Italian manufacturers led the competitive landscape within the Italy luxury sunglasses market with their own brands and licensed products. Ray-Ban by Luxottica is ranked first. The company also owns the Persol brand and produces sunglasses for Chanel under license. Safilo Group SpA, the second-largest manufacturer within luxury sunglasses in Italy, has licensed products such as Gucci, Armani and Hugo Boss. The latter remained the most popular sunglasses in Italy in 2012.
2012 value growth within luxury accessories in Italy was in line with the review period CAGR. Luxury accessories recorded steady growth thanks to consumers' constant demand. Despite the fragile economic climate, this category remained the most affordable for middle-income consumers. Additionally, sales of luxury accessories were driven by the increasing trend towards fashion accessories. Mylan as the fashion capital of Italy, also enabled luxury accessories to enjoy international demand from tourists.
Overall sales of luxury accessories should perform well in value terms in Italy over the forecast period. This industry should enjoy the trend of fashion accessories. Additionally, tourism should be a growth driver to luxury accessories if the euro currency is not too strong compared with other currencies. Additionally, luxury accessories should take advantage of the importance of appearance, giving an opportunity for both men's and women's luxury accessories to grow at CAGRs of approaching 2% over the forecast period.
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