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  "docSlug": "5d99e828d9d594d4",
  "documentTitle": "Luxury Goods Worldwide Market Study",
  "authorId": "Bain",
  "authorName": "Bain",
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      "text": "Company-owned retail stores continued to gain share relative to wholesale channels.",
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      "text": "Company-owned retail stores continued to gain share relative to wholesale channels. From 2007 through 2014, the share of company-owned retail sales has gained 10 percentage points and now totals nearly one-third of the luxury-goods market. This reflects an ongoing “retailization” of what had been wholesale formats (for example, department stores and e-commerce) and markets (such as Russia and the Middle East), with brands increasingly seeking global control of their operations.\nRetail channels grew 5% in 2014 alone. Of that, 2% came from new-store openings and the remaining 3% came from like-for-like sales growth.\nMonobrand stores now represent more than one-third of the overall market, while monobrand distribution across formats already claims 52%.\nThe airport channel continues to gain share, with a CAGR of 11% from 2011 through 2014. Airports now represent 5% of total luxury sales and are particularly critical in Asia and Europe. Because the beauty product category is by far the biggest segment in airport retail, airports represent a “sixth continent” for the beauty category.\nThe online luxury market, which has grown twelvefold in the past 11 years, now makes up 5% of all sales. In terms of location, digital shopping is more developed in the Americas. From a category standpoint, accessories and apparel dominate online at 41% and 28% of sales, respectively. Retailers (such as department stores) are still the top-performing players online, followed by e-tailers, and then only by individual brands, some of which are struggling to find the right formula for this channel: indeed, some 35% of brands still do not sell online.",
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      "text": "3. Changes in distribution",
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