Luxury Handbag Market || 2024-2031
Global Luxury Handbag Market reached US$ 23.2 billion in 2023 and is expected to reach US$ 39.3 billion by 2031, growing with a CAGR of 6.2% during the forecast period 2024-2031.
The rise of e-commerce has revolutionized the luxury handbag market, making high-end, handmade bags more accessible to consumers from the comfort of their homes. This shift has expanded the market, offering greater convenience and a wider selection. In Asia-Pacific, rising disposable incomes in countries like China, India, and Japan have fueled demand for luxury handbags. On May 22, 2023, Behno, a luxury handbag brand founded by an Indian entrepreneur in 2015, gained attention for its commitment to ethical manufacturing and elegant design, catering to the evolving preferences of luxury buyers.
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Key Developments:
• On October 16, 2022, Titan Company launched IRTH, a new brand of women’s handbags targeting the affordable premium segment, offering eight bag types and 92 style and color options to meet the evolving needs of women.
• On May 23, 2022, a luxury brand collaborated with mycelium startup Bolt Threads to create the Frayme Mylo bag, a sustainable handbag made from mycelium, reflecting their shared values of sustainability and anti-animal products.
• On April 26, 2023, Rashki, an Indian brand, introduced India’s first handbag collection made from banana leather, promoting an ethical and sustainable alternative to traditional leather.
Market Dynamics:
The rise in fashion consciousness has become a key factor driving the growth of the luxury handbag market, as consumers are increasingly drawn to exclusive, distinctive offerings. This demand for unique, high-quality products has led luxury handbag brands to emphasize storytelling, highlighting their heritage, craftsmanship, and values. These handbags, known for their exceptional designs, premium materials, and iconic brand associations, have evolved beyond functionality to symbolize status and style. As a result, the blend of fashion awareness and the allure of luxury handbags is fueling market expansion.
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Market Segment:
By Type: Handbag, Backpack, Wallet, Others
By Distribution Channel: Online, Offline
By Material: Cotton, Leather, Nylon, Synthetic
Major Key Players:
• PVH Corp
• LVMH
• Richemont SA
• Furla S.p.A.
• Giorgio Armani S.p.A
• Michael Kors Holdings Limited
• Hermes
• Kering
• Prada
• Tapestry
*Note:
Additionally, I wanted to highlight that the full version of the report includes an in-depth analysis of emerging players and startups, which will provide valuable insights into the evolving market landscape and key strategies being adopted.
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