Chinese Men Push Global Luxury Footwear Market Transformation

Undoubtedly, a "masculine storm" has emerged in the whole luxury market. From 2010 to 2011, the male luxury market showed a continuous upward trend, which was affected by male consumers in emerging markets. purchase China is the main driver of this growth, especially in Asia.

Judging from the recent two big fashion giants' business moves, the luxury industry is indeed a man dominated market. PPR Group, France, recently completed the acquisition of Bly Noni, a famous menswear brand in Rome, Paris. On the other hand, Louis Weedon (LVMH) has recently urged its head, Antoine Arnault, to step up the promotion of the product category of a luxury men's shoe brand Berluti and the expansion of its store network in the group's Group. (LVMH)

In a research report on luxury global markets in Bain & Company, it is pointed out that the male luxury market exceeds women in all product categories. The reason is that custom service has become more and more popular in the mature market and the sales of high-end casual wear on the Chinese market. Luxury goods 50% of the industry. market It increased by 2% compared with two years ago.

The trend of brand masculinity

MrPorter.com is a Menswear brand website owned by Net-a-porter group. It was born ten years later than the website Net-a-porter.com of the group's monopoly women's clothing. "Men's clothing business has always been regarded as a small branch of women's clothing. In the past, if you want to browse men's clothing on the Internet, the links of men's clothing are often hidden in a corner of women's clothing website. Toby Bateman, purchasing director of MrPorter.com, said, "the men's clothing business is no doubt the focus of discussion in the fashion industry. I have great confidence in its rising space." With the strong sales of all product categories, MrPorter.com almost doubled its supply in autumn fashion. From small brands including Ami and Hentsch Man to luxury brands such as The Elder Statesman and Loro Piana, they now represent about 150 brands.

As men's fashion sense becomes stronger and stronger, they are more willing to spend money on dressing up themselves. Brands look at business opportunities and accelerate the development of those products that are left behind, such as men's leather goods and accessories.

For example, Jimmy Choo, which started with women's shoes, reintroduced the men's shoes series this autumn. It opened the first men's shoe shop in Paris in August this year with the popular Christian Louboutin of red bottled high-heeled shoes, and plans to introduce more men's products, such as men's bags. Meanwhile, Louis Weedon launched the men's shoes customized service in flagship store on Via Montenapoleone street, Milan, Italy in September, and plans to extend the service to Shanghai and Sydney in a few months.

Joelle DE Montgolfier is executive director of consumer products, retail and luxury goods in Bain EMEA (Europe, Middle East and Africa), he commented in the commentary. "We see a phenomenon that men will buy other categories of luxury goods, including cosmetics."

Jason Broderick is the top 100 year old shop in the United Kingdom, manager of the men's clothing comprehensive merchandise department of Harold Harrods (department store). He said Harold's menswear business can be described as "thriving". Here is the gold medal crocodile skin Stemar men's shoes priced at more than 12 thousand pounds (RMB 119 thousand yuan). As part of Harold's recently launched male salon, it is called Europe's largest men's shoes department.

Broderick said, "men are becoming more and more popular in buying luxury clothes, and prices are no longer a problem because they can have these products all their lives". Broderick believes there is no denying that the importance of tailored service in the fashion industry is increasing. "As this service becomes more and more popular, customers will learn more about it, so they will be more picky." The brand of Harold's tailoring department includes Brioni, Corneliani, Tom Ford and Richard James. Recently, Hardy Amies and Mr.Start have been added.

Chinese men

Hold up the luxury market half the sky

Undoubtedly, there is a "masculine storm" in the whole luxury market. Bain consulting said in its research report that from 2010 to 2011, the male luxury market showed a continuous upward trend, driven by the purchase of male consumers in emerging markets, especially in Asia, and China was the main driving force for this growth.

Men's clothing has become the new favorite of fashion luxury brands, and brands have targeted the development of men's products suitable for Asia. The report points out that some casual wear brands also invest in men's wear stores in key market areas.

Saint Pierre, Brabant, Li & Associates is a Shanghai based human resources consulting firm specializing in luxury industry. Charles de Brabant is the chief executive and founding partner of the company. He pointed out that China's luxury market has always been dominated by men, and male consumers account for 2/3 of China's luxury consumption. He estimates that high-end casual wear is one of the main drivers of the market.

As China gradually takes the place of Japan as the world's top luxury consumer market, high-end men's wear brands have steadily strengthened their influence on market share. Francois-Henri Pinault, chairman and chief executive of spring department store in Paris, France, announced at a press conference on the acquisition of Brioni recently. The group plans to test the market reaction of menswear stores in China with the two brands of Gucci and Bottega Veneta.

De Brabant points out that brands focus on flagship stores and "premium stores". For example, Dunhill (Alfred Dunhill)'s Dunhill "s Homes" booth in Shanghai department store; the Italy men's wear brand Zegna (Ermenegildo Zegna) recently opened the store in China to invite Peter Peter design, and Burberry (Burberry) company's flagship store, which is most recently opened in Beijing. In the next five years, the luxury industry is expected to become the fastest growing consumer sector in China, with an average annual growth rate of more than 25%.

According to Bain's 2010 luxury research in China, the five largest men's clothing brands in mainland China are Zegna, Boss (Hugo Boss), Dunhill, Armani (Giorgio Armani) and Burberry. Among them, Zegna celebrated its entry into the Chinese market 20th anniversary in September this year. Now the brand has 75 outlets in 32 cities in mainland China, and plans to increase to 85 by the end of this year. In 2010, China replaced the United States as Zegna's largest market in the world.

"At present, European brands still occupy the leading position in the luxury market, surpassing the brands in the United States. Generally speaking, American brands are also hard to be recognized as luxury brands. At best, they can only be regarded as high-end brands. "De Brabant adds," however, consumer perceptions of brands are changing. When Chinese rich people are still longing for Western luxury goods, while luxury brands are coveted by the rich Chinese cash, the topic of whether the brand is made in China or processed in China has become hot. He said, "men's wear, we will see more and more like" 1436 "so keen to become a top luxury brand of China's local brand.

The factors that affect the growth of the global luxury goods market include the consumption of those men who want to fill the wardrobe with new clothes as soon as possible after the financial crisis in 2009. According to de Montgolfier, director of consumer products at EMEA District, Bei Enhe, the men's market is about to usher in another wave of corporate acquisitions, especially in the field of clothing accessories. "There are many business opportunities here," she pointed out. "The reality is that this is an untapped market, driven by changes in the buying habits of emerging markets, such as China, and now men are more concerned about dressing up."