London Fashion Week: Men’s – or LFWM for short – kicks off tonight with a show from ICEBERG, events from e-tailer ASOS, high street brand Topman and eyewear brand Kirk Originals. Amongst the fun and frivolity, not to mention the chats, the champagne and delectable canapés to keep the menswear crowd entertained, there is some serious money and numbers involved. Here, you can read the 10 most important points of business behind the 4 day event, bought to you by Mintel and the British Fashion Council, which traditionally begins ‘menswear month’ across Europe:
– The UK men’s clothing market grew by an estimated 3.5% in 2017 to reach £15bn, as sales of menswear outperformed sales of womenswear. Nevertheless, menswear remains around half the size of the womenswear market which is valued at £28.4bn, accounting for 26% of total clothing sales. London is one of the most culturally rich cities on the planet with world-class institutions and globally renowned talent and LFWM celebrates the diversity of our capital through an industry that directly contributes £29.7billion to the UK in GDP and employs 850,000 people (Oxford Economics 2017) while the city’s creative economy now employs 1 in 6 Londoners and contributes £47billion to the economy
– Menswear will grow by 11% between 2018 and 2022 to reach £17.1bn. In 2018 alone, men’s clothing sales will grow by an estimated 2.9% to reach £15.4bn.
– Over half (53%) of men spent £50 or over on their last shopping trip, compared to only 39% of women. Male shoppers (18%) are also significantly more likely than women (12%) to have spent over £100.
– In 2018 the British Fashion Council continues to focus on its Positive Fashion initiative, a platform designed to celebrate industry best practice and encourage future business decisions to create positive change. At LFWM Christopher Raeburn returns to the show schedule bringing sustainable fashion to a mainstream audience while designer Bethany Williams showcases her work with communities and charities on her collection ‘Breadline’ a 100% sustainable collection developed through an exchange programme in conjunction with the Vauxhall Food Bank and Tesco with 30% of profits going to the charity, continuing the cycle of exchange.
– Proving quality counts, men are more likely than women to be prepared to spend more on quality clothes that last, with 70% of male shoppers agreeing with this, compared to 64% of female shoppers. The importance of buying quality clothes rises to 76% of men aged 16-34.
– Men are increasingly shopping around for clothing, with supermarkets and online-only retailers now particularly popular. Overall, 35% of men have bought clothes from a supermarket in the last year, whilst 35% have shopped with an online-only retailer.
– 27% of male shoppers aged 16-24 want the clothing retailers they shop at to use models that represent the average person, this compares to 16% of men on average.
– The British Fashion Council’s NEWGEN initiative offers financial support and mentoring to the most talented emerging designers to showcase their June 2018 collections at LFWM and includes A-COLD-WALL*, Charles Jeffrey LOVERBOY, Kiko Kostadinov, Liam Hodges, Per Götesson, Phoebe English and Ones to Watch BIANCA SAUNDERS and paria /FARZANEH.
– There has been a big increase in young men buying sportswear, as 29% of men bought sports clothing in the last three months, compared to 19% in the three months to December 2016.
– Over a third (34%) of male shoppers agree that positive product reviews would encourage them to shop with a specific retailer. This rises to almost half (49%) of men aged 25-34.