Apparel and Footwear in 2015 Trends Developments and Prospects

APPAREL AND FOOTWEAR IN 2015: TRENDS,
DEVELOPMENTS AND PROSPECTS

May 2015
INTRODUCTION
GLOBAL MARKET SPOTLIGHT
REGIONAL AND COUNTRY MIX
CATEGORY HIGHLIGHTS
FUTURE OUTLOOK
INTRODUCTION
Scope
All values expressed in this report are in US dollar terms using a fixed exchange
rate (2014).
All forecast data are expressed in constant terms; inflationary effects are
discounted. Conversely, all historical data are expressed in current terms;
inflationary effects are taken into account, unless otherwise stated.
Global Apparel and Footwear

US$1,749.5 billion
Western Europe
US$420.4 billion
Eastern Europe
US$111.5 billion
North America
US$364.3 billion
Latin America
US$152.3 billion
Asia Pacific
US$585.2 billion
Australasia
US$22.3 billion
Middle East and Africa
US$93.5 billion
Euromonitor International
APPAREL AND FOOTWEAR: TRENDS, DEVELOPMENTS AND PROSPECTS
Disclaimer
Much of the information in this
briefing is of a statistical nature and,
while every attempt has been made
to ensure accuracy and reliability,
Euromonitor International cannot be
held responsible for omissions or
errors.
Figures in tables and analyses are
calculated from unrounded data and
may not sum. Analyses found in the
briefings may not totally reflect the
companies opinions, reader
discretion is advised.
The global apparel and

footwear market delivers steady
performance despite softer
growth in China and much
weaker outlook in Russia and
Brazil. Meanwhile, a sustained
recovery in Western Europe
remains elusive and improving
economies are yet to provide a
significant growth boost to
apparel and footwear sales. This
report explores most prominent
trends from a geographic point
of view as well as key drivers
within apparel category
dynamics in the current global
market.
PASSPORT 3
INTRODUCTION
Objectives
The core objective of this report is to examine the current state of the global apparel and footwear industry
and determine the future prospects within the various regions and categories.
The regional and country mix section pinpoints recent developments in key geographic markets. The
analysis is informed by a number of factors, including shifts in demographic profiles, macroeconomic
aspects and the activities of multinational brands.
The category analysis section is informed by a number of factors, including shifts in disposable incomes,
cultural norms, and the activities of multinational brands.
The concluding part of this report analyses the future outlook of the global apparel market in both value and
volume terms, characterised by the ongoing power shift to emerging markets.
The report does not claim to be comprehensive, but rather seeks to offer high-level insight into key
developments and opportunities in the apparel and footwear industry at a time of continued macroeconomic
uncertainty.
PASSPORT 4
INTRODUCTION
Key findings
Resilient global growth
despite economic
headwinds
The global apparel and footwear market delivers another year of solid growth in 2014
despite weakness in key markets including China, Russia and Brazil and ongoing
difficulties in Western Europe.
Asia Pacific growth is

slowing but region still
remains the number one
opportunity
Despite a slowdown in the Chinese economy, Asia Pacific remains the largest regional
apparel and footwear market. International brands will continue to penetrate the regions
lower-tier cities especially in China where rising incomes will see market growth become
more widespread.
US continues solid
recovery
The US has shown solid post-recession recovery and the future looks promising. Although
in 2015 China will take its leading position as the worlds largest market, performance and
the expansion in the US will remain key for all fashion brands looking for global dominance.
Outlook for Western

Europe is showing
tentative signs of
improvement
Although 2014 brought virtually no growth to the Western European apparel and footwear
market, there are signs of a pick-up and positive momentum across some of the markets
including Greece, Spain and Portugal, and 2015 is expected to be a year of fragile recovery
following seven years of weak performance.
Menswear - the new

growth area for the
fashion industry
In 2014, the menswear category increased by 4.5% compared to 3.7% for womenswear,
and by 2019 will contribute and additional US$40 billion in sales to the global apparel and
footwear market, leaving considerable capacity for category development. Mens shirts,
jeans, and jackets and coats are forecast to be the star performers.
Sportswear and comfort

dressing to inspire
innovation across all
categories
The dynamic growth of performance and sports-inspired apparel and footwear has initiated
a slow-burning but inexorable shift to comfort dressing as part of daily lifestyles. The shift is
already visible across most categories, including denim, where brands are using innovation
to drive growth and meet consumer needs.
PASSPORT 5
INTRODUCTION
CATEGORY HIGHLIGHTS
FUTURE OUTLOOK
Resilient performance despite economic headwinds across BRICs

