About Formal Footwear
Formal footwear is a shoe made up of leather and non-leather materials and worn at formal events. It is mostly black and brown shoe used in formal meetings, special occasions, dance and parties. Formal footwear is classified as per the leather type and its texture. Amid changing consumer’s style statements, key formal footwear manufacturers are focusing on launching innovative products to meet the customer demand.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Formal footwear industries are gearing up to adopt hi-tech technology in production process. The key players are investing in scanners and 3D printers to serve molding. According to the Vietnam leather, footwear and handbag association (LEFASO), various shoes manufacturers are investing in automation technology to boost their productivity. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Formal Footwear market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Aldo Group [Canada], Bata Shoe Organization [Switzerland], Burberry Group [United Kingdom], Calvin Klein [United States], C & J Clark International Ltd [United Kingdom], ECCO Sko A/S [Denmark], Dolce & Gabbana [Italy], Guccio Gucci [Italy], Hugo Boss [Germany], Kenneth Cole Production Inc [United States], LaCross Footwear [United States], Louis Vuitton [France] and Prada [Italy] are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Allen Edmonds [United States], H&M [Sweden], Zara [Spain], Perry Ellis Menswear, LLC [United States], VANS, Inc. [United States], J.Crew [United States], Nike [United States], Reebok [United kingdom], New Balance [United Kingdom] and Caleres [United States].
Segmentation Overview
AMA Research has segmented the market of Global Formal Footwear market by Type (Full Grain, Patent Leather, Pebble, Suede Leather, Synthetic Leather, Top Grain and Others), Application (For Men and For Women) and Region.
On the basis of geography, the market of Formal Footwear has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Inclination Towards New Products Design and Growing Demand of All Weather Comfortable Shoes
Market Growth Drivers:
Growing Brand Culture Among Millennial, Growing E-commerce Shopping Popularity and Increasing Number of Female Workforce
Restraints:
Domination by Counterfeit Formal Footwear, Rising Competition From Smaller Manufacturers and Rising Raw Materials Price
Opportunities:
Demand For Synthetic Formal Footwear and Rising Disposable Income in Emerging Country
Market Leaders and their expansionary development strategies
In October 2023, Wolverine Worldwide, Inc. announces its acquisition of Thursday Boot Company, expanding its portfolio of premium footwear brands.
In October 2023, Ecco launches its new "Biom 2.0" dress shoes featuring updated anatomical technology for improved comfort and support.
Key Target Audience
Footwear Manufacturers, Potential Investors, Research Institute and Government Agencies
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.