Formalwear in Apparel Industry - Analysing Trends, Opportunities and Strategies for Success

Formalwear in Apparel Industry - Analysing Trends, Opportunities and Strategies for Success

Summary

The COVID-19 pandemic accelerated the shift in consumers’ fashion preferences towards more casual and versatile pieces, after widespread home working and event cancellations rendered formalwear relatively obsolete. Despite the easing of restrictions, this trend has continued due to more relaxed dress codes for offices and events, leading many formalwear specialists to struggle to maintain sales. Those that primarily sell suits have seemingly been the worst hit, with Gieves and Hawkes, TM Lewin and Brooks Brothers all falling into administration since 2020, though others like J. Crew and Ted Baker have also found it difficult to remain relevant. To survive, formalwear players must focus on revamping their ranges to cater towards consumers’ more casual styles, while also taking advantage of the heightened online penetration induced by the pandemic, by prioritizing investment in their digital propositions

The report includes analysis, brands, and trends associated with formalwear in the Global Apparel Market and the COVID-19 impact.

Scope

• Rising casualization poses a threat to formalwear specialists
• Reduced demand driving brands to remove formalwear from stores and instead focus on online
• Brands are utilizing collaborations to drive awareness and desirability among consumers

• Gain a comprehensive view of the Formalwear market and the impact of Covid-19 on it.
• Investigate current trends in formalwear categories