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1 Market Overview
1.1 Definition and presentation
A sock is a garment that covers the foot and, in some cases, part of the leg, with the purpose of protecting the foot from direct contact with the shoe, reducing friction, and absorbing sweat. Generally made of materials such as cotton, wool, nylon, or synthetic fibers, socks come in a variety of lengths and styles, such as low socks (below the ankle), ankle socks, and longer socks that reach to the knee or calf. Their main function is to provide comfort and protection, but over time they have also become a fashion accessory, with a wide range of colors, patterns, and materials used to meet different aesthetic and functional needs.
The global sock market reached a value of US$52.79 billion in 2023, and is expected to grow at a compound annual growth rate (CAGR) of 5.8 percent over the period 2024-2032, reaching US$87.68 billion by 2032. Casual socks represent one of the main segments of the industry, but growing interest in health and fitness is stimulating demand for sports socks. The growing popularity of premium shoes and sports accessories, along with the expansion of gyms, is supporting this growth.
In Europe, the sock market was worth USD 11.63 billion in 2023, with a projected growth of 5.3 percent annually, leading the market to reach USD 18.51 billion by 2032. However, the level of physical activity varies widely among Europeans: 38 percent play sports at least once a week, while 45 percent never engage in physical activity, with participation decreasing significantly with age.
In Italy, the hosiery sector has been greatly affected by the crisis caused by Covid-19. Despite an increase in sales of products for domestic use, sales of women's hosiery, particularly pantyhose and stockings, have plummeted. According to data from Confindustria Moda, sales of men's hosiery declined by 21 percent, while women's hosiery sales dropped by 23 percent. Exports from the Castel Goffredo district, one of Italy's main manufacturing hubs, registered an annual decline of 24 percent with a 35.8 percent drop in the last quarter of 2020.
As for the hosiery industry's turnover trend between 2018 and 2023, a significant growth of 62 percent was observed between 2018 and 2019. However, 2020 saw a decline of 21.1 percent, followed by a gradual recovery until 2022. In 2023, there was another significant decline of 71.9 percent, signaling continued market volatility.
In parallel, the circular fashion sector has gained interest, with 31% of Italians associating fashion with concepts of recovery and recycling. 74 percent of respondents showed interest in sustainable fashion solutions, with a particular propensity among women and second-hand clothing consumers, reflecting a growing focus on sustainability in the hosiery sector as well.
Analysis of sock offerings reveals a growing focus on diversification, material innovation, and sustainability. Sports, luxury, and sustainable socks are booming, with a focus on antibacterial and recycled materials, thus meeting the needs of the modern market that is increasingly concerned about the environment and product quality.
1.2 The global and European market
The global market
The size of the global sock market reached USD **.** billion in ****. The market is expected to grow further at a CAGR of *.* percent during the forecast period ****-**** to reach a value of USD **.** billion by ****. On a product basis, casual socks represent one of the leading segments ...
1.3 The Italian market
In recent years, the hosiery sector in Italy has shown an unstable trend, strongly influenced by the crisis caused by the Covid-** pandemic. While there has been an increase in sales of products for domestic use, the market for women's hosiery, especially pantyhose and stockings, has slumped. In ****, according to data ...
1.4 Foreign trade
For the analysis of this section, data reported by UNComtrade on the HS commodity code"**** - Hosiery; tights, stockings, socks and other hosiery articles, including those with graduated compression (***) and footwear without applied soles, knitted or crocheted." It is shown that from **** to ****, the value of exports declined slightly, registering a ...
1.5 Inflation suffered by the sector
In the knitted and crocheted hosiery manufacturing sector, the increase in theIndustrial Producer Price Index of **.* percent between January **** and December **** reflects significant pressure on production costs. This increase is the result of several factors, including higher prices for raw materials used in hosiery production, such as cotton, wool, and synthetic ...
2 Demand analysis
2.1 Demand in Italy
Since there is no specific entry for spending on socks in the ISTAT data, it is useful to refer to the category "other articles of clothing," which falls under COICOP code **.*.* (***). This code includes clothing items such as socks, underwear, and other clothing accessories not specifically categorized.
Between **** and ****, a significant ...
