Clothing
and footwear market in Europe was affected by devaluation of Euro in 2015 but
is set to grow at a stable rate during 2015-2020. Post Brexit, the UK clothing
and footwear will witness increase in demand for value clothing as Britons seek
affordable and value-for-money deals to keep up with latest fashion trends.
Retailers are expanding their footprints in the high growth markets considering
their long-term potential. Notably, Russia, which was hit by economic sanctions
post Crimea crisis and devaluation of Ruble, shoppers are left with reduced
purchasing power which is affecting mid-price segment but luxury spending
remains stable. Multi-channel expansion will continue to drive sales in
European market, where consumers are increasingly desire for convenience,
personalization, and engaging shopping experience together with better price.
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Key Findings
-
European clothing and footwear retail market is expected to add US$70 billion
in sales by 2020 with Germany continue to be the largest market, accounting for
16.3% of the region sales
-
Hungary, Poland Romania will be the fastest growing markets during 2015-2020
while Russia is set to grow the fastest among the top five largest markets.
-
Clothing, footwear, accessories and luxury goods specialists are the largest
channel for clothing and footwear sales in the Europe, contributing 36% of
total sales in 2015
-
Value fashion and fast fashion brands which offer affordable and
value-for-money products are gaining more ground in the UK. Amazon has launched
Amazon fashion with several private label brands.
-
Fashion retailers such as Pimkie are exploring new retail touch points to
promote their sales outside their retail outlets by opening mini fashion bars
in partnership with hotels across Europe
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