Women have always dominated the fashion world and men have long been treated as an afterthought by luxury designers. But with more and more urbanization and sophistication men have found their niche. Sales of men’s designer clothing have seen an increase as much as twice the rate of women’s sector over past five years in US and UK.
China and India, one of the fastest growing economies in the world have seen a 25-35% increase. Men’s accessories have proven to be more resilient than those for women. One of the leading US retailers for men’s luxury lifestyles is ‘Coach’, known to compete with the likes of Louis Vuitton, Hermes, Gucci and Prada.
Coach’s were known for handbags until 2005 when the sales dropped from 65% to 62%. Fortunately they saw an increase in the sales of accessories like belts, wallets and wristlets from 28% to 29%. It is estimated that Coach’s accessories business constitutes 28% of the $46 Trefis price estimate for Coach’s stock.
Coach’s have room for growth with only 3% share in men’s market today. It is estimated that the average per store revenue that Coach earns each day from selling accessories will see an increase from $3,700 in 2010 to about $6,800 by the end of the Trefis forecast period. Coach has increasingly focused on gaining market share and they plan to come with up all men’s stores in the near future and achieve a market share of 14%.