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Historically, fashion by and large is an estrogen-driven industry. Almost everything important in the industry, and connected to fashion, invariably centers on women’s fashion. But as we all know, overall sales in the marketplace have plummeted as low as the S & P 500. That being acknowledged, not since the days of Louis, the Quatorze, have men preened more.
Representing a huge cultural shift, for the first time in American history, the financials of the fashion industry are stronger in the menswear categories. The menswear industry is practically on steroids, and menswear manufacturers are flexing their muscles. Unilaterally, menswear has shown, despite the downward trend in the economy, that it continues to not just hold its own, but shows modest to robust hikes in sales. Men are becoming more fashion conscious. Men are dressing up to go to the office. Men are aware of trends set by “Mad Men,” “Entourage” and even heavens to mergertroid…“Project Runway.”
To prove my point, without looking at just one report, let’s take a broad glance of the retail landscape.
• Saks is dramatically expanding its menswear program, investing beaucoup dollars, with expectations that the expansion will have increases in sales similar to last year's designer shoe reinvigoration (which was phenomenally huge).
• Men’s jeanswear (overall) increased 5.3 percent from last year to this year, accounting for more than $5.5 billion in U.S. sales alone. It may seem like a drop in the bailout bucket, but with $5.5 billion you can pick up almost three pairs of “True Religion” brand jeans.
• Tom Ford opened a 1,600-sq.-ft. “shop in shop” in Bergdorf Goodman, making his boutique one of the largest in the world. Please note that Daniel Craig, aka James Bond, will for the first time in the film's 50-year franchise history be wearing an American designer. Good-bye Saville Row. A la MasterCard, your British accent...$9 million dollars, Texas designer suits...priceless.
• While it may have fallen under your radar, Aeropostale reports that its menswear sales are up in the low 20 percent range--an astronautical accomplishment.
• Statistics may vary, but the consensus is that menswear sales rose 2.3 percent last year, while women's wear sales fell 3.5 percent. For every action there is an equal and opposite reaction.
• Barneys opened up its “Made-to-Measure Suite,” a full 1,100-sq.-ft. shop expected to increase their sales 10 percent to 15 percent in the first year--that’s custom tailored suits. (Lucy to Ethel, “Doesn’t Don Loper know any other number than 500?”)
Are the days of Vogue and Vanity Fair behind us? No, far from it. Like any pendulum, the counter weight travels in both directions. It will swing back, usually with a vengeance. But in the interim, look for more menswear, and more stylish men.
--Ron Knoth, Guest Blogger
Photo: Tom Ford
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