Market Share of APAC Luxury Goods Industry
The Asia-Pacific luxury goods market is fragmented with the presence of various companies. Some of the major players in the market are LVMH Moet Hennessy Louis Vuitton SE, Chanel SA, Rolex SA, Hermes International SA, and Kering SA. Emphasis is given to the merger, expansion, acquisition, and partnerships of the companies, along with the new product development, as a strategy adopted by the leading companies to boost their brand presence among consumers. Players in the market are diversifying their products and expanding their distribution circles, and they are experimenting through online channels to acquire a competitive edge in the market. For example, in May 2020, Alibaba Group Holding Ltd launched a new luxury platform aimed at young consumers, as well as assisting high-end brands in shedding excess inventory accumulated during the global COVID-19 pandemic. The company was piloting the new luxury Soho platform to run alongside its Tmall Luxury Pavilion flagship site. With Luxury Soho, brands can now move selected products and collections onto an online outlet store and bring them in front of a specific audience.
Asia Pacific Luxury Goods Market Leaders
Chanel S.A
Hermès International S.A
Kering S.A.
Rolex SA
LVMH Moet Hennessy Louis Vuitton SE
*Disclaimer: Major Players sorted in no particular order
