LONDON: Customers’ demand for casual clothing has surged significantly while sales of formal wear especially suits have plunged, depicting a major shift as a large number of people didn’t wear a suit for months amid the Covid pandemic.
Reports in international media claimed that the change in routine after the pandemic affect the sales of suits while it has also increased sale of casual clothing as compared to months before the Covid outbreak as a number of people used to work from home while others stayed indoors in the new world.
The Covid induced lifestyle didn’t initiate the decline in men’s officials wear as the business has already been affected for years especially in the United States and some European countries, where the old school clothing is coming to end while youth is turning to casual as top firms have also relaxed strict dress codes.
This paradigm shift is having profound consequences across the supply chain turning over a sartorial sector spanning across the globe. Many of the occasions which demanded official clothing are also on pause or taking place remotely however some spots like clubs bouncers or newscasters are donning the sophisticated attires while they don’t need new ones.
Businesses of some of the top wool producers have also been in freefall, hitting record low while many of the classic tailored brands, who stayed for decades, filed for bankruptcy, some of the examples include Men’s Wearhouse and JoS A. Bank.
Earlier, Manhattan-based Brooks Brothers and other companies claimed bankruptcy while brands like Neiman Marcus and Lord & Taylor, also liquidate stocks to remain in business. American Fashion brand Ralph Lauren, which is considered the top name in clothing for dressier occasions, claimed that its sales had dropped around more than 65 percent as compared to last year.
British multinational retailer Marks & Spencer announced stopping stocking suits across more than half of its 245 clothing stores in wake of changing lifestyles. Reports cited that their online sales have affected 15 percent while a mammoth drop of 72 percent was recorded in stores.
Some reports quoting market research providers cited that there will be around 24 percent plunge recorded in sales of men’s suits – a loss equivalent to $1.5 billion. Sales were recorded at $2.1 billion in the US around five years ago, but it’s now dropping which has also forced many of the retailers to drop their prices other than shutting down the business.
With the clear changes over the years, tailored firms mulled to shift into casual clothes, however, it still faces numerous difficulties. Furthermore, sales of dress shoes have also dropped as compared to the pace of pre-Covid times.
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