Handbags are one of the key accessories driving the fashion world. The prices of designer handbags have been rising rapidly for the last several years. However, few analysts feel that the growth of handbag sales in US market might slow down compared to rapid growth in recent years. The handbag market is also facing intense competition from other accessories like jewelry and watches.
The premium handbag companies mainly include luxury brands as well as private label retailers. Europe has dominated the luxury handbag market for long with brands like Louis Vuitton, Chanel, Gucci and Prada. But now American designers are fiercely competing with new strategies and branding initiatives. A key issue is the addition of lower-priced lines by several American designer brands. The handbag marketplace has become extremely competitive with a large number of independent designers launching their own stores.
A key trend is of US and European accessories firms entering the Asian market. Coach expects expansion opportunities in China, Southeast Asia and the Middle East. Gucci has planned a series of store openings in emerging markets, including two in India, and others in Macau, Prague and Budapest. Dooney & Bourke opened its first store outside US, within the Venetian Macao Resort Hotel in Macau. It plans to open five to 10 stores in Asia over the next three years. Cole Haan is also expanding into the Far East.
The report begins with a discussion of the segments of the handbag market and then goes on to analyze the US and European market. The report profiles the major companies, focusing in-depth on their business strategies. It also analyzes the major trends prevalent in the market.