Competitor Strategies in Personal Accessories

May 2024

The pandemic catalyses industry consolidation, increasing the top 10 players' share. Luxury brands thrive initially, but a sector slowdown opens doors for non-luxury players. Asia Pacific garners attention, with regional giants gaining global traction. Brands respond to industry trends, pivoting to omnichannel experiences, digital transformation and sustainability initiatives. Gen Z's increasing purchasing power and influence urge companies and brands to adapt to new consumer demands.

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This report comes in PPT.

Key takeaways

Personal accessories leaders consolidate their position since the pandemic

The pandemic has led to a degree of consolidation in a highly fragmented industry and the top 10 players witnessed their share increase by six percentage points since before the pandemic to reach 23% in 2023. Luxury players were the biggest winners of this trend, but the sector’s slowdown since the second half of 2023 opened opportunities for non-luxury players.

Asia Pacific remains a key market for the industry

Key competitors have shifted their attention to Asia Pacific given the region’s strong performance, while regional companies like Chow Tai Fook, Lao Feng Xiang and Titan Co continued to gain share in the global scene despite being concentrated only in one or two markets, China or India being one of those.

Omnichannel and digitalisation hand in hand at the core of companies’ strategies

As e-commerce growth decelerates, brands are called to deliver unique and seamless experiences across both online and offline channels to meet changing consumer expectations. Digital transformation plays a key role in this omnichannel world, and the adoption of generative AI presents opportunities in areas across the value chain.

Companies big and small embark on sustainability initiatives

Governments are increasingly pushing for changes in business models and consumer habits regarding sustainable fashion. In response, companies are embarking on sustainability initiatives aiming to reduce their environmental footprint and fostering positive impacts on both people and the planet.

A new consumer emerges post-pandemic urging brands to adapt

The pandemic has impacted the what, how and where in relation to consumers shopping for personal accessories products. This, coupled with Gen Z’s purchasing power and influence being set to increase, challenges companies and brands to adapt to this new consumer’s demands to maintain growth.

Executive summary
Growth accelerates in 2023, making expectations for the forecast moderately optimistic
Jewellery leads sales, but watches, bags and luggage grow the fastest
Asia Pacific drives growth, while North America and Europe struggle to recover
Consolidation continues but at a slower pace as demand normalises
LVMH continues to outperform the industry, further consolidating its leadership…
…but regional or specialised competitors grow faster in the historic years
Personal accessories accounts for the majority of sales of the leading companies
Market momentum and share gains, biggest contributors to most leaders’ growth
Emerging markets gain relevance for personal accessories leaders since the pandemic
Luxury conglomerates’ strong position supported by their wide portfolios
Top three brands concentrate majority of sales of leading personal accessories companies
A diverse pool of companies lead personal accessories categories
Asia Pacific boosts sales of LVMH, further strengthening its leadership in bags and luggage
LVMH embraces sustainability and digitalisation trends
Hermès International SCA outperforms its closest competitors in bags and luggage
Hermès’s distribution strategy reinforces its exclusivity positioning
Asian players continue to consolidate their position among jewellery leaders
Adapting to shifting channels and attracting Gen Z are key to Chow Tai Fook’s strategy
Titan Co Ltd: Bridging tradition and trendsetting
Watch brands focus on Gen Z, new markets, recommerce and sustainability
Revamped demand in Asia Pacific and successful collections bring Swatch back to growth
Rolex’s Certified Pre-Owned, an attempt to gain some of the growing recommerce market
Writing instrument brands rely on varied strategies to boost a diminished demand (1)
Writing instrument brands rely on varied strategies to boost a diminished demand (2)
Five trends shape both big and small brands’ strategies
FOBE’s subscription/renting model makes luxury bags affordable for German consumers
Monos, a Canadian DTC luggage brand, expands into omnichannel from digital
Polish brand Savicki launches digital ring configurator
Sealand Gear is making premium bags from waste materials
Monami offers custom-making services for writing instruments to attract Gen Z
Some movements expected in the top 10 ranking over the forecast
Key takeaways
Projected company sales: FAQs (1)
Projected company sales: FAQs (2)

Personal Accessories

Personal Accessories refers to a diversified group of personal products including Bags & Luggage, Jewellery, Watches and Writing instruments.

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