Designer Apparel Market in Australia Essay example

Designer Apparel Market in Australia Essay example

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Industry Reports:

1 - Designer Apparel (Ready-To-Wear) in Australia

Size

The designer apparel market is quite large and it is expected to grow over the years due to people’s perception of luxury clothing as of high value. In 2008 the market size in millions was approximately $1,673.0 as compared to 2013, where it increased up to $2,063.2 as shown in the graph. By 2018, the market is expected to reach up to $2,411.1 million. (Euromonitor International, 2014a)


According to Euromonitor International (2014a), the brand leaders in regards to brand shares (2012) are:

• Ralph Lauren in number one position with 7.5% of brand shares
• Then Berlei (Company: Pacific Brands Ltd) with 5.2%
• Donna Karan (Company: Moet Hennessy Louis Vuitton SA) with 2.4%
• Followed by Prada and Burberry at 2.2%
• Other brands like Calvin Klein at 1.6% and Gucci 1.1%


Competitive set

The designer apparel market is extremely competitive and as a result companies are becoming more strategic in their marketing approach to compete with other brands. For example, companies have considered collaborating with other designer brands to produce luxury designs at affordable prices such as Sass & Bide collaborated with Havaiana and together they created a limited edition of thongs. Furthermore, there is a lot of competition when it comes to price harmonization as local retailers are encountered with pressure from consumers due to the differences in international prices. Therefore, it is evident that the designer apparel market is competitive and companies need to take action in order to compete and be successful. (Euromonitor International, 2014a)


Trends

According to the Euromonitor International (2014a) there are various trends in the designer apparel marke...


... middle of paper ...


...countries that successfully resisted recession during the Global Financial Crisis. The strength of the local economy has consequently represented the Australian market as an appealing source for international entrants.
Weakness
• Luxury brands and retailers in the Australian market must always be “up-to-date with changing consumer tastes”. The Internet is a big influence of these changing tastes, as consumers are expected to evolve as a direct consequence of the exposure to the Internet.
• Premiumisation - is a commercial trend not predicted to die out any time soon. However, theorists are now suggesting “there is only so much premiumisation that can occur before products become unaffordable”, establishing that luxury brands must be aware to what extent their target market is willing to give up before they believe that the cost is exceeding the perceived benefit.



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