Market Share of United Arab Emirates Luxury Goods Industry
The UAE luxury goods market is highly competitive, with the presence of both global and domestic players. However, the global players, including Rolex SA, LVMH Moët Hennessy Louis Vuitton, Kering Group, Compagnie Financiere Richemont SA, and Chanel SA, show dominance over the market. Key players are now focusing on social media platforms and online distribution channels for online marketing and branding of their products, as the United Arab Emirates has the highest percentage of internet users who transact online. For instance, e-retailers specializing in luxury goods, such as Souq.com, Awok.com, Bloomingdale's Inc., and Elilhaam, have witnessed rapid growth in their annual revenues owing to an increase in the number of consumers shopping online. Online sales, especially during the pandemic, witnessed a boom due to social distancing norms and restrictions.
UAE Luxury Goods Market Leaders
Rolex SA
Kering Group
Chanel SA
LVMH Moët Hennessy Louis Vuitton
Compagnie Financière Richemont S.A.
*Disclaimer: Major Players sorted in no particular order
