Luxury menswear market sees huge growth

With London fashion week now giving over a sole day to menswear and the market steadily accruing ever more interest and publicity from editors, buyers and insiders alike over the last few years, reports reveal that the menswear

industry is now fast overtaking the womenswear market.

Analysts have revealed that menswear is growing twice as fast as womens wear in the luxury sector 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."

As a result, luxury menswear brands are making changes to and expansions; LVMH has announced ambitious expansion plans for Berluti, whilst luxury company, PPR, invested in luxury menswear label Brioni a couple of months ago and is looking at expanding into Asia. These will be part of a marketplace, which sees Giorgio Armani, Burberry, Hugo Boss, Dunhill make up just half of its 1 billion Euro 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.