CFDA Says Menswear Will Gross $40 Billion By 2019
Fashion analysts should be pleased with the latest data released on the apparel and footwear industry. According to Euromonitor International’s new information, the menswear industry has grown by leaps and bounds by 4.5 percent ($440 billion), as of 2014. This is in comparison to the 3.7 percent growth in womenswear with $662 billion.
The statisticians believe that the growing focus on personal appearance “combined with large disposable incomes” will allow the menswear industry to contribute close to $40 billion in the global apparel market by 2019. “Globally, men’s annual disposable income is still 50 percent higher than women’s and while Western markets still spend the most on apparel, future growth is expected to be driven by Asia Pacific,” said Head of Apparel and Footwear research, Magdalena Kondej in the survey.
Specifically, jeans, jackets, and coats worn by men are forecasted to be the top performers between 2014-2019, as well as men’s shirts.
Traditionally, brands such as Prada, Gucci, and Dior have focused almost exclusively on womenswear, but now with the trends changing, these companies and others have begun to open separate menswear stores. Department stores are also looking to cater to a male demographic by revamping its menswear areas. Lacoste most recently entertained StyleBlazer and showed off its updated menswear apparel, which we’re excited to see hit the streets this fall.
Other brands such as Burberry and Zara have entertained the idea of opening standalone menswear stores to take advantage of the changing tides within the fashion industry. “Menswear presents a great opportunity for fashion brands looking to diversify their product portfolios and reach out to new consumers,” added Kondej. “The more effectively brands are able to harness wealth and unique consumption cultures of male consumers, the more successful they will be. It is in that perspective that New York will launch its first menswear fashion week in July 2015, following London’s path in 2012.
Such exciting times for men will certainly propel fresh faces and new personalities into the fashion industry marketplace, you think?! If interested to learn more about Euromonitor International’s Apparel and Footwear research, please visit this link for more information.
With that in mind, we take a look at 15 highly respected men and menswear lines in fashion.
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