About Men's Suits
A men’s suit is a set of clothes comprising trousers, suit jackets, and a collar with a necktie. It is generally considered as informal wear in western dress codes. Rising demand for a high level of comfort and durability. This is encouraging vendors to focus on expanding their product portfolios by increasing research and development efforts and collaborating with renowned designers. This is leading to the incorporation of advanced features and innovative designs in men’s suits.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Competition among existing players is due to the Men's Suits market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for Men's Suits Market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Analyst at AMA Research estimates that European Vendors will contribute the maximum growth to Global Men's Suits 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.
Kiton (Italy), Ermenegildo Zegna (Italy), Brioni (Italy), Gucci (Italy), Tom Ford, Ralph Lauren (United States), Canali (Italy), Prada (Italy), Hickey Freeman (United States), Hugo Boss (Germany), Dolce & Gabbana (Italy), Christian Dior (France) and Suitablee (Canada) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Corneliani (Italy), Valentino (Italy), Armani (Italy), Yves Saint Laurent (France), Versace (Italy) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Men's Suits market by Type (Formal and Informal), Application (Personal and Commercial) and Region.
On the basis of geography, the market of Men's Suits 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). If we see Market by Distribution Channel, the sub-segment i.e. Offline (Hypermarket/supermarket, Convenience/Departmental Store, Specialty Store) will boost the Men's Suits market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Material, the sub-segment i.e. Cotton will boost the Men's Suits market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rapid Urbanization has Created Modern Consumers to Spend more on Fashionable and Durable Items
Market Growth Drivers:
Rising Disposable Incomes and Growth in Purchasing Power of Consumers across the Globe and Increasing Fashion Consciousness are Driving the Consumer Demand for Premium and Luxury Products
Challenges:
Rapid Change in Consumer Preference
Restraints:
High Cost Associated with Men's Suits
Opportunities:
Increasing R&D Efforts and Collaborating with Renowned Designers
Market Leaders and their expansionary development strategies
In January 2018, PVH Corp has announced that it has entered into an agreement to acquire the licensed Tommy Hilfiger men’s tailored clothing business for North America from Marcraft Clothes, Inc. PVH intends to consolidate the North America men’s tailored businesses for all of its brands under one partner, Peerless Clothing International Inc.
In June 2020, Suitablee has announced it now has the capability to create custom-tailored men’s suits with a guaranteed perfect fit–all online.
Key Target Audience
Men's Suits Manufacturers, Research Organizations and Consulting Companies, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors, End Users and Others
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.