According to a research report, the opportunity in the global luxury apparels market will be worth US$60,793.7 million by the end of 2024 from US$1,8842.69 mn in 2015.
Between the years of 2016 and 2024, the global market is expected to expand at a CAGR of 13.2%. The increasing affordability of luxury apparels is attributable to the mass production of goods, which has transformed the 19th-century ways of dress making.
The luxury apparels market boasts of an esteemed clientele comprising the high net worth individuals.
However, over the years several designers and fashion brands have started reaching out the broader range of customers through affordable products.
Big brands such as Louis Vuitton, Prada, and Versace are expanding to developing economies, which has not only improved their geographical reach but also won them a newer consumer base.
