Menswear sales are growing globally particularly in the luxury market – with sportswear in particular seeing strong growth.
The global luxury goods market is expected to increase from US$285.1 billion in 2020 to US$388 billion in 2025, at a CAGR of 6.4% with the luxury menswear category expected to see a substantial uptick in market share, with a global 6% CAGR projected between 2020-2024. In the US, menswear sales have increased from US$89 billlion to US$127 billion in six years, and is predicted to reach US$163 billion by 2025.
Sports and swimwear is a US$67 billion dollar industry in the US alone, predicted to increase to US$95 billion by 2025, with Nike leading at 18.3% share, three times that of Adidas (6%), with Under Armour (4.1%), Skechers (2.6% and Lululemon (1.9%) the next closest brands.
The Brands Paving The Way For A Menswear Revolution
The demand for menswear brands is transforming the fashion world – from dedicated men’s fashion weeks in Paris, New York, Milan and London, to the rise of publishers targeting menswear advertisers. The launch of the quarterly GQ Style and Esquire’s recent reinvention, the announcement of British Vogue’s first male Editor-in-Chief, and the addition of a dedicated New York Times men’s style section, all signal the menswear fashion revolution is here.
According to Statista, ‘…the recent rise of luxury menswear has resulted in brands such as Prada, Gucci, and Dolce & Gabbana, which traditionally have not been known for their menswear lines, to open stores focused only on men.’