Market research firm Euromonitor International has released a new report on the apparel and footwear industry. In 2014, menswear grew by 4.5 per cent reaching $440 billion in sales compared to 3.7 per cent in women’s wear with $662 billion.
By 2019, menswear will contribute close to $40 billion in the global apparel market, offering opportunities for category development. Men’s shirts, jeans and jackets and coats are forecast to be the top performers between 2014-19. No wonder, over the past couple of years, men’s wear sales have escalated with men shifting their outlook towards fashion. Even renowned labels are taking note of this change. Recently, luxury brands like Coach introduced a full men's range and CFDA decided to host its first-ever men's fashion week, indicating that this trend is here to stay.
The report further states that while Western markets still spend the most on clothes future growth will be driven by Asia Pacific. In some of these key markets, menswear has already surged ahead of traditional female-oriented fashion. A recent e-commerce report from Ibis World too confirmed the trend, which said that online sales of menswear have grown at a faster rate over the last five years than every other category measured, including computers and tablets, cosmetics, shoes and even online groceries.
As per a report, brands traditionally focused on women’s wear have started opening separate menswear stores, while department stores are starting to revamp menswear areas. This has been particularly true in the luxury market, with a number of luxury and mass fashion brands like Burberry or Zara opening standalone menswear stores to take advantage of the growing trend.
www.euromonitor.com