2.2 Second Hand as First Choice in the apparel industry?
In the clothing sector, including socks, Italians are showing a growing interest in the second hand market. This trend is closely linked to the concept of circular fashion, known by ** percent of respondents, who associate fashion not only with emotional values related to self-esteem and self-representation, but also with a concrete ...
2.3 Geographical distribution of demand
The geographic distribution of monthly household spending on "other clothing" according to COICOP code **.*.*, which also includes spending on socks, is shown below. In terms of current euros, it is noted that Central Italy has the highest expenditure, with an average value of €*.**. This is followed by the South, with an ...
2.4 The socks for diabetics
In Italy, the market for diabetic socks is experiencing significant growth, driven by an increase in the number of people with diabetes and growing awareness of the importance of preventing complications related to this disease. In ****, the European market for diabetic socks, including Italy, saw strong demand, with projected annual growth ...
3 Market structure
3.1 Market Structure and Dynamics
Structural analysis of the knitted hosiery manufacturing market in Italy shows a negative trend between **** and ****. During this period, the number of enterprises active in the sector decreased by **.* percent, with a gradual decline year after year. This decline is attributable to various factors, including increasing international competition, rising production costs, ...
3.2 Value Chain
The value chain in the sock market involves several stages, from the production of raw materials to the distribution of the finished product. This chain can be divided into the following main steps:
Acquisition of raw materials: companies start with the selection and purchase of materials, which include natural fibers (***). In ...
3.3 The actors
[***]
3.4 E-commerce in the apparel industry
In ****, online shopping in Italy reached a total value of **.* billion euros, marking a ** percent growth over ****. This growth was mainly driven by the services sector, which saw a ** percent increase, with particular emphasis on tourism, transportation, and event ticketing. The product sector also saw an increase, albeit more moderate, with ...
4 Supply analysis
4.1 Type of Products
The analysis of sock offerings focuses on several key factors, such as product diversification, innovation in materials, attention to sustainability, and marketing strategies that companies use to stand out in a highly competitive market. Here are the main aspects to consider, supported by relevant sources:
[***]
4.2 Price Analysis
The consumer price index(***).
Men's underwear and socks saw a CPI increase of *.* percent, the highest among the three categories. This reflects a possible increase in production costs, raw materials (***) or transportation, or a relatively stable demand that allowed manufacturers to pass costs on to consumers.
Consumer price index - men's ...
4.3 New supply trends
Smart socks are an emerging technology that combines advanced sensors with traditional fabrics to monitor various parameters of health and physical performance. These socks are being used in areas such as sports, health, and wellness, offering real-time information that can prevent problems and improve quality of life.
Medical applications: one of ...
5 Regulations
5.1 Regulation
Regulation of the sock market in Italy and at the European level involves several regulations that mainly govern aspects related to product safety, transparency of information for consumers, environmental standards and intellectual property rights. Here is a summary of the main rules and regulations that apply to socks:
European Legislation
The ...
5.2 Incentives
Horizon Europe (***)
Horizon Europe is the European Union's main framework program for research and innovation, operating for the period ****-**** with a budget of about **.* billion euros. The program aims to promote competitiveness and sustainable development across Europe by supporting research and innovation projects in many sectors, including textiles and fashion. ...
6 Positioning of actors
6.1 Segmentation
- Calzedonia Oniverse
- Pompea
- CSP International
- Fast retailing Group Unoqlo
- Bleuforêt
- Autotex Italia
- Gallo
- H&M (H&M Hennes & Mauritz s.r.l)
List of charts presented in this market study
- Global sock market value
- Value of the European sock market
- How many times a week do you play sports? Europeans' answer
- Value of sales - Manufacture of knitted hosiery items
- Production value - Manufacture of knitted hosiery items
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Latest news
H&M soars on Stockholm Stock Exchange after better-than-expected quarterly report - 27/03/2024
- Operating income: 2.08 billion kronor (~181.4 million euros), up from 725 million in the previous year, higher than the expected average of 1.43 billion kronor.
- Sales: halved by 2% to 53.7 billion kronor, while a larger decline was expected.
- At the beginning of the second quarter (March 1 to March 25), revenues increased by 2 percent.
