Financial Observation: 100 Billion Market In "Men'S Wardrobe"

On February 27, before the end of Xiaomi's press conference, the founder's leather clothes went on hot search. As of press release, # Lei Jun's press conference was out of stock in 5 minutes for the same leather clothing #, and the number of topic readers exceeded 31.683 million.

With the change of consumers' concept and the renewal of products, the market scale of men's clothing is expanding. Euromonitor research data shows that in 2024, the global men's wear market will reach 430 billion dollars (about 3109.2 billion yuan), while the Chinese men's wear market will exceed 600 billion yuan, and the global market share will continue to stabilize at 20%.

From work commuting to sports leisure and business travel, men's clothing scenes are constantly subdivided; From business leisure style, light outdoor business style to simple administrative style, men's clothing styles emerge in endlessly; From shopping guides to Amway in the circle of friends, Xiaohongshu and Tiaoyin "plant grass", men's consumption decision-making methods are constantly changing... "He Fashion" is activating more men's consumption power with a new ecological model.

A menswear brand store in Xidan Joy City, Beijing Photographed by Ji Xiaoling on Xinhuanet

   Selling out of "leather clothes" vs challenging traditional men's clothes

After the launch of Xiaomi, the sales of men's clothing brands represented by Dikoni and Shachi increased with the "launch model". On February 28, the second day of the press conference, the live broadcast data of the flagship store of Dikoni Clothing Diaoyin ushered in a growth peak, with daily sales exceeding 400000 yuan.

A person in charge of a leather clothing factory introduced that after the press conference, the brand manufacturer contacted the factory to add the same product, "the factory produces 300-400 pieces of 'same leather clothing' on average every day".

However, on the other side of the "hot out of the loop" leather clothing, the performance of traditional men's clothing enterprises is not satisfactory.

On March 18, the men's wear brand China Lilang released its 2024 performance report. In 2024, China Lilang's revenue will be 3.65 billion yuan, up 3% year on year, but its net profit will be 461 million yuan, down 13.1% year on year.

More than one company has the same situation. The financial report data of the first three quarters of 2024 shows that the operating income of Hailan Home is 15.159 billion yuan, down 1.99% year on year, and the net profit is 1.908 billion yuan, down 22.19% year on year; Baoxiniao's revenue was 3.536 billion yuan, down 3.59% year on year, and its net profit was 415 million yuan, down 25.19% year on year; The revenue of Hongdou shares was about 1.489 billion yuan, down 4.31% year on year, and the net profit was about 3.2928 million yuan, down 91.6% year on year.

"Some traditional men's wear enterprises, especially business men's wear, have outdated product styles and are unable to attract consumers. Some enterprises have problems in their production models, which lead to overstock of inventory and occupation of funds, which will also affect the income of enterprises." Mr. Zheng, an agent of a men's wear brand, said through analysis, "Compared with women's clothing with changeable styles, men's clothing has a fixed demand and low production difficulty, which is suitable for industrial production, but it also means that product homogenization is easy to occur."

"Because I have participated in many social occasions, there are several sets of business clothes in the wardrobe, and there were just a few men's clothing brands before, and the products are similar." Wang Hao, who often travels on business, introduced, but in the past two years, he clearly felt that, even for more formal occasions, people are no longer just wearing "suits and shoes", but casual suits, fashion jackets, wide windbreaker, etc, I have more clothes.

A number of practitioners in the clothing industry said that the popularity of "the same style" men's clothing largely comes from the traffic effect of "online celebrity". Although this phenomenon is accidental, it reflects that men's clothing consumption is gradually going out of the traditional inherent cognition and consumption mode, and there is a new trend of socialization, diversification and personalization.

   From product orientation to value orientation, men's wear consumption has been "reshaped"

To the surprise of Xiao Yu, a senior, when he went home for the Spring Festival this year and took his 60 year old father to the shopping mall to buy clothes, his father didn't choose some conventional men's clothing brands, but went straight into the Biyin Lefen store and bought a jacket worth more than 2000 yuan. With her father's introduction, she knew that the first part of the "Chinese golf dress" was very popular in the dithering.

In fact, like Xiaoyu's father, there are many male consumers who obtain fashion information through social media. On the little red book, there are more than ten million notes on topics such as "boys' clothing recommendation" and "boys' sense of sophistication"; In terms of dithering, the number of related videos played under the topic of # Boys' Wear and Match # exceeded 99.01 billion.

