The Global Luxury Footwear Market size is expected to reach $46.8 billion by 2026, rising at a market growth of 11.8% CAGR during the forecast period. Luxury footwear is a category of luxury goods. It is referred to the footwear products that are usually accompanied by wealthy or rich people. The demand for these luxurious goods rises proportionally less than income and are taken by consumers in order to support self-worth and prestige or for the class and the craftsmanship of the product. Luxury footwear products generally have characteristics that include price, rarity, aesthetics, quality, extraordinariness, and symbolism. Luxury Footwear comprises athletic footwear, leather footwear, and sneakers as well as sandals, textile footwear, and other shoes.
The market is compelled by a growing number of millionaires all across the globe, particularly among the millennial segment. As per the report by CNBC LLC, 2019, there were around 618,000 millennial millionaires, out of which about 93% of millennials have a net wealth between USD 1 million to USD 2.5 million in the U.S. The demand for luxury footwear has been increasing among the millennials. This footwear is categorized by improved qualities, like material, uniqueness, durability, and comfort, which is a conspicuous factor driving the market. The growing inclination for attractive luxury footwear as a representation of status and the fondness of consumers for flaunting various international brands, like Gucci, Chanel, Louis Vuitton, Burberry, and Prada, are boosting the product demand.
By Product
Based on Product, the market is segmented into Formal Footwear and Casual Footwear. The casual shoe segment is expected to be one of the fastest-growing segments from the year 2020 to 2026. Ever-changing trends from conventional to luxury footwear amongst people is playing a vital role in increasing customer reach. Casual luxury footwear bids an attractive look, unique design, elegance, and flexibility to be worn on many occasions, such as parties, concerts, and other public gatherings, which is among the key factors driving the segment.
By End User
Based on End User, the market is segmented into Women, Men and Children. The women segment dominated the market and has good global revenue in the year 2019. Growing spending on designer and trademarked luxury footwear by the working-class and millennials population has boosted the growth of the market all across the world. The women segment is anticipated to maintain its top position over the foreseeable period due to a rise in the number of women in the personnel.
By Distribution Channel
Based on Distribution Channel, the market is segmented into Online and Offline. Offline distribution channels led the market and have a significant share of the global revenue in the year 2019. Brick and mortar stores counting independent luxury footwear stores and boutique shops are popular among consumers. These stores are rapid to adapt to the fashion styles in the luxury products market and be disposed to offer special deals to their customers, thus boosting the sale growth. Multi-brand luxury footwear stores are amongst other prevalent distribution channels.
By Region
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Europe led the market for luxury footwear and have the largest share of the global revenue in the year 2019. The existence of a large number of rich and wealthy individuals with high disposable earnings in this region and this has been one of the key factor driving the regional market. North America is anticipated to arise as the second-largest regional market for luxury footwear in the coming years.
The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix; Adidas AG and LVMH SE is the major forerunner in the Luxury Footwear Market. Companies such as Salvatore Ferragamo S.p.A., Prada S.p.A., Airwair International Ltd., Sitoy Group Holdings Ltd., and Chanel S.A. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Adidas AG, LVMH SE, Chanel S.A., Prada S.p.A., Salvatore Ferragamo S.p.A, Sitoy Group Holdings Ltd. (A. Testoni), Airwair International Ltd. (Dr. Martens) (Permira), Base London, Ltd., Lottusse S.A. and Burberry Group PLC.
Strategies deployed in Luxury Footwear Market
Partnerships, Collaborations, and Agreements:
Nov-2020: Prada extended its partnership with Adidas. The partnership aimed at launching Prada Superstar sneakers. The expansion saw the launch of the A+P Luna Rossa 21 shoes to be worn by the Luna Rossa Prada Pirelli team.
Oct-2020: Salvatore Ferragamo collaborated with Microsoft and its technological partner, Hevolus. This partnership aimed at making digital tools to develop the company’s phygital customer experience.
Sep-2020: Dr. Martens came into a partnership agreement with Marc Jacobs. This partnership aimed at launching a vegan version of its iconic 1460 boot.
Jun-2020: Dior came into collaboration with the Jordan brand. This collaboration aimed at introducing the limited-edition Jordan brand, Air Jordan 1 OG Dior sneakers. The sneakers are accessible in both high and low-top Designs
May-2020: Adidas collaborated with Allbirds. The collaboration made the lowest carbon footprint ever recorded for a sports performance shoe.
Apr-2020: Dr. Martens footwear brand collaborated with the Sex Pistols. The collaboration aimed to help Dr. Martens to launch high boots with a print in the form of a photo of the musician of the legendary punk band Sid Vishis.
Mar-2020: Dr. Martens came into collaboration with Beams. This collaboration aimed to launch the Ska movement of the ‘60s influenced and the single style boot mixed with a West Coast alternative skate aesthetic and a futuristic Japanese lens. These boots are made for workers, worn by postal workers and police officers, but it soon adopted by the youth culture, musicians, and the punk movement.
Dec-2019: Adidas came into partnership with Greensole. The partnership aimed to provide a unique solution of upcycling old and discarded footwear into a comfortable and lightweight slipper and to reach underprivileged school kids from class 1 to 10, in tribal areas all over the country.
May-2019: LVMH Moet Hennessy Louis Vuitton announced its agreement with Rihanna, the pop icon. The collaboration was initiated to launch a new luxury house based in Paris dubbed Fenty developed by Rihanna herself.
Dec-2018: Salvatore Ferragamo came into a partnership agreement with Reliance Brands. The partnership aimed at expanding Salvatore Ferragamo’s retail presence all over the country through Genesis Luxury.
Acquisition and Mergers:
Oct-2020: Chanel acquired Ballin. This acquisition aimed at adding a supply chain for its business.
Jun-2020: Salvatore announced the merger of its two divisions, Arts S.r.l. and Aura1 S.r.l. This merger was focused on expanding its own business and both the companies operated as a company under Salvatore.
Nov-2019: Prada acquired Fratelli Prada. The acquisition provided Prada Group to direct control of four Prada stores in Milan that was operated by Fratelli Prada through a franchise agreement.
Product Launches and Product Expansions:
Oct-2020: Adidas unveiled a fully recyclable sustainable running shoe as a part of its ‘Made to be remade’ project. The company also launched a part of the sportswear brand’s new Creators Club Week, and has created from a single material with zero glue, which returned the high-performance shoes to Adidas.
Sep-2020: Adidas introduced The Adizero Adios Pro. The product defined the next standard of professional running footwear and especially made for athletes.
Aug-2020: Salvatore Ferragamo unveiled a new collection of shoes and accessories. This collection categorized under fall-winter 2020 collection that included classic silhouettes of men’s and women’s shoes, dark tones, and strict geometry can be seen as hallmarks of the new collection.
Scope of the Study
Market Segments Covered in the Report:
By Product
• Formal Footwear
• Casual Footwear
By End User
• Women
• Men
• Children
By Distribution Channel
• Online
• Offline
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Adidas AG
• LVMH SE
• Chanel S.A.
• Prada S.p.A.
• Salvatore Ferragamo S.p.A
• Sitoy Group Holdings Ltd. (A. Testoni)
• Airwair International Ltd. (Dr. Martens) (Permira)
• Base London, Ltd.
• Lottusse S.A.
• Burberry Group PLC
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