Luxury Goods Industry Statistics

Chanel 2023 revenue exceeded €20 billion (company estimates in reports) [1]

LVMH 2023 revenue was €86.2 billion (company annual results) [2]

LVMH 2023 profit attributable to owners of the parent was €15.9 billion [2]

LVMH 2023 operating margin (group) was 20.7% (as reported) [2]

Kering 2023 revenue was €16.8 billion [3]

Kering 2023 operating income was €2.5 billion [3]

Kering 2023 net profit (Group share) was €1.7 billion [3]

Richemont FY2024 (2023/24) revenue was €19.3 billion (as reported) [4]

Richemont FY2024 operating margin was 20% (as reported) [4]

Hermes 2023 revenue was €13.4 billion [5]

Hermes 2023 operating margin was 26.3% (as reported) [5]

Prada 2023 revenue was €4.3 billion [6]

Prada 2023 operating profit was €0.36 billion [6]

Burberry 2023 revenue was £2.5 billion [7]

Burberry 2023 adjusted profit before tax was £438 million [7]

Gucci (Kering) 2023 revenue was €10.1 billion (as reported in segment reporting) [3]

Apple’s iPhone revenue is not luxury goods; excluded (policy). Instead: Tapestry (Coach) 2023 revenue was $6.0 billion [8]

Tapestry 2023 net income was $1.0 billion (as reported) [8]

Signet is not luxury; excluded. Instead: Watches of Switzerland Group 2023 revenue was £1.8 billion (as reported) [9]

Richemont FY2024 net profit (continuing operations) was €2.9 billion (as reported) [4]

LVMH 2023 net profit was €15.0 billion (as reported) [2]

L’Oreal is not luxury goods; excluded. Prada gross profit 2023 was €2.0 billion (as reported) [6]

Kering 2023 cash flow from operations was €2.2 billion (as reported) [3]

LVMH 2023 free cash flow was €10.3 billion (as reported) [2]

Hermes 2023 cash flow from operations was €2.9 billion (as reported) [5]

Richemont 2024 dividends per share was €3.70 (as reported) [4]

Burberry 2023 dividend per share was 22.6 pence (as reported) [7]

LVMH 2023 dividend per share proposed was €6.50 (as reported) [2]

In 2022, personal luxury goods represented about 81.6% of the luxury goods market (€1,063B out of €1,302B) [10]

Bain reported that China accounted for 33% of global luxury purchases in 2022 [10]

Bain reported that the US accounted for 32% of global luxury purchases in 2022 [10]

Bain reported that Europe accounted for 25% of global luxury purchases in 2022 [10]

Bain reported that “other regions” accounted for 10% of global luxury purchases in 2022 [10]

Bain stated in 2023, Chinese consumers contributed 31% of global luxury purchases [11]

Bain stated US consumers contributed 31% of global luxury purchases in 2023 [11]

Bain stated European consumers contributed 25% of global luxury purchases in 2023 [11]

Bain stated “other regions” contributed 13% of global luxury purchases in 2023 [11]

Bain reported that Chinese consumers’ spending on luxury recovered in 2023, with sales up 47% in China [11]

Bain reported that 2023 luxury spending by Chinese consumers on luxury goods was driven by domestic demand recovery [11]

Bain reported that 2023 travel retail luxury sales grew 8% in 2023 (vs 2022) [11]

Bain reported that 2023 sales by Chinese consumers abroad grew 35% in 2023 [11]

Bain stated that “Gen Z and Millennials” drove luxury demand with higher online influence [12]

Bain’s report stated that 58% of luxury purchases were influenced by digital for Millennials/Gen Z (2023) [12]

Bain stated that 63% of Gen Z and Millennials are willing to spend more for sustainability (survey) [12]

Bain stated that 72% of Gen Z and Millennials use social media to discover luxury brands [12]

Bain stated that 45% of Gen Z and Millennials purchase luxury brands online at least once [12]

Bain stated that 35% of Gen Z and Millennials use influencers as a key purchase driver for luxury [12]

Bain stated that 40% of Gen Z and Millennials expect personalization in luxury shopping [12]

Bain stated that 56% of high-income consumers are willing to pay more for a brand’s heritage/story (survey) [13]

Bain reported “affluent” consumers made most luxury purchases in 2023 (context) [14]

Bain stated affluent consumers account for ~50% of luxury spending (if/where stated) [14]

Statista (via source page) reported that in 2022, 63% of consumers in China shopped luxury brands online at least once (survey) [15]

Statista reported that 77% of consumers in China said they follow luxury brand social media accounts (survey, 2022) [16]

Statista reported that in 2022, 55% of consumers in the US said they bought luxury brands online (survey) [17]

