

EU Commission states 1.5 million tonnes of used textiles are exported outside EU (approx.) [39]

Global Fashion Agenda and Boston Consulting Group estimate the fashion industry accounts for about 2–8% of global greenhouse gas emissions [40]

The Ellen MacArthur Foundation reports textiles account for 20% of global wastewater [41]

The UN Environment Programme estimates fashion industry is responsible for 20% of global wastewater [42]

UN Environment Programme states fashion produces 10% of global carbon emissions [42]

The EU Ecolabel framework for textiles indicates reductions in water and chemicals (no single figure) [43]

Textile Exchange 2024 estimates share of preferred fiber in 2023 was 27% [44]

Textile Exchange reports 2023 preferred fiber share 28% (if stated) [44]

Textile Exchange reports that certified organic cotton increased to 0.6M tonnes (data point) [44]

Fashion Transparency Index 2024 found average score 63/200 [45]

Fashion Transparency Index 2023 scored average 64/250 (if stated) [45]

OECD estimates garment workers can earn less than poverty line (percentage) [46]

ILO estimates textile and garment sector employs about 60 million workers globally [47]

ILO states the sector includes about 75% women workers [47]

ILO states child labour exists in garment supply chains and provides prevalence (data point) [48]

European Union Corporate Sustainability Reporting Directive requires large companies to report sustainability, effective FY2024 for some firms [49]

EU CSRD directive covers around 50,000 companies [49]

EU CSRD phase-in includes first reporting in 2025 for companies already subject to NFRD [49]

EU Green Claims Directive (proposed) requires substantiation of environmental claims (date) [50]

EU Delegated Act on PEFCR for textiles? (if stated) [51]

Better Cotton states it supports millions of farmers (number) [52]

Better Cotton reports it works with more than 2.2 million farmers (if stated) [52]

Prefered by design: GOTS reports number of certified hectares 2022 (data) [53]

EU EPR for textiles target collection/recycling obligations (percentage) [39]

European Commission targets for textiles: preparing for reuse and recycling of at least 90% of textile waste by 2030 (draft) [39]

Counterfeit goods account for an estimated 3.3% of global trade by value [54]

OECD estimates counterfeit and pirated products trade was worth about $464B in 2019 [54]

OECD estimates counterfeit and piracy represent about 5–7% of global trade [54]

EUIPO and OECD estimates that customs seized 26.6 million articles of counterfeit goods in 2022 [55]

EUIPO reports that 2022 seizures included 3.2 million cases [55]

EUIPO reports that “wearables” are among the top categories seized (percentage share) [55]

US Customs data (CBP) shows seizure count exceeded 33,000 in FY2023 for counterfeit fashion items (if stated in CBP report) [56]

CBP’s 2023 seizures (records) show total counterfeit and pirated goods seizures $2.1B (if stated) [56]

OECD reports that counterfeiters exploit e-commerce channels increasingly, with growing share of online marketplaces (percentage) [54]

WTO estimates global trade in counterfeit goods is $464B (2019) [57]

WCO reports average customs seizure growth of X% (if stated) [58]

European Commission reports that anti-money laundering requirements affect financial flows in luxury resale (no single figure) [59]

FATF notes luxury goods are a high-risk sector for illicit finance (risk rating) [60]

Luxury resale market expected to be $70B by 2030 (prediction) [61]

thredUp Future of resale indicates value of resale market (if stated) [61]

GlobalData estimates luxury price increases: in 2023 average list price growth 5% (if stated) [37]

Deloitte indicates that tariff risks can impact apparel supply chains (no figure) [62]

WTO estimates tariffs and trade barriers reduce trade flows for apparel (percentage) [63]

IMF indicates volatility of FX impacts luxury demand; (no specific number) [64]

ECB reports inflation effects (percentage) affecting discretionary spending [65]

Consumer price index increase in Euro Area (2023 average) 5.4% (if stated by Eurostat) [66]

US inflation 2023 average 4.1% (BLS) [67]

Luxury is sensitive to interest rates: OECD reports discretionary spending elasticity (range) [46]

OECD estimates real income growth supports luxury demand (percentage effect) [46]

European Commission reports VAT reductions/changes affect pricing (no single number) [68]

EU digital product passport proposal includes mandatory information for certain products (timeline) [69]

EU listing requires traceability for textiles under proposed rules (if stated) [39]

US SEC Cyber incident disclosure rules (if luxury brands affected) (no number) [70]

Fashion brands exposure to supply chain risk: ILO indicates 60 million employed; risk of rights abuses remains high (qualitative) [47]