Group Share Trend, 2023–2025.

The six largest luxury groups, each as a share of the Bain personal luxury goods market total, 2023–2025, worldwide.

The six largest groups hold 39.1% of the market, down from 40.8% in 2023. The residual grows from 59.2% to 60.9%. The market is deconcentrating — more gently than a five-group view suggests, because Hermès grew through the period (−1.7pp over two years, versus −2.6pp on a five-group view that excludes Hermès).

• “All other players” is a residual — the Bain market total minus the six measured groups, not a measured figure. It holds Rolex, Prada, Swatch Group, L'Oréal Luxe, Puig and hundreds of independent houses.
• LVMH is counted on its personal-luxury divisions only; Wines & Spirits and Selective Retailing are excluded, as they fall outside Bain's personal luxury goods definition.
• Kering's 2023 line is not plotted because the base differs (the 2024 comparative was restated to a continuing-operations basis after the Kering Beauté disposal, 2023 was not), but its 2023 revenue is included in the six-group total; the effect is under 0.1pp.
• The residual is calculated as the market total minus the measured groups, so each year sums to 100% by construction (2023: 40.8% + 59.2%; 2024: 39.6% + 60.4%; 2025: 39.0% + 61.0%). Individual shares are shown to one decimal.
• Chanel and Estée Lauder report in US dollars. Converted at ECB annual average rates: 2023 — $1.0813/€; 2024 — $1.0824/€; 2025 — $1.13/€. Estée Lauder closes 30 June, so it is converted at the average over its financial year, not the calendar rate.

• The six-group share and the residual are derived by us, not reported figures.