The global Men’s Suit market is anticipated to grow at a CAGR of 6.9 % during the forecast period (2022-2028). Men’s suit is a type of luxury clothing for men. It can be both casual and formal consisting of various apparel including shirts, blazers, pants, and others. The major factor attributing to the growth of eh global men’s suit market is the increasing sales of men’s suits due to increasing purchasing power of people due to increasing adjusted net national income per capita across the globe during the forecast period. According to the World Bank Data statistics, the adjusted net national income per capita has consistently increased over the last decade. The recorded adjusted net national income per capita increased from $7,246.71 in 2009 to $9,434.42 in 2019. Thus, increasing the sale of men’s suits by males.
The production of men’s suits is also increasing due to the growing textile industry. For instance, according to the Textile Industry report published by the India Brand Equity Foundation (IBEF) in February 2022, the textile industry of India is one of the oldest industries across the globe. The market size of the Indian textile industry was around $29.8 billion in 2021 giving employment to around 4.5 crore workers. India recorded an export of around 1.13 million tonnes of cotton yarn in 2021. The textile industry of India is estimated to consistently grow and reach around $209 billion by 2029. Thus, contributing to the growth of the global men’s suit market over the forecast period.
Some major players in the market include Hugo Boss, Tom Ford Group of Co., Guccio Gucci S.p.A., Ralph Lauren Corp., Christian Dior, among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instances
- In January 2020, Abloh launched “Cloud Nine”. Cloud Nine was a new 2020 LV men’s wear collection that offers crafted and luxurious men’s wear for matching the latest fashion trends.
- In November 2019, Vince, a luxury apparel brand acquired Rebecca Taylor and Parker, a major women’s fashion brand. This is acquisition is done to diversify Vince’s brand portfolio of highly popular distinct contemporary brands.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Style
- By Apparel
- By Distribution Channel
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Hugo Boss, Tom Ford Group of Co., Guccio Gucci S.p.A., Ralph Lauren Corp., Christian Dior, among others.
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Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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Global Men’s Suits Market Report by Segment
By Style
- Single-Breasted Suit
- Double-Breasted Suit
- Unstructured Blazer
- Half Canvas
- Full Canvas
By Apparel
- Blazers
- Shirts
- Pants
- Ties
- Others
By Distribution Channel
- Online
- Offine
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