Global Menswear Market 2016-2020
Our team recognizes the following companies as the key players in the global menswear market: Gap, H&M, Inditex, Kering, LVMH, Nike, and PVH.
Other Prominent Vendors in the market are: Adidas, Burberry, Hermès, Michael Kors, Prada, Ralph Lauren, and Uniqlo.
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Commenting on the report, an analyst from our team said: “Rise in number of private-label brands and smaller manufacturers of menswear products will be a key trend for market growth. The number of private-label brands is increasing in the global menswear market, posing competition for global and regional vendors. Private labels are undercutting the retail prices of branded labels; over time, there has also been a rise in the quality of the products offered by these private labels. The smaller branded players grew faster than the overall market in 2015. In India, for instance, smaller regional manufacturers such as Arvind Textile, Garmeto, and Windmill Creations pose significant competition for fast-fashion retailers such as Zara, H&M, and Forever 21 that are entering the country’s menswear market.”
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According to the report, consumers’ desire to look fashionable and trendy has been driving the menswear market globally. Celebrity endorsement has a considerable role to play in setting fashion trends which will be a key driver for market growth. It also helps to build product and brand awareness. Brands like Adidas, Reebok, Dolce & Gabbana, Giorgio Armani, Givenchy, and Gucci invest significantly to employ popular male brand ambassadors to endorse their products. Department stores are also increasingly investing in celebrity endorsements for their retail apparel brands to attract customers and compete in terms of brand awareness and recognition. This promotional strategy is also in line with the launch of international fast-fashion retailers in the global market.
Further, the report states that competition from other consumer goods will be a challenge for the market. Consumer’s disposable income is distributed toward the consumption of various products such as apparel, food and grocery, consumer durables, electronic products, and other consumer goods. Any changes in income levels can lead to changes in the buying patterns. For instance, during and post the global recession of 2008-2009, consumers preferred to invest primarily on their essential requirements and looked for value deals and discounted prices on products. This leads consumers to spend only on apparel that is necessary, to focus their resources on requisite consumer products.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit- https://marketreportscenter.com/reports/383357/global-menswear-market-2016-2020
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