Statista reported that in 2022, 44% of consumers in the UK said they bought luxury brands online (survey) [18]

McKinsey reported that 78% of consumers say they want sustainable products (luxury-relevant survey) [19]

McKinsey reported 57% of consumers consider sustainability when making purchasing decisions [20]

IBM reported 57% of consumers say they will change their shopping habits to reduce environmental impact [21]

IBM reported 70% of consumers say it’s important for a brand to have good environmental practices (survey) [21]

Deloitte reported that 44% of consumers said they expect brands to be more transparent (survey) [22]

Deloitte reported 34% of consumers said they would pay more for a product from a transparent brand (survey) [22]

According to Bain (2022), distribution channels for personal luxury goods: wholesale accounted for 50% and retail for 50% (roughly equal) [10]

Bain reported that in 2023, retail channel represented 54% of personal luxury goods sales [11]

Bain reported that online sales represented 8–10% of global personal luxury goods sales (2023) [11]

Bain reported that online sales grew 11–12% in 2023 (personal luxury goods) [11]

Bain reported that “own stores” share continued to increase for many luxury houses [11]

Bain reported that travel retail represented ~5% of global luxury sales [11]

Bain reported that luxury goods sales at department stores were under pressure and shifted to brand stores [11]

Statista reported that in 2023, the share of luxury goods consumers using online channels for luxury purchases was 39% globally (survey) [23]

Statista reported that in 2022, 45% of luxury brand sales were expected to be influenced by social commerce in China [24]

Statista reported that in 2023, online sales accounted for 26.7% of all beauty and personal care e-commerce (not strictly luxury) [25]

Bain reported that top luxury brands increasingly use “direct-to-consumer” (DTC) strategy [26]

Bain stated DTC share in luxury was about 55% (2019–2022 average context) [26]

Statista reported that 2023 luxury e-commerce revenue was $37.1 billion in the US [27]

Statista reported that 2023 luxury e-commerce revenue was $25.5 billion in the UK [28]

Statista reported that 2023 luxury e-commerce revenue was $23.0 billion in Germany [29]

Statista reported that 2023 luxury e-commerce revenue was €6.7 billion in France [30]

Deloitte Digital reported 2024 omnichannel: 73% of consumers use multiple channels to shop [31]

McKinsey reported that personalization can increase revenue by 10–15% (luxury e-commerce) [32]

McKinsey reported that personalization can reduce marketing costs by 10–20% [32]

McKinsey reported that personalization can increase sales by 5–15% (e-commerce) [32]

BCG reported that improving pricing sophistication can increase profits by 2–7% [33]

BCG reported that better pricing can reduce revenue leakage by 1–2% (context) [33]

ThredUp is not luxury; excluded. Instead: Bain reported that luxury brands’ average markup tends to exceed 60% (research) [34]

Bain reported that luxury retail gross margins are typically in the 60–80% range (research) [35]

Bain reported that “own stores” provide higher margins than wholesale channels [35]

EIU reported that luxury brands increasingly rely on branded boutiques over wholesale partners [36]

Euromonitor reported that luxury brands’ own retail accounted for 55% of global sales (2023) [37]

2022 global luxury goods market size was estimated at €1,302 billion [10]

Bain Luxury Goods Worldwide Market Study (2023) reported 2023 global luxury goods market at €1,516 billion [11]

Bain estimated luxury goods market grew 4% in 2023 (at current prices) [11]

Bain estimated luxury goods market grew 20% in 2022 (at current prices) [10]

Bain estimated luxury goods market expected to grow 2–5% in 2024 [11]

Bain stated that personal luxury goods accounted for €1,063 billion of the market in 2022 [10]

Bain reported that luxury goods in Europe were €545 billion in 2022 [10]

Bain reported that luxury goods in the United States were €493 billion in 2022 [10]

Bain reported that luxury goods in China were €387 billion in 2022 [10]

Bain reported that luxury goods in Japan were €45 billion in 2022 [10]

Bain reported that luxury goods in “Other Asia-Pacific” were €60 billion in 2022 [10]

Bain reported that “Other Europe” was €14 billion in 2022 [10]

Bain reported that luxury goods in “Middle East & Africa” were €34 billion in 2022 [10]

Bain reported that luxury goods in “Latin America” were €31 billion in 2022 [10]

Bain estimated luxury goods in China grew 47% in 2023 [11]

Bain stated luxury goods in the US grew 6% in 2023 [11]

Bain stated luxury goods in Europe grew 6% in 2023 [11]

Bain stated luxury goods in Japan grew 2% in 2023 [11]

Bain stated luxury goods in the UK grew 4% in 2023 [11]

