Founded in 1924 as a producer of premium cashmere and fine textiles, Loro Piana has grown into a globally recognized luxury fashion brand and is now part of the LVMH Group, operating nearly 200 stores worldwide.
The opening of its first boutique at Westfield Sydney marks the Italian brand’s expansion into Oceania and signals growing confidence in Australia’s luxury market.
According to Bain & Company and Altagamma’s 2025 Global Luxury Market Report, global luxury spending is expected to hold steady at around €1.44 trillion (approximately A$2.41 trillion) despite ongoing macroeconomic uncertainty, highlighting the resilience of high-end demand and the continued shift toward experience-driven consumption.
In Australia, the luxury market was valued at roughly USD 8.5 billion (A$13.0 billion) in 2025 and is projected to reach USD 15.5 billion (A$23.7 billion) by 2034, supported by rising disposable incomes and a record 760,000 high-net-worth individuals whose combined investable assets now exceed A$4 trillion.
Photograph：Bain & Company
In 2025, international luxury brands significantly expanded their presence across Australia. In Sydney alone, Chanel opened its largest Australian flagship, Balenciaga launched its biggest local store at Westfield Sydney, and Chloé made its market debut with its first boutique.
Beyond New South Wales, Christian Dior entered Western Australia with its first Perth store, Tiffany & Co. expanded in Adelaide, and Max Mara added a new location at Melbourne’s Chadstone Shopping Centre. Collectively, these moves reflect a coordinated push by global luxury houses to deepen their footprint in the Australian market.