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Revenue growth despite the volatile nature of the fashion industry and sluggish economy
The global luxury goods retail market, worth $226.6bn in 2012, continues to create growth opportunities. It is expected to grow at a compound annual growth rate (CAGR) of 7.8% towards 2014. Asia was the fastest growing luxury market in 2012, with the growth seen in mature markets was considerably slower.
Michael Kors is one of the market’s leading players, enjoying rapid, double digit revenue growth and a marked increase in brand awareness in recent years. The company was founded in 1981, starting as an American luxury sportswear house, and in the space of30 years has transformed into a global accessories, footwear and apparel brand, with a l presence in 85 countries and stores in the most prestigious cities in the world.
The company has successfully embraced the crossover between online and traditional sales presence, leveraging all distribution channels to grow its overall business and increase new customer acquisition. Its collections prices range from $20 to $4,000.
To find out what are the main drivers of the global luxury market growth, which product categories are most lucrative, which regions are expected to increase at the fastest rate, and how to successfully grow a market share, allowing the expansion into more affordable territory without diluting the value of higher-end merchandise, read our case study: “Michael Kors: How to design a winning growth strategy” click here