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Summary of our market study
The global luxury menswear market is estimated at between €20 and €25 billion, with French companies controlling over 20% of the market.
In 2020, the global luxury menswear market continues to show robust growth, in contrast to the downward trend in the broader ready-to-wear sector.
The global luxury goods market is valued at €1,171 billion, with personal luxury goods at €160 billion, luxury apparel at nearly €60 billion and luxury menswear at €20 and €25 billion.
French groups dominate the luxury frontier, with LVMH, Kering and Hermès. French players hold around 23.5% of the global luxury goods market. Their distribution strategy favors single-brand stores.
The current trend is to mix fast-growing streetwear with traditional luxury goods.
E-commerce has become increasingly important, accounting for 10% of global sales of personal luxury goods, and the second-hand luxury segment, particularly online, is experiencing significant growth.
Foreign tourists to France account for half the sales of French luxury groups. Their average expenditure reaches a staggering 2,000 to 3,000 euros per customer visiting a luxury store.
Millennials account for over a third of the luxury market.
Luxury clothing prices are on an upward trend.
Trends in the French luxury menswear market
While the general ready-to-wear sector is in decline, luxury apparel is on the rise, benefiting from France's position as a world leader in fashion.
On average, French households spend between 500 and 600 euros a year on clothing, and this amount is tending to decrease. Consumption of luxury goods is different. Clothing has become the most frequently purchased luxury item, accounting for a third of all luxury purchases.
The luxury apparel sector benefits from a favorable regulatory environment. The collection tax credit, in particular, offers substantial advantages to companies involved in the creation of new collections.
Players in men's luxury fashion
French luxury giants:
- LVMH with its Louis Vuitton, Christian Dior and Fendi brands.
- Kering with its Gucci, Saint Laurent and Balenciaga brands.
- Hermès
International newcomers:
- Off-White, known for streetwear.
Domestic newcomers:
- Jacquemus
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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
Inauguration of a Hermès site in Riom, land of volcanoes - 17/09/2024
- 1. Number of Hermès leather factories in France: 23.
- 2. Frequency of new leather goods factories opened by Hermès: one per year.
- 3. Length of training for a leatherworker at Hermès: 18 months for basic training, and 5 years to master the craft.
- 4. Standard capacity of Hermès leather goods factories: 300 employees, including 260 craftsmen and 40 supervisory and support staff.
- 5. Year Hermès launched its leather goods division: 1923.
- 6. Change in contribution to Hermès sales: initially 55% from silk and 9% from leather goods; today, these percentages are largely reversed.
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%.
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the luxury men's clothing market | France
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