All About The Boys
MENSWEAR is growing twice as fast as
womenswear in the luxury sector, analysts have revealed - and the shift is
being driven by China.
Consultancy
Bain & Co revealed that the luxury menswear market, which makes up 40
percent of the global market, is worth €180 billion (£150 billion) - and is
currently growing by 14 per cent per year, whilst womenswear is only growing by
eight per cent.
"China
is the world's biggest luxury goods market in terms of growth," Reuters reports, "with sales rising
on average about 20 to 25 per cent a year, and men make up three-quarters of
that market, estimated to be worth about €23 billion (£20 billion)
overall."
Bernard
Arnault's LVMH has already tapped in to the consumer mood, announcing ambitious
plans for its Berluti label - and even placing Arnault's own son, Antoine, in charge of the growth. Not to be
left behind, luxury conglomerate PPR i nvested in luxury menswear label Brioni in November - and has designs on an Asian expansion within the coming year. Both
will have a way to go to catch up with the continent's favourite menswear
labels - including Giorgio Armani, Burberry, Hugo Boss, Dunhill and Ermenegildo
Zegna, which makes just under half of its €1 billion turnover in Asia.
"At
this pace, Chinese consumers will, in the medium-to-long term, make up 70 percent
of the global luxury market's growth," Bernard Malek, a partner at Roland
Berger, told Reuters.
Source: VOGUE - LAUREN
MILLIGAN 12 December 2011
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