The global apparel and footwear market was valued at US$1,749.5 billion in 2014 maintaining a strong
growth rate of 4.5%. The pace of growth was on a par with 2013 and marginally slower compared to 20102012, as a result of ongoing challenges in Western Europe and weakness across major emerging markets:
Russia, China and Brazil.
Growth rates in Russia, which were previously projected at 10% in both 2014 and 2015, have been revised
downward to 6% in 2014 and -1.2% in 2015 (local currency, current terms).
2014 proved to be a difficult year for China too as the country posted its slowest growth for over a decade.
However, regardless of the slowdown, it is still predicted to overtake the US as the largest apparel and
footwear market in 2015.
Global Apparel and Footwear Market
BRICs: Apparel and Footwear Market
2009-2014
Growth 2011-2014
2,000
1,800
16
14
1,200
1,000
800
600
400
200
0
2009
2010
2011
Retail value sales
2012
2013
2014
% y-o-y growth
12
% y-o-y growth
1,400
% y-o-y growth
US$ billion
1,600
10
8
6
4
0
Brazil
Russia
2011-12
2012-13
India
China
2013-14
PASSPORT 7
Western Europe continues to hold back global growth
% y-o-y growth 2014
Over 10%
5-10%
2-5%
1-2%
0-1%
Decline
Western Europe is still dealing with

crisis legacies and remains the global
cold spot with sales continuing to fall or
post stagnant growth across a number
of key countries. That said, the outlook
for 2015 is promising with a tentative
recovery expected following seven
years of weak performance.
PASSPORT 8
China to secure top spot in the global ranking in 2015

Despite the current slowdown in GDP
growth, China has weathered the global
economic and financial crisis over 20102015 better than virtually any country and
the apparel and footwear market is well
placed to enjoy further growth over the
next five years.
Top 10 Apparel and Footwear Markets by Retail Value 2010

vs 2015 (Current)
In fact, the country is on track to overtake

the US as the world's largest apparel and
footwear market in 2015.
1. US
301
1. China
351
2. China
221
2. US
338
Unsurprisingly Western European

countries: Italy, France and Spain
experienced the largest fall in the top 10
ranking.
3. Japan
82
3. Germany
87
4. Germany
82
4. Japan
84
5. UK
73
5. UK
82
6. Italy
65
6. Russia
68
7. France
55
7. India
63
8. Russia
46
8. Brazil
57
9. Brazil
41
9. France
54
10. Spain
35
10. Italy
51
2015 is expected to be particularly

unfavourable for Italy with only 0.5%
projected real GDP growth, the lowest out
of all Eurozone economies.
As a result, many fashion brands may
consider the Italian market as a liability as
price competition is expected to become
even more intense.
2010
Ranking
2010
US$ billion
2015
Ranking
2015
US$ billion
PASSPORT 9
Sharper decline in global volume growth

Since the strong post-recession rebound in apparel and footwear sales, global progress in value terms has
been steady led by consumers trading up from unbranded to more premium branded products in emerging
markets and the phenomena of affordable luxury in developed countries.
The pace of growth in volume sales has been much slower than value as consumer confidence remained
low across many markets placing restrictions on non-essential household spending, including apparel and
footwear. Some of the highest volume declines were recorded in Ukraine, Italy and Japan.
Global Apparel and Footwear Value vs Volume Sales Growth 2009-2014
7
6
% y-o-y growth
5
4
3
2
1
0
2009-10
2010-11
World % value growth
2011-12
2012-13
2013-14
World % volume growth
PASSPORT 10
INTRODUCTION
CATEGORY HIGHLIGHTS
FUTURE OUTLOOK
Stuttering growth in emerging markets

