Global
market for menswear grew by 2.9% and reached $377,765.2 million during 2011.
Analysts predict further 13.9% drastic growth in the segment and forecast it to
reach $430,415.2 million by 2016. US comprise 35.4% of the total menswear
market. Growing with a much faster pace than womenswear, industry analysts
predict that in the coming years, the shift will be driven by China. The
country's sales are increasing by 20 - 25% for a year, and menswear segment
comprise of approximately three quarters of the market. China's consumers are
likely to make up 70% of the global luxury market. Recession cooling down
apparel sales in US and EU markets are creating opportunities in the Chinese
market.
Brands
for the Martians:
Menswear is available in a wide range of collections including; casual
shirts, polos, t-shirts, jeans, knitwear and jackets are available in a wide
range of styles and sizes. Brands such as Hugo Boss, Hackett, Ted Baker,
Barbour, Henri Lloyd, Paul Smith, Armani Jeans, Ralph Lauren and Lyle &
Scott are notable for menswear. Brands Hugo Boss, Burberry, Giorgio Armani,
and Ermenegildo Zegna makes almost 50% of its €1 billion revenue from the Asian
countries. German brand Hugo Boss generates a sizable amount of its revenue
through its menswear collections. By 2015, the brand is targeting sales revenue
of €3 billion. Saks Fifth Avenue has increased its collection of menswear, and
is further chalking plans to become one of the biggest menswear brands in the
near future.
Blend
of masculinity & style:
An
improperly dressed man is likely to look like a sloppily wrapped birthday
present. Bain & Co. estimates global menswear luxury market growing by 14%
a year, which is almost twice of womenswear market. Men do not have the habit
of shopping a lot, but are consistent, and remain loyal to their brands. Much
influenced by factors such as smartly dressed celebrities, TV shows such as Mad
Men, and the desire to look smart with a corporate look, men are now gearing up
in competition with women in shopping. Much
of the sales of menswear are formal wear. Men are more particularly getting
interested to look their best while at work, or while attending an interview.
Retailers
latching into the segment:
Retailers
latch in into the increase of demand in menswear. Burberry has plans to open
its first menswear standalone shop in UK. The brand is much popular for its
trench coats, and checked patterns. It has acquired a 26% increase in the sale
of menswear in the year to March 2012. Retailers who were primarily
concentrating on womenswear are seen expanding their operations into the
menswear segment as well. Jaeger has recently opened its first standalone
menswear store in Canary Wharf with their collection mainly focusing on
tailoring. Jigsaw and Asos have also ramped up their menswear collections. Retailers
either go for offering their own collections, or partner up with other established
players.
Menswear
is currently considered to be a category with significant growth opportunity. With
an expected double digit growth in 2012, supplemented with an expanding range
of product line, menswear will be the best positioned to satiate manufacturers,
retailers and customers.
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