Luxury Footwear Market Scope
Factors like increasing consumerís disposable income, the upsurge in Global urban population and awareness about branded Luxury Footwear is driving the Global Luxury Footwear Market. Footwear is defined as covering of foot to provide protection from external factors like heat, cold, dirt and dampness of the ground while walking, running and standing. It is also used to increase the visual appeal of an individual. It can be categorized into Athletic and Non-athletic and Designer footwear. Luxury Footwear falls into Designer footwear segment. The Luxury Footwear market has been expanding due to the increased investment in brands such as Gucci, Prada, Balenciaga, etc.
According to AMA, the Global Luxury Footwear market is expected to see growth rate of 3.6%
The Luxury footwear industry is highly fragmented and competitive due to low barriers of entry. It is fairly easy for new companies to enter the market. However, Most companies are lacking staying power. A multinational strategy is necessary to implement as it allows manufacturers to increase their revenues by focusing their products in countries with rapidly growing economies. Manufacturers of this market will have to adapt and tailor Luxury Footwear according to the current lifestyle and fashion trends.
LVMH (France), Chanel S.A.(France), PPR S.A. (France), SWATCH (Switzerland), Burberry (United Kingdom), Silvano Lattanzi (Italy), Prada S.p.A (Italy), A.Testoni S.p.A (Italy), Dr.Martens USA LLC (United States), Base London (United Kingdom), John Lobb Bootmaker (United Kingdom) and Mytheresa (Germany) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Salvatore Ferragamo S.p.A (Italy), Lottusse, SAU (Spain), Nike (United States) and Adidas (Germany).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
The study have segmented the market of Global Luxury Footwear market by Type (Men, Women and Kids), by Application (Casual Wear, Formal Wear, Sports Wear and Others) and Region with country level break-up.
On the basis of geography, the market of Luxury Footwear has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
July 2018, MyTheresa Founders launched Luxury Footwear website MarthaLouisa.com. The platform is dedicated to womenís Luxury shoes and will feature established brands such as Saint Laurent, Gucci, and Prada as well as young labels like Brother Vellies. The site also promises new brands and special collaboration collections, all designed to position it as a leader in luxury footwear.
- Constantly changing Fashion Trends
- Price Deflation
- Market is Still Dominated by Old Footwear Brands like Reliance, Bata, and Liberty in Countries like India.
- Growing Advancement in Footwear Manufacturing Industry
- Increasing Preference for Street Styles and Casual Wear
- Rising Consumer Awareness and Disposable Income
- The Inclination of Consumers towards Big Brands
- Increasing Trust in Branded Footwear of the Consumer
- Manufacturers are forced to Market their Products Overseas to Increase Sales Opportunities.
- High-Cost Factor associated with Branded Luxury Footwear which is not Affordable by Low and Medium Class Consumers
- Duplicate Footwear being Sold in the Market Affecting the Brand
- Consumers Purchasing Low Priced Footwear
Key Target AudienceLuxury Footwear Manufacturer, Distributor/Trader/Wholesalers, Subcomponent Manufacturers, Industry Association and Wholesaler, Retailers and Downstream Vendors