Competitor Strategies in Personal Accessories

Delivery

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.