Allied Market Research published a new report, titled, “Women Formal Wear Market” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape.
Women’s formal wear has presented a new trend for corporate women to upgrade their formal attire according to the norms of the working culture. Numerous variants of shirts, skirts, trousers, jackets, dresses, and others are available in the women’s formal wear segment.
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The surge of professional women, requirement for daily outfit, changing fashion trends, growth of the fashion industry, investment in R&D, availability and improvement of various types of fabric, new product development, comfortable formal outfits, semi-formal wear, utilization of formal wear as causal outfit, working cultures, surge in designers, availability of women formal accessories such as cufflink and others, career-oriented women, tailored suits, customization of formal outfit, availability of numerous variants in colors, requirement of women’s formal wear in professional degrees and universities, large-scale production and orders, dress codes, seasonal outfits, launch of stylish designs in formals, maintenance of social status, enormous opportunity for innovation, surge in technology, low production cost, evolution of traditional formal wear, improved product quality, increased automation and technology for production, skin-friendly fabric, enhanced durability and strength of fabrics, high color retention properties, celebrity endorsements, e-commerce, gift cards, discounts and offers, social media promotions and increasing disposable income are the key driving factors for the growth of women formal wear market.
However, expensive designer formal outfits, increased global competition, unorganized market, and availability of substitutes hinder the growth of women formal wear market.
The changing trend in design and style has presented various opportunities for new product development. Recently the trend of women shirts, peg trousers, striped designs, pencil skirt, body cone formal dress, blazers, Indian formal sari, bow shirts, handbags, and others are leading the women formal wear market. They are available in a wide range of colors, numerous sizes for all body shapes, and customized options. The availability of formal accessories such as cufflinks, shoes and flats, stocking, scarf, belts, jewelry, and others along with the outfits is also leading the growth of women formal wear market.
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The key market players profiled in the report include GAP Inc., Inditex, Hanesbrands Inc., Aoyama Trading Co. Ltd.,M.H. Alshaya Co., Kering, L Brands Inc., PVH Corp., Mango, Burberry Group plc, H51 SAS, Brookfield Properties and Simon Property Group, Authentic Brands Group LLC, Prada Holdings S.P.A, ASOS plc, New Look Group Ltd., Kinnevik AB, Next plc, Ralph Lauren Corporation, Fast Retailing Co. Ltd., Espirit Holdings Ltd., Mexx Group, Arcadia Group.
The COVID-19 scenario has impacted the sales and revenue of women formal wear market. The decline in the availability of updated styles of women formal wear due to the shutdown of distribution channels such as specialty stores amid the lockdown regulations has impacted the sales of women’s formal wear market. However, e-commerce platforms have been proven beneficial, as the safe delivering system and sanitization practices are implemented. Additionally, several discounts and offers are offered to customers.
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