The Next Era of Women’s Suits Has Arrived

Yesterday’s exhausted market is now seen as a white space as more brands launch women’s suits to meet new demand.

On Friday, 15-year-old Indochino, a maker of custom suits for men, announced expansion into custom suits for women. Developed with the female body in mind, her two suit silhouettes are now available in her eight stores in Toronto, Seattle, Vancouver and New York. The first skirt also appeared.

Other companies specializing in men’s tailoring have recently expanded into women’s styles and have since reported results highlighting the opportunity. In 2020, we expanded our custom suiting options to the market and in 2020 included a women’s fit. Meanwhile, Chicago-based SuitShop expanded its tuxedo business to include women’s styles in late 2019, generating $3 million in revenue over the next two years, according to his vice president at Kashiyama, BJ McCahill. has reportedly grown from $20 million.

These brand leaders say the trend is working in their favor. Many women are looking to update the fit of their work suit to feel more comfortable and up-to-date. Finally, we want to modernize our approach to occasion wear by thinking beyond the predictable and more formal feel of the dress. There are also people

For Indocino, getting womenswear right will require a slow and steady approach, says CEO Drew Green. “We have sold [exclusively] 15 years for men. We have a lot to learn,” he said.

The company plans to roll out the women’s category to most of its e-commerce site and the rest of its showrooms as early as the end of this year, after it finalizes its products and customer experience based on customer feedback. After opening six more stores between now and October, there will be 93 stores in 44 markets, none of which will sell exclusively women’s styles. Ultimately, we plan to release fabrics tailored to women’s tastes.

Indochino has had a “very conservative budget” for its womenswear launches, so there’s no rush, Green said. But within 10 years, he predicted, the company’s women’s business will be as big as its men’s: From 2020 to 2021, Indochino’s sales increased by 85%.

“We are growing rapidly and we are profitable,” he said. “At the same time, we are investing in our business and maximizing every opportunity.”

Over the next 12-24 months, Indochino plans to improve existing categories and introduce new ones. We launched outerwear and casualwear just before the pandemic and have since built on the latter. Green said he expects the ongoing partnership, scheduled for 2023, to be a “accelerator” for the business. Still, he has no plans to seek additional funding.

Pending the launch of a wider range of women’s suits, Indochino will suspend its usual marketing investments across channels, including search, social, display media, affiliates, out-of-home advertising, radio and television. “Celebrity and athlete advocates” will eventually be included, he said.On Friday, the company sent out a press release and announcing emails to existing customers, as well as on his social channels about the launch. Posted. Green also expects Indochino to attract female customers in-store while shopping for wedding outfits with his fiancée.

Indochino’s manufacturing partner, China-based Dayang Group’s bespoke women’s clothing experience will undoubtedly benefit the company as it gets women’s clothing on the right track. The group produces suits for brands such as Ralph Lauren and J.Crew. Indochino’s female-dominated workforce should also prove beneficial. In addition to “half of the management team,” Greene estimates that more than 50% of her total workforce is female. COO Morgan Whitney led the womenswear launch, bringing “her take” to the project, he said. I was trained on how to fit in.

But the company is open-minded about how shoppers embrace its style. According to Green, following her launch of soft her category for women, female customers in Seattle purchased suits made up of jackets in the “Madison” silhouette for women and pants in her item for men. She said, ‘She just loved the cut [men’s] Pants are better,” he said.

He added: And we want to serve all genders. [Womenswear] Our next adventure. “

There is clearly an opportunity. Meanwhile, at Kashiyama, owned by the Onward Group, women’s clothing has grown to account for 20% of his U.S. business. Its dedicated assortment has evolved based on demand and includes oversized jackets that are “a little more edgy”, cropped and longer-sleeved jackets, and wide-leg pants and skirts that are wider and longer than pencil styles. is included. We also started offering fabrics in bright colors such as yellow and purple.

“Women’s suits have fewer cut-and-dry rules,” McCahill said. [valuable] to women. ”

Kashiyama’s female shopper base now includes working women, fashion-conscious women who see custom style as a means of self-expression, and women who write about the idea of ​​wearing dresses for special occasions. Kashiyama is now seeing demand from retailers who want to sell women’s styles, McCahill said.

“all the time [during the pandemic], we were stuck at home,” he said. “It’s nice to be able to dress up again and show the world a little bit.”

Pre-pandemic suiting options were often seen as outdated or stuffy, but today’s products succeed in making the category feel fresh. To coincide with the relaunch, it was rolled out by cool girl outfitter Rouje, indie shop The Frankie Shop and Arielle Charnas’ Something Navy. Cropped versions featuring her blazers have proliferated on runways and fast-fashion assortments over the past two years. And iridescent options are gaining popularity. Just this week, fashion model and entrepreneur Karlie Kloss wore back-to-back hot pink and orange versions when she visited the Kode With Klossy camp for teens. It was by Another Tomorrow.

According to Kayla Marci, market analyst at retail intelligence firm Edited, the number of women’s suiting options available at online fashion retailers in the US and UK has increased 151% year-over-year. And the pre-Spring 2023 runways provided proof that the trend was set to take hold. A loose single-breasted blazer by Stella McCartney and her preppy miniskirt by Philipp Plein. According to her May 2022 report by Grand View Research, the women’s suits and ensembles market will reach $16 billion from 2022 to her 2028 CAGR of 4.8%. expected.

Many companies famous for selling traditional suits have been battered by the effects of the pandemic, opening the doors to new entrants and innovation.Brooks Brothers and J.Crew both filed for bankruptcy, Formal workwear suppliers, including MM.LaFleur, have changed their focus to business casual, while Indochino competitor Suitsupply has closed its women’s business, Suistudio, while it makes other cuts. .

What Tapestry, Inc.’s Earnings Revealed About the State of ‘Aspirational Luxury’

On Thursday, Tapestry, Inc., the parent company of Coach, Kate Spade and Stuart Weitzman, reported earnings for fiscal 2022. The company hit a record $6.7 billion in revenue this year, up 15% from 2021. Pre-pandemic he is up 11% compared to 2019.

Earnings were better than expected, but still “a little light,” said Brian Yarbrough, consumer discretionary analyst at Edward Jones. This was due to foreign exchange rates and a stronger US dollar, as well as Chinese headwinds and airfares.

“[Tapestry] They’re doing a great job of controlling what they can control,” he said. This included a more centralized product assortment, a reduction in clearance products, and a continued focus on reducing costs while investing in marketing.

Yarbrough said brands in the “coveted luxury” market, including Coach, Kate Spade and Capri Holdings-owned Michael Kors, are focusing on profitability rather than operating to hit huge sales targets. and bring the right products to market. At the same time, they have moved away from discounting that “just hurts the brand.” The result is a healthier, more rational, and growing market.

For Tapestry, Inc.’s brands, recent payoffs include attracting and retaining new and younger customers. And Yarbrough sees great opportunities for Coach and Kate Spade once the Chinese market recovers.

In the meantime, Tapestry brand fans can expect more changes. As “price difference between” [aspirational luxury] Yarbrough expects Coach, in particular, to raise prices further in the near future.

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