100 luxury companies generated $212bn - Deloitte
18/05/2017
Bags and accessories continue to be the fastest growing sector, with most companies based in Italy and the highest sales in France, according to consultancy Deloitte.
Its report on luxury for the year ending 30 June 2016, Global Powers of Luxury Goods 2017, highlights the top leathergoods companies or groups as LVMH, Kering, Hermes, Michael Kors, Coach, Prada and Burberry.
The average luxury goods sales for a company in the top 100 is $2.1 billion.
It said currency volatility had a big impact during the 12 months, with most currencies weakening against the dollar, which drove up reported sales in companies based in other countries.
Spending in emerging countries (China, Russia and the United Arab Emirates) drove the growth, with 70% of respondents claiming to have increased spending in the previous five years, compared with 53% in the more mature markets (EU, US and Japan).
Tourism remains the largest growth opportunity, it added, as shoppers travel to areas with more favourable exchange rates to buy goods.
Image: A craftsman working on a bag by Hermes, which had the fastest growth (17%) and highest profit margin (20%)
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