Published on 3 Jan 2023 on Insider Monkey via Yahoo Finance
15 Biggest Luxury Companies in the World
In this article, we will discuss the 15 Biggest Luxury Companies in the World. You can skip our industry overview and go directly to the 5 Biggest Luxury Companies in the World.
The luxury industry consists of manufacturers of personal luxury goods and companies that sell luxury experiences, such as those in the hospitality business. The demand in this sector is frequently correlated to income levels, especially in developed economies where the primary target market is located. However, in 2022, the global luxury market defied this logic, as it continued to grow under uncertain economic times, as per a report issued by Bain & Company. The luxury sector experienced a sales boom in 2021 following COVID-19, and this trend persisted in 2022. According to Bain, the market for personal luxury products was expected to reach €353 billion by the end of 2022, a 22% YoY rise. Bain also forecasted the global luxury market to grow by 21% in 2022, closing the year at €1.4 trillion.
An expanding customer base and the use of a multi-touchpoint ecosystem make the luxury market resilient against economic upheavals. Luxury companies are expanding this ecosystem to the virtual world, with several brands launching their metaverse strategies in 2022. LMVH, home to luxury brands like Louis Vuitton and Dior, launched its immersive virtual world at VivaTech, allowing customers to experience its innovations. L'Oréal has been dabbling in NFTs and is even considering adopting crypto as a payment method. Gucci also launched Gucci Town, a Roblox-based online marketplace for virtual clothing and games.