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GlobalPowersofLuxuryGoods2019BridgingthegapbetweentheoldandthenewContentsForeword2Quickstatistics4Bridgingthegapbetweentheoldandthenew6Globaleconomicoutlook12Top10highlights14GlobalPowersofLuxuryGoodsTop10019Geographicanalysis25Productsectoranalysis31Newentrants36Fastest2038Studymethodologyanddatasources41Endnotes43Contacts45WelcometothesixtheditionofGlobalPowersofLuxuryGoods.Thisreportexaminesandliststhe100largestluxurygoodscompaniesglobally,basedontheconsolidatedsalesofluxurygoodsinFY2017(whichwedefineasfinancialyearsendingwithinthe12monthsto30June2018).Italsodiscussesthekeytrendsshapingtheluxurymarketandprovidesaglobaleconomicoutlook.Theworld’sTop100luxurygoodscompaniesgeneratedaggregatedrevenuesofUS$247billioninFY2017,upfromUS$217billioninthepreviousyear(anincreaseofUS$30billion).Annualgrowthalsojumpedto10.8percent,onacurrency-adjustedcompositebasis,muchhigherthanthepreviousyear’s1.0percentgrowth.Theminimumrevenuethresholdrequiredtoentertheworld’sTop100listofluxurygoodscompaniesinFY2017wasUS$218million,upbyUS$7millionfromFY2016,withanaveragecompanysizeofUS$2.47billion.DespitetherecentslowdownofeconomicgrowthinmajormarketsincludingChina,theEurozoneandtheUS,theluxurygoodsmarketlookspositive.TheTop100playersshowedstrongperformanceinFY2017–seventy-sixpercentofthecompaniesreportedgrowthintheirluxurysales,withnearlyhalfoftheserecordingdouble-digityear-on-yeargrowth.Keyfindingsfromthereportinclude:•FY2017wasagoodyearforluxurygoodscompanies,withyear-on-yeargrowthsalesacrossallmajorcountries.•Italywasonceagaintheleadingluxurygoodscountryintermsofthenumberofcompanies,butitstillfacesgrowthchallenges;Francewasthebest-performingcountryintermsofsalesgrowthandalsocontributedthelargestsharetotheTop100luxurygoodssales.•Clothingandfootwearcompaniesdominatedwiththehighestnumberofcompanies;cosmeticsandfragranceswitnessedthehighestluxurygoodssalesgrowth.•Thetencompaniesinthemultipleluxurygoodssectorarebyfarthelargest,withanaveragecompanysizeofUS$7.59billion,outperformingtheaveragesizeofcompaniesinTop100.Thesecompaniestogetheraccountedfor30.8percentoftheTop100luxurygoodssales.Wehopeyoufindthisreportinterestinganduseful,andwelcomeyourfeedback.PatriziaArientiEMEAFashion&LuxuryLeaderDeloitteGlobalForeword3Source:DeloitteToucheTohmatsuLimited.GlobalPowersofLuxuryGoods2019.AnalysisoffinancialperformanceandoperationsforfiscalyearsendedthroughJune2018usingcompanyannualreportsandindustryestimates.10.8%48.2%US$2.47billionFY2015-2017CompoundannualgrowthrateinluxurygoodssalesCompositeyear-over-yearsalesgrowthEconomicconcentrationofTop100AveragesizeofTop100companies(luxurygoodssales)CompositereturnonassetsMinimumluxurygoodssalesrequiredtobeonTop100listAggregateluxurygoodssales5.3%US$247billion7.6%Top100quickstatistics,FY2017US$218million9.8%Compositenetprofitmargin45BridgingthegapbetweentheoldandthenewInanageoffastchangingtrends,luxurycompanieshavestartedtokeepaneyeonanewconsumerclassthatisrisingnowadaysandisgoingtobecomeincreasinglyrelevantinthefuture:theHENRYs(High-Earners-Not–Rich-Yet).Inaddition,companiesarecommittingtomakesignificantinvestmentsinstimulatingtheinterestoftheyoungersegmentsofthepopulation,namelyMillennialsandGenZ:thecustomersofthefuture.Sincethese‘new’techsavvygenerationslookforindividualized,seamlessbrandrelationship,brandsareinvestingworldwidetomarketdigitally,increasinglyusingsocialmediatoengagewiththeseconsumers.Meanwhile,companiesarealsore-examiningthevalueofbrandheritageandbrandhistoryfortheircustomers.Consumerdemandhasbecomethecorefocusofthebusiness,hencetheadoptionofanonmi-personalapproach,irrespectiveofthechoiceofchannel.Todothat,theyrelymoreandmoreondigitaltechnologies,suchasArtificialIntelligence(AI)andBigData,whicharehelpingtheminredesigningcustomerengagementtechniquesthroughdataanalytics.Inthispathbetweentheoldandthenew,theyarefacingcustomers’increasingsensitivitytowardsprivacybutaretryingtoconvertitintoanopportunitytooffermorepersonalizedproductsandservicestotheircustomerbase.Theemergenceofanewluxurysegment-theHENRYsLuxurybrandshavestartedtoinitiateandsustainlongstandingrelationshipswithanewconsumerclasswhoislikelytobecomeorremainaffluentorultra-affluentinthefutureAnewconsumerclasshasstartedtoriserecentlyandislikelygoingtobeveryrelevantinthefuture,especiallyforluxurybrands:theHENRYs(High-Earners-Not–Rich-Yet).Currently,theyhaveasignificantdiscretionaryincomeandarehighlylikelytobewealthyinfuture.HENRYsearnbetweenUS$100,000andUS$250,0001thoughaccordingtoEquifax’smuchbroaderdefinition,HENRYsareagedonaverage43,withanincomeofmorethanUS$100,000andinvestableassetsoflessthanUS$1million.2HENRYsaredigitalsavvy,loveonlineshoppingandarebigspenders,inparticulartheMillennialHENRYs(seeFigure1).WithHENRYslikelytobecomesomeofthewealthiestmembersofsociety,thepotentialbenefitsofonboardingthisdemographictoluxurybrands’productandserviceportfolioaretwofold:securingvaluablepresentcustomersandbuildingclientrelationshipsandbusinesswiththosemostlikelytobeamongstthemostaffluentconsumersinfuture.Therefore,luxurybrandswishingtotarge