Summary of our market study

As of 2020, the global luxury men's clothing market continues to show robust growth, diverging from the wider ready-to-wear sector's downward trend. While the overall luxury goods market was valued at 1,171 billion euros, personal luxury goods, including men's clothing, made up 160 billion euros, with luxury clothing close to 60 billion euros. Men's luxury clothing specifically accounted for nearly 24 billion euros, with expectations high due to the emerging trends of blending streetwear with traditional luxury and a growing second-hand market. French groups like LVMH, Kering, and Hermès dominate the market, controlling a significant market share. E-commerce has become increasingly important, reaching 10% of global luxury personal goods sales. Meanwhile, the second-hand luxury segment, particularly online, is experiencing notable growth due to environmental concerns, price transparency, and unique product offerings. Luxury consumption in France benefits significantly from the tourism industry, with foreign tourists accounting for half the turnover of French luxury groups, and online sales of luxury clothing amounted to 7.24 billion euros .

Regulatory frameworks such as the collection tax credit support the industry, and luxury clothing prices show an upward trend, with consumer price indices rising over the years. Despite the market's competitive nature, new entrants like Off-White are challenging traditional players, signaling an adaptive and dynamic market with an inclination toward contemporary and sustainable luxury.

Evolving Demand and Market Trends in France's Luxury Men's Clothing Sector

In France, the luxury men's clothing market echoes the robust global trend observed in the wider luxury goods industry. While the general ready-to-wear sector faces a downward spiral, luxury apparel surges ahead, benefiting from the nation's revered status as a global fashion leader. In this niche market, big names in haute couture continue to hold sway, with trends such as streetwear assimilation and a burgeoning second-hand market presenting adaptation challenges to traditionalist brands. Key market trends reveal a remarkable shift in the luxury men's clothing landscape in France. The industry, valued at nearly between 20 and 25 billion euros globally, has remained buoyant with emerging patterns such as the integration of streetwear and the growth of the second-hand luxury market underscoring a pivotal transition. These factors are molding a new market structure that even the stalwarts must navigate carefully.

When it comes to consumption habits, French households annually spend on average between 500 and 600 euros on clothing, signaling a slight decrease compared to previous years. However, the consumption of luxury goods tells a different story. Clothing has emerged as the most frequently purchased luxury item, accounting for approximately one-third of all luxury purchases. The market's demand profile is undergoing a generational handover with millennials projected to stake claim to over a third of the luxury market, while Generation Z's influence is only set to rise. The luxury clothing sector enjoys a positive regulatory environment in France, with tailored tax credits designed to foster innovation and sustain the traditional craftsmanship pivotal to the industry's success.

The Collection Tax Credit, in particular, provides substantial benefits to companies engaged in crafting new collections. French groups lead on the luxury frontiers, with LVMH, Kering, and Hermès being dominant forces. This concentration means that the French players command a considerable share, around 23.5%, of the global luxury market. Distribution strategies favor flagship mono-brand stores, which encapsulate the quintessential luxury experience, although e-commerce is encroaching with an impressive 10% share of the global personal luxury goods sales and showing exponential growth. Foreign tourism remains a significant demand driver for France's luxury goods, as international visitors account for half of the turnover generated by French luxury groups, with clothing taking a substantial slice of their spending - their average spending reaching a staggering between 2,000 and 3,000 euros. As consumer preferences evolve, so does the market with the rise of the second-hand market.

Emblematic Titans and Progressive Heavyweights of the Men's Luxury Fashion Arena

In the grand theater of men's luxury fashion, certain names resound with the weight of history, heritage, and an unyielding presence at the vanguard of opulence and style. These storied institutions are complemented by enterprising newcomers who bring fresh vigor and novel perspectives to the tableau of high-end apparel.

The French Luxury Giants:

  • Standard-Bearers of Opulent Tradition Renowned for their impeccable craftsmanship and timeless allure, French luxury houses LVMH, Kering, and Hermès are the hallowed entities that define the echelons of high fashion.
  • LVMH stands as a colossus with its diverse portfolio of prestigious labels including Louis Vuitton, Christian Dior, and Fendi. Each brand within the conglomerate is a beacon of luxury, radiating exclusivity and desirability.
  • Kering follows suit, wielding its own roster of illustrious names like Gucci, Saint Laurent, and Balenciaga. Kering's labels are synonymous with avant-garde fashion and breaking the moulds of sartorial norms, as shown in the audacious lines and forms produced under its wing.
  • Hermès, quintessential and discreet, upholds its reputation through meticulous handcrafted quality and understated elegance, embodying the very essence of French luxury.

The International New Entrants:

  • Shaping the Contours of Modern Luxury Amidst the time-honored giants stands Off-White, an international name helmed by the late Virgil Abloh, whose meteoric rise within the fashion firmament has been nothing short of revolutionary. Fusing contemporary culture with high-end fashion, Off-White slots itself firmly into the modern lexicon of luxury, resonating with younger audiences attuned to the pulse of the streetwear phenomenon.

