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The North America Luxury Apparels Market Size is poised to grow at a market growth of 5.2% CAGR during the forecast period (2017-2023).
Luxury apparels can be simply defined as garments or attire that compliments a persons overall appearance. The type of rich fabric used in the manufacturing of the attire gives the luxurious or classy look to an outfit. Luxury apparels have become a necessity in the modern fashionable world. Wide ranges of luxury options are available for casual as well as in fashion wear; one can select the attire as per the occasion. Traditional fabric such as pure cotton and silk are some of the popular types of luxury fabrics. From a business and brand point of view, dresses that are made up of high quality and creative designs could attract more customers. Additionally, luxury brands also play a major role in contributing to the demand of luxury apparels. Different consumers prefer different luxury apparels, some prefer classy look and some prefer rich traditional look. Some consumers also demand counterfeit products which are a look alike of the original luxury designs. Therefore, luxury brands develop different fashion products to address consumers needs. Online sales of luxury apparels have gained popularity, especially among the younger crowd. It has been observed that younger generation spends more on buying clothing, both from offline and online channels. They also get easily influenced by what is said and presented online. Therefore, companies are reshaping their marketing concepts with the online sales of their products.
Based on the Mode of Sales, the Luxury Apparels market is segmented into Online and Offline. Based on End Users, the market is segmented into Men and Women. Based on Materials, the market is segmented into Cotton, Silk, Leather, and Denim. Based on Country, Luxury Apparels market is segmented into US, Canada, Mexico and Rest of North America. US remained the dominant Country in the North America Luxury Apparels market in 2016. Canada would witness promising CAGR during the forecast period (2017-2023). The report covers the analysis of key stake holders of the Luxury Apparels market.
Key companies profiled in the report include Ralph Lauren Corporation, LVMH, Burberry Group Plc, PVH (TOMMY HILFIGER USA INC.), Nike, Inc., Giorgio Armani S.P.A, Hermes International, Inc., Michael Kors Holdings Limited, Kering (Gucci), and Hugo Boss AG.