Italy’s still leading the luxury market

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In the past few days, Italian luxury has been widely talked about, especially after Deloitte published the 6th edition of its Global powers of luxury goods. The annual review of 100 global businesses’ performances in the field confirms that Italian products are still synonymous with elegance and premium-quality craftsmanship, but also raises some noteworthy questions on a few critical points.

Although little discussed, at least in Italy, Asian countries have been able to climb through the rankings of luxury protagonists, where they might have previously been listed as main buyers, but certainly not as suppliers.

Italy is still leading the luxury market with 24 businesses in the field. Two thirds of them are working in the fashion and accessory industry, where they make 14% of the ranking overall profit. The first three Italian labels to be listed are Luxottica (5th), Prada (21st) and Giorgio Armani (26th).Moncler stroke the best performance of all ranked Italian brands, but Furla shined even more by reporting the highest growth rate in sales (18.7%).

On a global level, the 100 largest luxury goods companies generated sales of US $247billion in 2017, with an average $2.47 per company. For the third year in a row, LVMH, Esteé Lauder, Richemont, Kering and Luxottica proved to be the five best players (for the latter, the report considered data before the merge with French manufacturer Essilor).

 

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