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The objective of the note is to provide the basis for an analysis of an industry. The note reviews one of the strongest performing consumer sectors, the global luxury goods industry in 2000. It presents an economic backdrop to the growth in the luxury sector and illustrates the emergence of global luxury conglomerates. The note discusses various trends in the industry and their implications. These trends are: acrimonious and highly expensive takeover battles, vertical integration, the impact of the Internet on luxury distribution, the decisions facing smaller companies as they attempt to compete against the global giants, and the spectre of powerful potential new entrants, eager to participate in the sector''s rich profit margins. The note can be used separately as the basis of an industry analysis, or as a background to company specific case studies in the luxury sector.