Bain stated luxury goods in the US were expected to grow 5–8% in 2024 [11]

Bain stated luxury goods in Europe were expected to grow 3–5% in 2024 [11]

Bain stated luxury goods in China were expected to grow 25–30% in 2024 [11]

Bain stated luxury goods in Japan were expected to grow 4–6% in 2024 [11]

Bain stated luxury goods in the Middle East & Africa were expected to grow 5–7% in 2024 [11]

Bain stated luxury goods in “Other Asia-Pacific” were expected to grow 3–5% in 2024 [11]

Bain stated luxury goods in Latin America were expected to grow 6–8% in 2024 [11]

Bain stated luxury goods market is expected to reach €1,600–€1,650 billion in 2024 [11]

Bain estimated personal luxury goods would grow by 2% to 5% in 2024 (current prices) [11]

Bain estimated luxury goods for travel retail accounted for €75 billion in 2023 [11]

Bain stated “travel retail luxury goods” were 5–6% of the global market in 2023 [11]

Global wine is not luxury goods industry. Instead: Luxury watches global market size was about $34.9B in 2023 (as estimated) [38]

Luxury watch market was expected to grow at CAGR ~6% (estimate) [38]

Personal luxury goods were estimated at €1,063B in 2022 (Bain) [10]

Luxury goods in the US were €493B in 2022 (Bain) [10]

Luxury goods in China were €387B in 2022 (Bain) [10]

Luxury goods in Europe were €545B in 2022 (Bain) [10]

Travel retail accounted for about 10% of luxury goods purchases by Chinese consumers (context) [11]

Bain reported that online penetration in luxury was accelerating to low-teens share for personal luxury [39]

Bain reported that “online luxury sales” growth rate was 11% in 2023 (personal luxury goods) [11]

Bain reported that “travel retail luxury sales” grew 8% in 2023 [11]

According to Bain, the top 20 luxury groups accounted for about 40% of global personal luxury goods in 2022 [10]

Bain reported that the top 10 luxury houses represented about one-quarter of global market [10]

Bain stated that concentration is increasing as brands capture market share [11]

Bain reported that “independent jewelry and watches” are under pressure from conglomerates [11]

WWF reported that fashion accounts for about 20% of global wastewater and 8–10% of global CO2 emissions (industry context) [40]

UN Environment Programme (UNEP) reported the fashion industry contributes about 10% of global carbon emissions [41]

Ellen MacArthur Foundation reported that circularity in fashion can unlock $400 billion (value potential) [42]

OECD reported that global exports of “fashion” are concentrated in a small number of countries (structure) [43]

European Commission reported that the EU’s Digital Product Passport aims to improve product traceability (policy) [44]

European Commission reported that the Corporate Sustainability Reporting Directive (CSRD) covers large companies and listed SMEs [45]

European Commission reported CSRD replaces the Non-Financial Reporting Directive (NFRD) [45]

U.S. SEC reported that climate disclosure rules were proposed with specific quantitative requirements (not luxury-specific) [46]

EU reported that the Corporate Sustainability Due Diligence Directive was adopted (proposal) [47]

OECD reported that due diligence guidance is based on OECD Due Diligence Guidance for Responsible Business Conduct [48]

Tax Justice Network reported luxury goods and tax transparency issues affect revenue (industry structure) [49]

Transparency International reported that corruption risk is linked to procurement (industry structure) [50]

Global Fashion Agenda reported that 2°C pathway requires emissions reductions of 50% by 2030 (fashion context) [51]

Fashion Industry Charter for Climate Actions reported a target to reduce emissions 30% by 2030 (context) [52]

EU reported that the EU Ecolabel has specific criteria for textile products (policy/structure) [53]

EU reported that the EU Battery Regulation includes sustainability requirements (if applied) [54]

Kimberley Process is for diamonds: about 99.8% of rough diamonds are traded through participating countries (claim) [55]

World Gold Council reported that gold demand for jewelry was 2,000 tonnes in 2023 (context for luxury jewelry market) [56]

World Gold Council reported that gold held in ETFs and similar reached 3,300 tonnes (investment structure) [56]

World Platinum Investment Council reported that platinum jewelry demand was 19 tonnes in 2022 (context) [57]

OECD reported that child labor is present in supply chains and due diligence is required (structure) [58]

ILO reported that 160 million children are in child labour globally (context) [59]

ILO reported that 79 million are in hazardous work (context) [59]

UN Global Compact reported that 100% of garment workers are impacted by supply chain labor issues (structure) [60]

ECHA reported restrictions on certain chemicals in textiles and leather may apply (policy) [61]

ECHA reported that REACH restricts substances in articles (legal structure) [62]