Asia Pacific remained the world's largest regional apparel and footwear market in 2014 with faster growth
further widening the gap over Western Europe and North America. Sales in the region were valued at
US$585.2 billion in 2014, delivering just over 33% of the world's total. However, Asia Pacific along with
Eastern Europe were characterised by a slowing or stagnant pace of growth in 2014 as ongoing currency
weakness, political unrest and slower economic growth combined resulted in higher uncertainty among
consumers.
The most dynamic regions in 2014 were Latin America and the Middle East and Africa each growing by
10%. While Brazil remains a main player in Latin America, it was growth of over 30% in Argentina and
Venezuela that set this region apart. However, much of this value growth is inflationary and constant value
growth as well as volume growth presents a more modest picture.
The Middle East and Africa, dubbed fashions final frontier was primarily driven by dynamic increases in
Saudi Arabia, the United Arab Emirates and South Africa, which are lucrative markets under consideration
by mass and luxury fashion brands alike.
700
12
600
10
500
400
300
200
% y-o-y growth
US$ billion (fixed exchange

rates)
Apparel and Footwear Value Sales 2014 and Growth 2013-2014 by Region
100
0
0
Asia Pacific
Western Europe
North America
Latin America
2014
Eastern Europe
2014 % growth
Middle East and

Africa
Australasia
PASSPORT 12
Beyond Chinas shadow, India leads double-digit growth

Asia Pacific, as the leading region for apparel and footwear performance, while fundamentally shaped by
China, is also strengthened by a number of other dynamic markets. Aside from India in 2014, double-digit
growth was also seen in two other countries namely Vietnam and Indonesia.
While the outlook for China is unfavourable, Indias growth is going from strength to strength. In 2014, it
reached 15% in current terms and double-digit growth rates are also expected over the forecast period.
Therefore, it comes as no surprise that India has become a key next step in global expansion strategy for
major fashion brands. 2015 has been rumoured to see the entrance of two fashion heavyweights: Gap,
which in partnership with Arvind is planning to open 40 stores throughout 2015 and H&M, which announced
first store openings in the second half of the year.
Despite a number of strong performances the region does have a few weaker players where economic
factors and the more developed nature of the market have made growth difficult to come by. Japan, Taiwan
and South Korea all struggled to find significant value growth in 2014 as low-priced fashion brands
continued to gain market share.
25
20
20
15
15
10
10
5
5
0
% y-o-y growth
Absolute value growth (US$

billion) 2013/2014
Asia Pacific: Apparel and Footwear Growth by Country 2013-2014
0
China
India
Indonesia
Hong
Kong,
China
Japan
South
Korea
Philippines Malaysia
Absolute value growth (US$ billion) 2013/14
Thailand
Vietnam
Taiwan
Singapore
% y-o-y growth 2013-14
PASSPORT 13
Chinas slowdown deepens but growth is still substantial

Chinas contribution to Asia Pacifics apparel and footwear value sales rose from 50% in 2009 to 55% in
2014, highlighting the extent to which regional performance hinges on this single US$324.6 billion market.
China has now seen its growth rate slacken over two consecutive years down to 7.9% in 2014, which is the
countrys slowest growth for over a decade. Although slower, this is still an admirable growth rate from a
Western perspective and China is still predicted to continue leading the future global growth contributing
over US$150 billion in additional sales by 2019.
Therefore, slowing growth is not a matter of concern as such, the real challenges lie elsewhere. As
consumers in China are getting accustomed to the realities of a slowing economy, they have also become
increasingly price-sensitive while simultaneously developing more sophisticated habits and being more
demanding in terms of quality and style. Alongside shifting consumer habits, including the exponential
growth of online retailing, the focus of fashion retailers now turns to preparing for long-term growth,
following the initial rapid rate of investment.
700
16
600
14
500
12
10
400
300
200
100
% y-o-y growth
US$ billion
China: Apparel and Footwear Sales vs Y-o-Y Growth 2009-2014
0
2009
2010
2011
China
Rest of Asia Pacific
2012
2013
2014
China % Y-o-Y Growth
PASSPORT 14
Hong Kong issues pose threat to sustained future growth