- Gross margin: rose to 51.5 percent from 47.2 percent a year earlier.
- Net income: increased to 1.2 billion kronor from 540 million.
- Earnings per share: 0.75 kronor per share, up from 0.33 kronor.
- In addition, the following strategic actions are planned for the current year:
- Renovation of about 250 stores, including those in New York, Berlin, London and Stockholm, with a "significant increase" from the previous year.
- Opening about 100 new stores, mainly in growth markets.
- Closure of 160 stores in more established markets.
- Future goals and strategies:
- Aim to achieve a 10% operating margin for the current year.
- Improve customer offerings, their store experience, and the supply chain to increase sales.
- Analyst evaluations:
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- Bernstein believes H&M's performance was better than expected but is skeptical about achieving the Ebit margin target of 10 percent for 2024.
- Jefferies confirmed a "neutral" rating with a price target of 150 kroner.
- Deutsche Bank maintained a pessimistic rating with a target price of 140 kroner.
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H&M in search of identity: group entrusts new CEO with turnaround - 12/03/2024
- H&M Financial Results in 2023:
- Net sales: SEK 236 billion (about 21 billion euros), an increase of +1%.
- Annual operating profit: increased from SEK 7.1 billion to SEK 14.7 billion.
- Sales in Q4: decreased by 1% to SEK 62.6 billion.
- Operating profit in Q4: increased by 821 million to 4.33 billion kronor, below expectations by about 4.6 billion.
- Revenue decline in December and January by 4% year-on-year.
- H&M's Financial and Strategic Goals:
- Aim for a 10% ebit margin by 2024.
- Implementation of a cost-cutting program.
- Focus on nearshoring to support full-price sales and manage inventory.
- H&M's Collaboration and Differentiation Strategies: Guest collaboration with brands such as Karl Lagerfeld, Balmain, Giambattista Valli, and Rabanne.
- Comparison with Inditex (Zara):
- Zara has segmented its offerings and introduced capsules and special collections, collaborating with sportswear brands and designers.
- Inditex sales from Feb. 1 to Oct. 31, 2023: +11.1% increase to 25.6 billion.
- Inditex profit: increase by 32.5% to €4.1 billion.
- Competition from Shein and Temu:
- Presented as the 'third generation' of fast fashion, these brands are known for their ability to put hundreds of new items on the market per day at very low prices.
- Average price on Shein and Temu does not exceed 12 and 10 euros, respectively.
Oniverse (formerly Calzedonia), revenues at 3.1 billion, strong push on foreign retail - 29/02/2024
- Total revenues: 3.1 billion euros.
- Revenue increase from 2022: +2% at current exchange rates.
- Share of foreign sales: 62% of total.
- Number of stores at year-end: 5,644.
- New openings during the year: 314 stores (+6%).
- Number of stores in Italy: 1,912.
- Number of stores abroad: 3,732.
- Countries with most new openings: the United States, France, Spain and Brazil.
- Total investment: 563 million euros (openings, technology, logistics, ESG).
- Future initiatives for 2024: development of Intimissimi Uomo and redevelopment of existing Calzedonia, Intimissimi and Tezenis stores.
Oniverse (formerly Calzedonia) invests in omnichannelity: Digital Hub It kicks off in Naples - 31/01/2024
- **Oniverse Goal**: Respond faster to the needs of dynamic and ever-changing markets by ensuring scalability and reliability of omnichannel platforms.
- **Launch Digital Hub IT**: Starting in March this year, dedicated to the development and management of technologies related to the Salesforce world and beyond, located in the Maritime Station in Naples.
- **Induction program for new resources**: Training path supported by experts from the Federico II University of Naples and K2 Partnering Solutions to deepen knowledge about Salesforce in the first three months.
- **Contribution of new resources**: Upon completion of the training, they will contribute to the development of Oniverse's omnichannel roadmap.
- **Organized visits**: At headquarters in Verona and other national and international specialization hubs.
- **Oniverse brands**: Calzedonia, Intimissimi, Intimissimi Uomo, Tezenis, Falconeri, Signorvino, Atelier Emé, Antonio Marras, Cantiere del Pardo, Grand Soleil Yachts, Pardo Yachts, and Van Dutch Yachts.
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