Over the years, suit and blazer have evolved parallel to the preferences of the modern global consumer especially the country that has winter all year round. As most lucrative attires it’s taking vantage position gradually while brands are heading forward to produce it on large scale.
Growing demand
Rising disposable incomes, growth in purchasing power of the people from different socio-economic classes, increasing fashion consciousness and travels are driving the consumer demand for premium and luxury products.
As per Technavio, the rise in the adoption of sustainable manufacturing will have a positive impact on the growth significantly of the global waistcoats, jackets, and suits market.Also Read: To boost Bangladesh suit industry requires backward linkage support and strong negotiator
Trendy global suit fashion
When it comes to men’s clothing, nothing is more impressive than a suit. In western countries, young and teenagers prefer t-shirts and jeans always as streetwear dress, but in job interviews, corporate culture, court appearances and wedding functions they must choose blazers as symbolic dress code. Sometimes they are seen to wear both t-shirt and suit together.
- Plain navy, grey, or charcoal suit
Black is a common color for the suit segment. Transforming black to plain navy two-button with a notch lapel, it will give an extra dimension to look a rich fashion.
- Dark double-breasted suit
While single-breasted counterpart has proved its versatility and continued popularity, blazer lovers want to pick the right setting for a double-breasted blazer. Typically, six buttons lapels double-breasted suit created a craze among American bankers in the ’80s. This old fashion has come back again greatly among young people with stylish cut & shape. Many guys choose this option for its inherent flair.
- Check suit
It’s a lot more versatile than something anyone pair with leather leggings or a midi skirt! The traditional black and white variant of checked print is perfect for the office. But the Scottish tartan will give blazer lovers an exciting new look.
- Oversized blazer
The oversized, boxy, menswear blazer has taken over the runway and become a street style favorite for spring 2020.
- The dad look
Who knew dad would become such a style icon? For the oversized check blazer, fashion lovers go full force with the dad look.
- Knit, washed or floral print
Different washed and knit blazer is gaining popularity among customers. Pastel and cheery suits are trending during Covid-19 challenging times. Bright colors are great, especially for the summer vibe.
Global value of suit and blazer market
The blazer market looks like a positive growth even if the Covid-19 outbreak. Experts say, during the pandemic although the whole textile market shrinks, gradually business turns back while the critical situation is overcoming.
According to Statista, the value of jackets, coats and blazers product segment are about US$ 39 Bn & is expected to reach a value of US$ 134 Bn at a CAGR of 6.6% growth rate and account for 47% of the market share by the end of 2027.
Presently China controls the market share up to 70%. Bangladesh, Vietnam, Taiwan, Cambodia, Turkey, India, Pakistan, Sri Lanka dominate 15%, 10%, 4% & others 1% respectively. European countries like Italy, France, Portugal, and Romania also manufacture suits on an industrial scale.
The USA is the largest market export destination for Blazer. In global comparison, most revenue is generated in China who exported US$ 6.42 Billion worth of blazers during FY 2019-20, according to the Business wire.
Bangladesh exported US$ 200 million in the last fiscal year while US$ 196.01 million, US$ 174.8 million, US$ 144.06 million, US$ 122.89 million from Vietnam, Taiwan, Cambodia, India respectively.
Covid-19 impact on blazer business
Covid-19 has shaken up the world’s fashion sector like a hurricane. During a pandemic, total retail apparel sales have been decreased 28 to 32% in 2020, while luxury apparel sales have dropped 16.8%, says Trendex, a market intelligence company. It has also affected the blazers industry whose sales have fallen by 10% in the last 8 months globally.
Indeed suit, blazer, coat & jacket business has been “extremely slow” even since the end of lockdown. Hugo Boss, Gap, Bonobos, Uniqlo, H&M, M&S, Calvin Klein, Tommy Hilfiger, Ralph Lauren, Armani, Garry Weber, LPP, Diesel, Kaiser, Zara, Jack & Jones, etc popular brands lost at least USD 40 billion to sell high-end blazer. Garry Weber’s sales for the six months fell 43.3% to 140.5 million euros, 61.5% sales of M&S dropped of the first quarter of the year although it recovered 21.3% dramatically of the second quarter, PVH lost 43% high-end product sales in last 6 months amounted for US$ 1.2 bn.
Around the world, the second wave of Covid-19 has already been started while everybody thinks the first phase is ended almost. Already few European countries undergo lockdown. Undoubtedly this will hit the business again from the first months of the New Year.
Business insiders think the industry may take a minimum of four to six months to see business back to the normal track. Financially strong companies are expected to recover faster.
E-commerce sales are growing tremendously during the pandemic. Online sales have jumped 66%, as Hugo Boss launched e-commerce in 24 markets to meet its target for €400 million of online sales by 2024. Not only Hugo Boss, 34% surge in online sales of M&S but H&M also invested £530m – 45% of its total investments, 26.2% from Uniqlo and in average the online sales growth rate of premium quality blazer making brands are up to 46%.
