France champion of the world of luxury
In its latest report “Global Power of Luxury Goods 2020”, the firm Deloitte lists the top 100 major players in the luxury market this year. This ranking confirms the importance of France. The country remains the best performing nation and concentrates 28.3% of the sales of luxury goods in the world.
Luxury: a sector dominated by France
In real estate, haute couture or jewelry, the luxury sector is doing well. The Global Power of Luxury Goods 2020, produced by the firm Deloitte, confirms this perfectly. The 100 largest luxury companies generated nearly $ 281 billion in revenue in 2019, compared to 266 in 2018. A market in which France is the leader. 11 French groups are thus in the top 100 of global luxury giants and monopolize the first places. LVMH leads this list with a turnover of 37.5 billion, followed by Kering (17.8 billion). They alone illustrate the power of French know-how in high-end products.
France thus accounts for 28.3% of sales made by companies in this top 100. This percentage makes France the most powerful nation in the world in terms of luxury. L'Oréal, Hermès, SMCP and Claudie Pierlot are also included in the ranking.
China, the world's largest customer
Luxury has always been a specificity of French production. On January 8, 2019, during the signing of the strategic contract for the fashion and luxury sector, the Minister of the Economy, Bruno Le Maire recalled that if France did not have a Gafam, it had "the giants of global luxury" . Perfume-cosmetics is currently THE market segment dominated by France internationally, followed by leather goods and then footwear. Products which the new wealthy classes of emerging countries are fond of.
Since the 1990s, the leaders of the luxury industry have turned to these countries to export their merchandise. Thus for LVMH, Asia, excluding Japan, is the second market in which the group sells the most of its products with 28% of its overall turnover achieved in the region, behind Europe (29%). This is also the case for Kering (27% of its turnover generated in Asia). Among the Asian countries where the most prestigious products are consumed, China comes first. According to Bain & Company, 46% of luxury product purchases could take place in China by 2025. This will encourage manufacturers, and in particular the French, to invest heavily in the former Middle Kingdom.
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