"In pursuit of individuality and quality, male consumers pay more attention to brand cultural value identification, and emotional links with products, rather than just functional needs." The relevant person in charge of Jinba brand said that not only is the new generation of young consumers becoming more and more personalized, but also the clothing needs of middle-aged men are very diverse and segmented.

From the men's clothing style of "wearing within the system" and "office style" of the popular Little Red Book before, to the brands such as Bienlefen and Dikoni that became popular because of the "same product" of online celebrities, it reflects that men's clothing consumption is changing from a pragmatic product orientation to a value orientation of social needs.

In addition, with the rise of outdoor sports and the fashion trend led by social interaction, the styles of men's clothing have become more abundant, including commuting style work clothes, light and familiar style business clothes, simple style sports clothes, and quiet and luxurious style suits.

Wang Hao said: "In the past, when buying clothes, we paid more attention to whether the image was mature and stable, but now we are more decent, comfortable and fashionable."

Source: Yien Marketing Think Tank, data statistical cycle: November 2023 to October 2024 (Diaoyin, Hongshu, Weibo and other social media channels)

   Product innovation, technology upgrading, exploring more possibilities

"The age of the customer group of men's wear products is changing, and the brand needs to launch different products to meet the preferences of new and old customers," said Ah Fu, a senior expert in the clothing industry.

"On the other hand, the clothing market is moving from the era of wholesale to the era of retail." He introduced that the traditional men's clothing brand is dominated by the agency model. After entering the era of retail, the e-commerce platform has kept the product price low, and it is difficult for agents to sell at the original price, which requires the brand to adjust the distribution system in terms of operation and management to stabilize product sales.

So, how can men's wear enterprises create more market increments in the new market environment? Brands have given their own exploration plans.

"The market has entered the consumer era, the men's race track products are gradually homogenized, and the brand growth is increasingly tired." The relevant person in charge of Jiumuwang introduced that after fully examining the development situation of the clothing industry, the brand embarked on the road of strategic change.

First, through signing star spokesmen, we improved brand awareness and refreshed the stereotype of Jiumu King in young consumers' minds. The second is to meet young consumers' diversified wearing and matching needs by creating a "five pants" series product matrix, helping the brand achieve growth and vitality.

The relevant person in charge of Youngor said, "In the face of the arrival of the younger market, we should explore more tracks through brand cooperation, mergers and acquisitions. In the main brand Youngor, we should develop business segments such as business travel, business leisure, wedding, business women's wear, to better meet the clothing needs of core consumer groups."

At present, there are Youngor MAYOR、CORTHAY、HART MARX、 Eight brands, such as Hanma Family, meet the clothing needs of different people, different personalities and different scenes.

"Cooperate with artists, and integrate the aquatic horse tail show, shadow play, bamboo weaving, etc. with the products," said the relevant person in charge of Powerbar, "rediscover our business leisure value, use accessories, and use new product design concepts to lead the upgrading and evolution of business scenes."

According to Muwang Jiu, the brand actively integrates the world's top resources, cooperates with international luxury designers to launch series co branded models, international fashion week shows, etc., and continuously improves the fashion power of products.

In addition, the person in charge of Youngor revealed that the current business conference halls that Youngor focuses on develop take "all scenes, all categories, and all customers" as the core concept, create an immersive experience space integrating shopping, social networking, and culture, and explore how to improve brand competitiveness and user experience with the help of digitalization and intelligence.

Some use scientific research and development to improve product functionality and competitive advantage.

For example, Seven Wolves upgraded the outdoor assault suit and launched a new series of business travel jackets. In the jackets, inflatable pillows that fit the human body's curves are built, and technology components for heating and massage are added; San Cano under Hailan Home adopts intelligent AI workshop to launch "six dimensional elastic pants", "three proofing black and white small T" and "all-around jacket".

From simple dressing to refined dressing, from "one suit is enough" to "full set of arms", it has promoted the 600 billion men's clothing market to leap. Men's wear brands need to be resilient enough to seize the opportunity, adapt to the market, achieve transformation and upgrading, and occupy a place in the surging clothing market.

(Source: Xinhuanet)