National New Entrants:

  • The Pulse of Emerging French Creativity On the national front, Jacquemus emerges as a spirited contender infusing the lush landscape of luxury with provincial charm and an eye for the avant-garde. Each collection serves as an ode to the founder's Southern French roots, with a distinctive narrative that captivates a global audience seeking innovation amidst the echelons of luxury.

The market for men's luxury clothing is therefore not just a domain where the revered veterans hold sway over fashion's consciousness. It is a vibrant mosaic where established heritage and dynamic novelty converge, ensuring the evolution and vitality of this exclusive sector.

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Summary and extracts

1 Market overview

1.1 Definition and scope of study

The luxury menswear market is a niche market, reserved for a segment of the population able to afford high-priced designer or haute couture clothing on a regular or occasional basis.

The market has been affected by the health crisis, with a 27% drop in sales in 2020. However, unlike the broader ready-to-wear market, which was already experiencing a sharp downward trend before the crisis, the French market for luxury apparel has been affected by the crisis.s luxury apparel market has always performed better, and can count on several French companies among the world's leading luxury players (LVMH, Hermes, etc.).).

The luxury menswear market remains dominated by the big names in haute couture, leaving little room for new entrants. However, new trends are emerging in the world of men's luxury apparel, such as the integration of streetwear with traditional luxury codes, and the rise of second-hand clothing. Traditional players thus face a major challenge in adapting to this new market structure, as newcomers emerge from this new situation.

List of charts presented in this market study

  • Global luxury market by category
  • Breakdown of the luxury personal goods market by product type
  • Global market for luxury personal goods and apparel
  • Global luxury menswear market
  • French luxury menswear market
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Latest news

Hermès continues to raise prices - 09/02/2024
  • - Hermès sales in 2023 will be 13.4 billion euros, up 16% on the previous year and 21% at constant exchange rates.
  • - Net income is up 28% to 4.3 billion euros.
  • - Hermès has a market value of 231 billion euros.
  • - Hermès has increased its prices by 8 to 9% in 2023.
  • - 22,000 Hermès employees worldwide.
  • - More than 60% of new jobs created in France, where Hermès manufactures three quarters of its products.
Zadig & Voltaire: founder takes over with his brother - 25/01/2024
  • Zadig & Voltaire was founded in 1997 by brothers Thierry and Arnaud Gillier.
  • Thierry Gillier, the brand's main shareholder, owns over 70% of the capital.
  • Peninsula Capital, a Luxembourg fund, has held a share of the remaining capital since 2020.
  • Arnaud Gillier was appointed president of the company on January 17, succeeding Rémy Baume.
  • The company has 1,800 employees. Zadig & Voltaire has 350 stores.
  • Brand sales in 2023 reached almost 450 million euros.
  • The brand's operating profit was 70 million euros in 2022.
  • The accessories category, including leather goods, accounts for over 40% of the brand's sales.
  • The French market generates 30% of the brand's sales.
  • A boutique inaugurated in Mexico in December.
Gucci: a challenge for Kering - 08/01/2024
  • Gucci, Kering's flagship brand, guarantees two thirds of the group's profits.
  • Kering acquired a 30% stake in Valentino.
  • Kering also bought Creed perfumes.
  • Balenciaga, one of Kering's brands, has been in difficulty since November 2022
Bayard/MDSA aims to bounce back by diversifying its sales channels - 17/10/2023
  • Manufacturer of suits and menswear
  • The company was placed in receivership at the end of July 2023
  • The company suffered a closure equivalent to 8 months in 2 years due to Covid-19.
  • The company recorded a net loss of 1.1 million euros for its 2021/22 fiscal year ended in late July, with sales of 14.6 million euros.
  • Two loss-making stores are closing, but two further openings are planned for late 2023/early 2024.
  • Operates 19 factory outlets in France.
  • The company has 120 employees. Bayard/MDSA is controlled by the Safibri group from Metz.
Ready-to-wear: the irresistible rise of Zadig & Voltaire in a moribund market - 01/08/2023
  • age of Zadig & Voltaire: 25 years.
  • Sales target for the year: +500 million euros, with targeted growth of 13%.
  • Thierry Gillier holds over 70% of the capital
  • Sales 2022 excluding licenses: 442 million euros (+26.5%).
  • Number of employees: 1,500.
  • Number of boutiques: nearly 500 in 30 countries.
  • Sales growth of over 50% between 2019 and 2023.
  • Accessible luxury" market share: 10%.
  • Share of sales from leather goods: 36.3% (versus 31.5% in 2022).
  • Share of sales in China: 5%.
Hermès, champion of luxury growth - 29/07/2023

Hermès sales growth: 25% in the first half.

Planned openings: four new leather goods stores by 2027.

Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

LVMH Vins et Spiritueux
Hermès International
Zadig et Voltaire
Christian Dior Couture
Eden Park
Francesco Smalto
Isabel Marant
Emporio Armani
Palm Angels (New Guards Group)

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