PARIS (Reuters) – Luxury brands rely on men’s fashion, which is growing faster than women’s ready-to-wear thanks to changes in behavior, marked by the decline in taste for formal and the rise of streetwear “.
Large groups like LVMH and Kering are recruiting prominent designers and investing in this buoyant market segment.
Louis Vuitton, owned by LVMH, created the event with its first show Virgil Abloh, creator of the brand Off-White, DJ and social guru, who has mixed the “streetwear” with the codes of luxury trunk.
“It’s more than a buzz, it’s a big trend,” said Sidney Toledano, president of LVMH Fashion Group, on the sidelines of a parade.
“There is a strong demand that comes in part from a younger clientele – we can really see it in the numbers.”
Louis Vuitton does not publish its figures but analysts believe that men’s fashion represents 5% to 7% of its turnover.
At Balenciaga, Kering’s new, explosive nugget, men’s fashion is one of its strongest growth drivers, thanks in particular to its success among 20-35-year-olds.
Women’s fashion accounts for a large part of a global apparel and footwear market estimated at $ 1.7 trillion in 2017, according to Euromonitor. Man represents less than a quarter of this market.
But it should outperform women’s fashion between 2017 and 2022, with sales rising by an average of 2% per year.
“Men pay more attention to their appearance, with social networks and the general relaxation of dress rules,” says Marguerite Le Rolland, consultant at Euromonitor.
Brands take this into account, deploying their campaigns on Instagram.
This growth is accompanied by a decline in more formal ready-to-wear. Costume sales fell by $ 700 million between 2012 and 2017 in Western Europe, according to Euromonitor, data that contrast with rising sales of high-end jeans.
Young brands are also doing well.
“The business of the man has exploded for five years,” said Roopal Patel, director of fashion at Saks Fifth Avenue, adding that the US department store now offers brands like the French Friend or the American Off-White.