The branded menswear market faces a battle to retain market share this year as value and fast-fashion retailers including Primark, Topman and Zara benefit from a flight to value by male customers.
Primark, which is estimated to have had a 2.3% share of the menswear market in 2005, is forecast to double that figure this year to 4.6%, driven largely by an increase in store openings.
Primark is likely to have benefited from an increased focus on the category following the appointment of product guru Paul Marchant as chief executive in September.
Marchant was previously chief operating officer at New Look and was integral to the development of its menswear offer.
According to figures from Verdict Research, Topman’s menswear market share is also set to have improved from 1.7% in 2005 to 2.1% in 2010. Zara is set to command a 1% slice of the market in 2010, up from 0.5% in 2005 and H&M is gunning for an estimated 1.1% share this year, up from 0.9% in 2005.
Peters said: “At the value end of the market there has been a lot of activity and many males who may previously have purchased branded products will have been tempted to trade down.
“Though value clothing doesn’t have the same appeal to men as it does to women, the economic downturn, together with concerns of financial and job security, will have forced some men to cut back on their clothing expenditure and look at alternatives to well-known brands.”