The next era of womenswear is upon us.
Yesterday’s tired market now reads like white space as more brands introduce women’s suiting in response to new demand.
On Friday, 15-year-old Indochino, a custom menswear maker, announced its expansion into women’s custom clothing. Two silhouettes of suits built with women’s bodies in mind are now being offered in eight stores in Toronto, Seattle, Vancouver and New York. Introduced the first dress.
Other companies that specialize in men’s tailoring have recently expanded into women’s styles and subsequently achieved results that prove the opportunity. Japan-based Kashiyama, which launched in the U.S. three years ago, is expanding its market with custom accessories options and will add women’s clothing in 2020. Sales in the category have grown each month, especially in the last eight months, according to BJ McCahill, VP of Kashima. Meanwhile, in late 2019, the Chicago-based sweatshop expanded its tuxedo business to include women’s styles, growing its revenue from $3 million to $20 million over the next two years.
The leaders of these brands say that the trends are working in their favor. Many women want to modernize their way to work to make them feel more comfortable and therefore trendy. From wearing other matching athleisure ensembles, you’ll want to sport a more casual look that’s just as effortless. Finally, there are those looking to update their current wardrobe with dresses that have a more formal feel than expected – as consumers become more budget-conscious, shopping for clothes has become a more important consideration.
Getting womenswear right for Indochino requires a slow and steady approach, says CEO Drew Green. “We were selling. [exclusively] 15 years for men; “We have a lot to learn,” he said.
Earlier, the company plans to introduce the women’s category to its e-commerce site and the rest of its product categories later this year, after finalizing its offerings and customer experience based on customer feedback. After opening six more stores between now and October, it will have 93 locations in 44 markets, none of which sell exclusively women’s styles. The plan is to eventually launch fabrics that cater to women’s preferences.
As Indochino has been “very conservative in budgeting” for a womenswear startup, there’s no pressure to move quickly, Green said. However, the company predicts the women’s business will be as big as the men’s within 10 years. Indochino sales grow 85 percent from 2020 to 2021.
“We’re growing at a rapid pace, and we’re operating profitably,” he said. “At the same time, we are investing in the business and maximizing all opportunities.”
In the next 12-24 months, Indochino plans to refine existing categories and introduce new ones. It launched outerwear and casual wear before the outbreak and has since built on the latter. Green said he expects the partnerships in the works, set for 2023, to be a commercial “accelerator”. However, he has no plans to receive additional funding.
Until the launch of the wider women’s collection, Indochino will stop investing in any traditional, channel-wide marketing search, social, display media, affiliates, out-of-home, radio and TV. “Celebrities and athletes fans” will eventually be included, he said. On Friday, the company sent out a press release and promotional email to existing customers, and posted about the launch on its social channels. The green Indochino is expected to meet customers in store with their fiancees shopping for a wedding look.
Made-to-measure Indochino’s manufacturing partner, China’s Dayang Group, will undoubtedly benefit the company as it gets womenswear off the ground. The group produces brands including Ralph Lauren and J.Crew. Indochino woman – heavy labor must also be useful. More than “half the management team,” more than 50% of all employees are women, Green estimates. And COO Morgan Whitney said she brought her “perspectives” to the project, leading the womenswear launch. No new hires are required to start the category, although store associates are trained on how to adapt to the new styles.
But the company is entering with an open mind about how consumers will react to the style. According to Greene, following a soft launch in the women’s category, a female customer in Seattle bought a jacket with the women’s “Madison” print and pants from the men’s collection. “She just loved her cut [men’s] Pants are better,” he said.
He added, “Our customers love being able to have fun and get a truly custom look. And we want to serve all genders. [Womenswear] It’s the next adventure.”
There is a clear possibility. Meanwhile, Onward Group-owned Kashiyama has seen women’s apparel grow to 20% of its U.S. business. The variation was developed based on a desire to include oversized jackets with “a bit more edge”, cropped length and long sleeve jackets, wide leg pants and skirts that are wider and longer than pencil styles. It has also started offering fabrics in bright colors including yellow and purple.
“There are less cut and dry rules in women’s clothing,” McKell said. There is more freedom to play with image and scale, and the possibility of customization is guaranteed. [valuable] for women”
Kashiyama’s female consumer base includes working women, fashion lovers and women who see custom styles as self-expression, and women who write off the idea of wearing a dress on special occasions. Kashiyama is seeing interest from retailers looking to sell women’s styles, McKeel said.
“For a long time [during the pandemic]We were trapped in the house,” he said. “It feels good to be able to dress up again and show the world a little bit of kindness.”
While pre-pandemic conditioning options were often seen as outdated or stuffy, today’s offerings have managed to keep the category feeling fresh. With three-piece suits at Cool Girl Rouge, indie retailer The Frankie Shop and Ariel Charnas’ Thing Navy, the brand took time to relaunch on Friday. Versions that feature cropped flares have abounded runways and fast fashion types over the past couple of years. And rainbow-bright options are taking over. Just this week, fashion model-turned-entrepreneur Karlie Kloss wore the hot pink and orange versions while visiting Code Wise Klossy camps for teenagers — the second of which kicks off in 2020 the other day.
According to Kayla Marcy, market analyst at retail intelligence company Edited, the number of women’s-friendly options at US and UK online fashion retailers has increased 151 percent year-over-year. And the pre-Spring 2023 runways offered evidence that the trend is here to stay. Marcy points out the three-piece outfits seen on Victoria Beckham; The slouchy, single-breasted skirts at Stella McCartney and the preppy mini skirt at Philipp Plein. According to the May 2022 Grandview Research report, the women’s apparel and accessories market is expected to reach $16 billion at a compound annual growth rate of 4.8% from 2022-2028.
Many companies known for selling traditional clothing have been caught off guard by the pandemic, opening the door to new entrants and innovations. Both Brooks Brothers and J.Crew filed for bankruptcy, casual workwear sources including MM.LaFleur shifted their focus to business, and Indochino competitor Suisupply shuttered its women’s business Suistudio, amid other cuts.
Tapestry Inc. What Income Revealed About ‘Aspirational Luxury’
On Thursday, Tapestry Inc., the parent company of Coach Kate Spade and Stuart Weitzman, reported earnings for fiscal 2022. In 2019, it was up 11 percent from before the pandemic.
Brian Yarborough, consumer demand analyst at Edward Jones, said earnings came in above estimates but were still “a bit light”. Foreign exchange rates and the strength of the US dollar, as well as wind and air freight costs in China, were responsible.
“[Tapestry] “He’s doing a good job of controlling the things he can control.” During earnings, such strategic moves focus on cost savings by closing underperforming stores, drastically reducing SKU counts to achieve a more focused product mix, and reducing clearance items and putting cash behind the market.
Yarborough said brands in the “exciting luxury” market, such as Coach and Kate Spade, as well as Capri Holdings owner Michael Kors and others, should focus on meeting huge sales targets rather than moving. Profitability and placing the right product in the market. At the same time, they’ve shied away from discounting, which he says “will only damage the brand.” The result is a healthier, more rational, growing marketplace.
For Tapestry Inc.’s brands, recent payments include attracting and retaining new, younger customers. And Yarborough says he sees great opportunity for Coach and Kate Spade as the Chinese market takes off.
In the meantime, fans of Tapestry brands can expect more changes. such as “the price difference between them [aspirational luxury] And luxury players have never been bigger,” Yarborough said, adding that Coach is expected to raise his prices even more in the near future.
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