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 Luxury brands are raising their game in menswear, which is
expanding at a faster clip than women's clothing as styles
loosen up and streetwear like hoodies find a new audience.
Big fashion houses including French conglomerates LVMH and
Kering are among those hiring eye-catching designers and
investing in male attire.
LVMH's Paris-based Louis Vuitton summed up the zeitgeist at the
latest run of men's fashion shows that closed last week with a
collection by its new DJ-turned-designer Virgil Abloh.
This mixed casual anoraks, holster-style accessories and sleek
trench coats, and drew hip hop royalty.
"It's more than a buzz. It's a deeper trend," Sidney Toledano,
head of LVMH's fashion group, said on the sidelines of a fashion
show.
"There's strong demand across the men's fashion industry, in all
its shapes and forms, and which comes in part from a younger
clientele. We see it very clearly in the sales."
LVMH brands do not detail earnings, though analysts estimate
that menswear at top money-spinner Vuitton is 5 to 7 percent of
revenue. Vuitton did not respond to a request for comment.
Meanwhile Kering's fastest-growing brand Balenciaga, a one-time
couture house which scored a hit with a line of chunky sneakers,
says men are now among its biggest sales drivers along with
millennials, or 20 to 35 year olds.
Womenswear still had the biggest share of the broader $1.7
trillion apparel and footwear market in 2017, with menswear less
than a quarter, Euromonitor data shows.
Yet the market research firm forecasts men's lines will
outperform women's between 2017 and 2022, with sales expanding
by a compound annual growth rate of 2 percent.
"This is due to men placing a greater emphasis on their
appearance, fueled by the rise of social media, and dress codes
for men softening globally," Marguerite Le Rolland, a consultant
in beauty and fashion at Euromonitor, said.
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WORK TO WEEKEND
Brands are taking note, expanding their reach with Instagram
campaigns and famous faces such as ex soccer star David Beckham who
is an ambassador for the British Fashion Council.
The growth of casualwear may entail some setbacks, with tailoring -
usually items that are more expensive than sportswear - at risk of
taking a hit.
Sales of men's suits fell by $700 million between 2012 and 2017 in
western Europe, Euromonitor data showed, contrasting with growth in
premium jeans.
LVMH's Toledano - who oversees LVMH labels like Celine, which is due
to launch a men's line - said tailored styles were still doing well,
however, adding that sales growth was spreading to accessories and
shoes.
Upstart labels are also keeping big brands on their toes.
"The men's business has exploded in the last five years," said
Roopal Patel, fashion director of Saks Fifth Avenue, adding that the
U.S. department store was bringing in newer menswear-focused labels
like France's Ami, or Off-White, the streetwear brand founded by
Vuitton's Abloh.
"We've gone from just category addressing to really designers
looking at how they're going to wardrobe a man's lifestyle,
everything from work to evening to weekend to sport."
(Reporting by Sarah White, Feyi Adegbite and Johnny Cotton; Editing
by Alexander Smith)
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