Britain’s leading fashion brands are hoping to give menswear sales a lift by targeting younger, digitally savvy male shoppers with live streaming and social media to promote the twice-yearly mens fashion week that began on Friday.
London is looking to establish itself as the leading menswear fashion capital over Paris, New York and Milan by dedicating four days to showcasing the latest trends — and designers and retailers are hoping to turn the catwalk buzz into cash.
“Menswear is evolving at a phenomenal rate,” said Darren Skey, Head of Menswear at luxury department store Harvey Nichols.
Photo: EPA
“We get customers coming into the store with images from the catwalks, inquiring when or if we are getting certain styles and looks in,” he said.
Menswear, long considered the least profitable segment of the fashion industry, is expected to rack up sales of £16.4 billion (US$25 billion) by 2018, still little more than half the £30.4 billion forecast for womenswear that year, according to research firm Mintel.
Annual sales of womenswear in 2013 came to £24.9 billion, far outstripping menswear sales of £12.9 billion.
Photo: Reuters
The move to tap in to the power of digital services follows an increase in the proportion of men shopping for fashion online, jumping from 52 percent to 65 percent in 2013, from a survey of 2,000 consumers aged over 16.
MR PORTER.COM, a luxury online retailer whose Web site attracts about 1.6 million visitors a month, will launch a clothing collection designed exclusively for the film Kingsman.
“Projects such as Kingsman are developed to reflect our pioneering nature and to ensure that we are providing our customers with something that they cannot get anywhere else globally,” MR PORTER buying director Toby Bateman said.
“They are also essential in developing brand awareness,” Bateman added.
Similarly, Topman — part of British retail billionaire Philip Green’s Arcadia Group — will create a video with London-based artist Natalia Stuyk to be screened at its catwalk show and shown online simultaneously as part of its live streaming.
Heritage brand Burberry will enable its customers to order clothes online right after watching a live stream of its show tomorrow.
Fashion brands will also be relying heavily on the use of social media to generate excitement around brands by collaborating with app developers and tech firms to create installations, online content and wearable technology.
Danish menswear brand SOULLAND created an app allowing users at its show to share it on social media, while youth label ADA + NIK will unveil a “Narrative Jacket,” a leather jacket with a built-in camera.
Harvey Nichols, which will showcase its collaboration with clothing brand Trapstar and artist Harif Guzman, said it expected its menswear department to continue to grow in the next few years, with a new focus on domestic customers.
“Over the past few seasons everything had been geared towards the international customer, but I feel it is now time to reinvigorate our local consumer,” Skey said.
Japanese technology giant Softbank Group Corp said Tuesday it has sold its stake in Nvidia Corp, raising US$5.8 billion to pour into other investments. It also reported its profit nearly tripled in the first half of this fiscal year from a year earlier. Tokyo-based Softbank said it sold the stake in Silicon Vally-based Nvidia last month, a move that reflects its shift in focus to OpenAI, owner of the artificial intelligence (AI) chatbot ChatGPT. Softbank reported its profit in the April-to-September period soared to about 2.5 trillion yen (about US$13 billion). Its sales for the six month period rose 7.7 percent year-on-year
CRESTING WAVE: Companies are still buying in, but the shivers in the market could be the first signs that the AI wave has peaked and the collapse is upon the world Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported a new monthly record of NT$367.47 billion (US$11.85 billion) in consolidated sales for last month thanks to global demand for artificial intelligence (AI) applications. Last month’s figure represented 16.9 percent annual growth, the slowest pace since February last year. On a monthly basis, sales rose 11 percent. Cumulative sales in the first 10 months of the year grew 33.8 percent year-on-year to NT$3.13 trillion, a record for the same period in the company’s history. However, the slowing growth in monthly sales last month highlights uncertainty over the sustainability of the AI boom even as
BUST FEARS: While a KMT legislator asked if an AI bubble could affect Taiwan, the DGBAS minister said the sector appears on track to continue growing The local property market has cooled down moderately following a series of credit control measures designed to contain speculation, the central bank said yesterday, while remaining tight-lipped about potential rule relaxations. Lawmakers in a meeting of the legislature’s Finance Committee voiced concerns to central bank officials that the credit control measures have adversely affected the government’s tax income and small and medium-sized property developers, with limited positive effects. Housing prices have been climbing since 2016, even when the central bank imposed its first set of control measures in 2020, Chinese Nationalist Party (KMT) Legislator Lo Ting-wei (羅廷瑋) said. “Since the second half of
AI BOOST: Next year, the cloud and networking product business is expected to remain a key revenue pillar for the company, Hon Hai chairman Young Liu said Manufacturing giant Hon Hai Precision Industry Co (鴻海精密) yesterday posted its best third-quarter profit in the company’s history, backed by strong demand for artificial intelligence (AI) servers. Net profit expanded 17 percent annually to NT$57.67 billion (US$1.86 billion) from NT$44.36 billion, the company said. On a quarterly basis, net profit soared 30 percent from NT$44.36 billion, it said. Hon Hai, which is Apple Inc’s primary iPhone assembler and makes servers powered by Nvidia Corp’s AI accelerators, said earnings per share expanded to NT$4.15 from NT$3.55 a year earlier and NT$3.19 in the second quarter. Gross margin improved to 6.35 percent,