Selbyville, Delaware, Sept. 13, 2023 (GLOBE NEWSWIRE) —
Luxury Footwear Market size is expected to be worth USD 44 billion by 2032. The rising focus of several luxury footwear brands on embracing customization and personalization options for catering to the discerning tastes of their clientele.
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The influx of digitalization has made customization more accessible, with online platforms and virtual tools enabling customers to design their ideal luxury footwear from the comfort of their homes, further augmenting the industry outlook. To cite an instance, in October 2021, London-based luxury footwear firm, Malone Souliers, launched its new digital made-to-order platform for allowing its consumers from across the world to customize its popular designs.
Luxury boots to gain significant traction
Luxury footwear market from the boots product segment is anticipated to witness from 2023-2032. The rising global affluence has bolstered higher consumer spending on luxury items, including high-end boots, as individuals are seeking to make fashion statements and indulge in premium products. Moreover, the growing affinity for luxury brands and the great allure of exclusivity is driving the demand for opulent footwear. Furthermore, the rising sustainability concerns have prompted several luxury boot manufacturers to embrace eco-friendly practices to cater to environmentally conscious consumers.
High product sales through online distribution channels
Luxury footwear market from the online distribution channel segment experienced substantial expansion in 2022. The higher availability of extensive selection of luxury footwear on online platforms is allowing customers to explore various styles, brands, and price ranges with ease. The convenience of online shopping due to its features, such as virtual try-ons and easy returns has also attracted a broader customer base. The rising importance of social media and influencer marketing in promoting luxury footwear brands.
Asia Pacific to emerge as a pivotal market destination
Asia Pacific held sizable share of the luxury footwear market in 2022 and is poised to generate USD 12.3 billion in revenue by 2032. The robust economic progression, the burgeoning middle-class population, and the increasing appetite for high-end fashion has offered fertile ground for expansion for several brands. For instance, in November 2022, Louis Vuitton launched its exclusive footwear collection in India in an attempt to honor the rich cultural heritage of India while fusing it with well-known aesthetics and branding. Moreover, the growing number of affluent consumers in China.
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Luxury Footwear Industry Participants
Some of the major companies in the luxury footwear market are PVH, LVMH, Chanel, Capri Holding, Kering, Mulberry Group, and Dr. Martens.
To cite an instance, in August 2023, Tapestry, Inc., a luxury fashion company, expanded its brand portfolio with the $8.5 billion acquisition of rival global fashion luxury firm, Capri Holdings Limited, the owner of Versace and Jimmy Choo.
Partial Table of Contents (ToC) of the report:
Chapter 3 Luxury Footwear Market Industry Insights
3.1 Impact of COVID-19
3.2 Impact of the Russia-Ukraine war
3.3 China-U.S. trade war impact
3.4 Industry ecosystem analysis
3.5 Product & innovation landscape
3.6 Patent analysis
3.7 Key news and initiatives
3.7.4 Product launch & innovation
3.8 Regulatory landscape
3.9 Impact forces
3.9.1 Growth drivers
18.104.22.168 Rise in disposable income across the globe
22.214.171.124 Increasing fashion consciousness
126.96.36.199 Celebrity endorsement and influencer marketing
188.8.131.52 Rise in footwear customizations and personalization
184.108.40.206 Growing male luxury footwear market
3.9.2 Industry pitfalls & challenges
220.127.116.11 Concerns over fake luxury footwear
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 PESTEL analysis
Chapter 4 Competitive Landscape, 2022
4.2 Company market share, 2022
4.3 Competitive analysis of major market players, 2022
4.3.4 Capri Holding
4.3.6 Dr. Martens
4.3.7 Prada S.p.A
4.4 Competitive positioning matrix, 2022
4.5 Strategic outlook matrix, 2022
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