NEW YORK: NEW YORK, Jan. 22, 2025 /PRNewswire/ — Report on how AI is redefining market landscape – The global luxury handbags market size is estimated to grow by USD 24.73 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 6.34% during the forecast period. Design and material innovation leading to product premiumization is driving market growth, with a trend towards personalization and customization of luxury handbags. However, presence of counterfeit products poses a challenge. Key market players include 3.1 Phillip Lim, Burberry Group Plc, Capri Holdings Ltd., Chanel Ltd., Compagnie Financiere Richemont SA, Dolce and Gabbana S.r.l., Fendi, Giorgio Armani S.p.A., Hermes International SA, Kering SA, Maus Freres SA, Mulberry Group Plc, Prada Spa, PVH Corp., Ralph Lauren Corp., Rebecca Minkoff LLC, Tory Burch LLC, Sungjoo Group, Tapestry Inc., and The LVMH group.