State of the Industry

FACTS

The global luxury goods industry should exceed $307 billion by 2015, according to research from private firm Global Industry Analysts. The market will be driven by rising income as the economy recovers after the recession. Other relevant factors to the market include consumer diversification, as there is a shift in target demographics away from very affluent consumers, and a change in lifestyles that means luxury goods are attainable to a wider population. Luxury products include clothing, footwear, jewelry, handbags,wines, yachts, perfumes, watches and cosmetics. Source: Report Linker

Women entrepreneurs have become a strong driving force in today’s corporate world. Not only are they able to equalize their duties of both motherhood and entrepreneurship but they also comprise of almost half of all businesses owned today. Many women entrepreneurs have an average age of 40-60 years old because they have had previous careers in other areas. Their primary goal is not monetary reward but rather personal satisfaction and community involvement. Many of them are educated and assemble into groups in order to pool business ideas and resources together. Source: Go4Funding.co

What we found was that, at the basic level, women are indeed very highly represented in luxury firms, with all companies having work forces comprised of more than 55% women. However, as we moved up to more senior echelons of the organizations, the representation of women dropped dramatically.Women are encroaching on traditional male purchases (business attire, luxury watches), as women’s spending becomes increasingly independent. Men are increasingly likely to seek traditionally female brand dimensions around“fashion” and “beauty” as well as product functionality. Source: Bain &Company“Luxury Goods Worldwide Market Study

The world apparel, accessories and luxury goods market is expected to record yearly growth of almost 3.5% in the five-year period ending 2015, to reach almost $1.7 trillion. Womens wear represents the largest market segment, generating almost $603 billion or 42% of the overall market. – Source: MarketLine

While it’s true that there is a high proportion of women in the luxury sector overall, when it comes to representation of women at senior levels, in many cases luxury companies are failing to promote women up the corporate ladder in the same numbers as they are generally. In some cases, they are lagging behind global benchmarks. What we found was that, at the basic level, women are indeed very highly represented in luxury firms, with all companies having work forces comprised of more than 55% women. However, as we moved up to more senior echelons of the organizations, the representation of women dropped dramatically. Luxury companies have not been able to maintain the same level of representation of women at senior management levels as in their general workforce. Source: Luxury Society “Talent Agenda”