Luxury Market — Key Indicators — The Codes of Luxury

Luxury market — key indicators

Market size, growth and momentum at a glance

Market Data

Global Luxury Market Size

€1.4T

Global · 2025

Personal Luxury Goods Market Size

€358.0B

▼ 1.6% vs 2024

Global · 2025

Global Luxury Market Growth Forecastforecast

0 to +2%

Global · 2026 · €1,440–1,470B at constant rates

Mainland China Luxury Market Change

−4.0%

▲ 15.0 pp vs 2024

China (Mainland) · 2025

Personal Luxury Goods — 2026 forecastforecast

€365–373B

Global · 2026 · +2–4% vs €358B (2025)

Category

Jewellery Category Growth — Expected

+4% p.a.

Global · Next 3 years · about 4× the rate expected for clothing

China Beauty Category Growth

+5.5%

China (Mainland) · 2025

China Leather Goods Change

−9.5%

China (Mainland) · 2025

China Resale / Secondhand Growth

+17.5%

China (Mainland) · 2025

Consumer

Luxury Consumers Using AI in the Buying Journey

≈50%

Global · 2026 · one in four use it for product discovery

China Overseas Luxury Shopping Share

35.0%

China (Mainland) · 2025 · of Chinese luxury spend made abroad — down from 40% in 2024

Industry

Top 20 Fashion Companies Share of Economic Profit

92.0%

Global · 2025 · McKinsey Global Fashion Index, 400 listed companies

Top Six Groups' Share of Personal Luxury Goods Marketderived

39.1%

Global · 2025 · LVMH, Richemont, Chanel, Hermès, Kering, Estée Lauder Companies

Brand

Rolex Secondary Market Share

34.2%

Global · H1 2025

Rolex Steel Sports Models Premium

38–131%

Global · H1 2025 · range across core steel references

Gucci Revenue

€6.0B

▼ 21.7% vs 2024

Global · 2025 · reported basis; Kering reports −22% comparable

Gucci Recurring Operating Margin

16.1%

▼ 4.9 pp vs 2024

Global · 2025

Company

LVMH Group Revenue

€80.8B

▼ 4.6% vs 2024

Global · 2025 · reported basis (LVMH reports −5%)

Kering Group Revenue

€14.7B

▼ 13.0% vs 2024

Global · 2025

Richemont Group Sales

€22.4B

▲ 4.7% YoY

Global · FY2026

Chanel Group Revenue

€17.1B

▼ 1.3% vs 2024

Global · 2025 · −1.3% in EUR; +3.0% in USD — the gap is currency

Hermès Group Revenue

€16.0B

▲ 5.5% vs 2024

Global · 2025

Hermès Recurring Operating Margin

41.0%

▲ 0.5 pp vs 2024

Global · 2025

The top-six groups' share is a derived figure — the six groups' revenue over Bain's personal-luxury market total, with LVMH counted on its personal-luxury divisions only; it is not a Bain-published number. Company revenue changes are year-on-year (%); margin and market-share movements are in percentage points (pp). Cards tagged FORECAST are projections, not measured results.

Sources: Bain & Company / Fondazione Altagamma, June 2026 (worldwide market and 2026 forecast); Bain & Company — Mainland China luxury study, 2026 (China cards); McKinsey — The State of Fashion 2026 and June 2026 jewellery outlook; Chrono24 — Secondary Watch Market Report H1 2025 (Rolex cards); company full-year results.

Reading the data

01 What's shown

Twenty-three headline indicators for the 2025 luxury market — market size, category and China growth, group revenue, margins and share; forecast cards are tagged.

02 What it shows

The market contracted (personal luxury −1.6%), and the field split hard: Richemont and Hermès up, Chanel down slightly in euros, Kering and Gucci down double digits.

03 How to read it

The top-six groups' share (39.1%) is a derived figure — the six groups' revenue over Bain's market total, LVMH on personal-luxury divisions only — not a reported number.
Company revenue changes are year-on-year (%); margin and market-share movements are in percentage points (pp).
China cards come from Bain's separate mainland-China study, not the worldwide market.
Richemont's figure is the financial year to 31 March 2026; every other company card is calendar 2025.
Chanel reports in US dollars. Converted at the ECB 2025 average of $1.13/€, revenue of $19,269M is €17.1bn — a 1.3% decline in euros against a 3.0% rise in dollars. The gap is entirely currency.
Cards tagged FORECAST (global-market growth, personal-luxury 2026) are projections, not measured results.
LVMH is −4.6% reported and −1% organic; Richemont's €22.4bn is the financial year to 31 March 2026 (prior year to 31 March 2025: €21.4bn).

04 Sources

Primary

Company full-year results, 2025.

Research & press

Bain & Company / Fondazione Altagamma (worldwide market, June 2026); Bain — mainland-China study, 2026.
McKinsey — The State of Fashion 2026 and June 2026 jewellery outlook; Chrono24 — Secondary Watch Market Report H1 2025 (Rolex cards).

05 Method

The top-six share is derived by us.

Luxury Market — Key Indicators.