2014 proved to be a challenging year for Hong Kong,
which has the worlds third highest per capita sales of
apparel and footwear.
At the same time, retail rents remain extortionately

high with Hong Kong ranked as the world's most
expensive retail location, after overtaking New York's
Fifth Avenue in 2012, which results in deflationary
pressure on margins.
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
Hong Kong,
China
Japan
Taiwan
Hong Kong, China: Apparel and

Footwear Sales vs Growth 2009-2014
14
30
12
25
10
20
15
10
2
0
0
2009
2010
2011
Value size
Singapore South Korea
% y-o-y growth
The civil unrest undeniably stemmed the flow of

Chinese visitors crossing over from the mainland. This
is important because Chinese tourists account for
more than one third of Hong Kongs total retail sales.
US$ per capita
The Hong Kong protests started in the second half of

2014, but the apparel and footwear market had been
showing signs of slowing down much earlier in the
year. In April 2014, for example, Hong Kongs overall
retail sales were down almost 10% on the same month
a year earlier, their steepest decline in five years.
US$ billion
A number of fashion and luxury brands blamed

external pressures, notably Hong Kongs civil unrest,
for its poor performance.
Asia Pacific: Top Five Highest per Capita

Apparel and Footwear Markets 2014
2012
2013
2014
% y-o-y growth
PASSPORT 15
India shows huge potential but is still underdeveloped
However, 2014 brought rupee exchange rate

volatility creating an additional challenge to entering
this low per capita spending market and a number
of brands that had expressed interest were
understood to be deferring their first store
openings.
Indeed, the opportunity remains a difficult one to
capitalise on with per capita spending still very low
by global standards. Many recently-opened
shopping malls are struggling as rents in Mumbai
are some of the highest globally. Furthermore
expansion in India requires retailers to source 30%
of their supplies locally, which is proving a barrier.
60
15%
40
10%
20
5%
% y-o-y growth
US$ per capita
With its complex regulatory and bureaucratic

environment now loosened following the FDI reform
policy passed in September 2012 more dynamic
international activity was expected.
India: Apparel and Footwear per Capita

Spend 2009-2014
0%
2009
2010
2011
Value size
2012
2013
2014
% y-o-y growth
Rs Exchange Rates Against US$

2009-2014
65
Rs per US$
A booming middle class, rapid urbanisation and an

appetite for Western brands from its predominantly
young consumers, have all made Indias rapidly
growing US$55.5 billion apparel and footwear
market an attractive prospect for overseas brands.
55
45
2009
2010
2011
2012
2013
2014
US$
Both Gap and H&M announced plans to enter

India in 2015. Gap will work on Indian franchisebased expansion in partnership with Arvind
Lifestyle Brand Ltd and H&M is rumoured to open
its first stores in the second half of 2015.
PASSPORT 16
The explosion of mobile phone use and the m-commerce revolution

Although the share of sales via the internet remained
relatively low at 3.5% in 2014, the pace of growth has been
considerable with a 70% CAGR over 2009-2014.
India: Growth in Internet Apparel

and Footwear Retailing 2009-2014
2,000
To a large extent, the growth was fuelled by ballooning

smartphone penetration and the number of internet users,
which in 2014 accounted for 193 million people, second only
to China and the US.
2014 was the year of acquisition of Myntra by Flipkart. Both

companies entered internet retailing in India in 2007 and were
pivotal in changing consumer perceptions of the channel. The
acquisition aimed at improved distribution and integration in
the internet retailing space in order to compete with global
players including Amazon, which launched in India in 2013.
US$ million
1,500
In April 2015, Flipkart announced plans to shut down its

website within a year and transition completely to a mobile
app which further highlights the rapid diffusion and adoption
of m-commerce among Indian consumers.
A significant number of fashion brands are available to
purchase online from multibrand e-commerce players
(Myntra, Jabong) in India despite the lack of store-based
presence. It is an effective way to generate brand awareness
prior to further expansion in the country.
1,000
500
0
2009
2010
2011
2012
2013
2014
Number of Internet Users: Top Five

Markets Globally 2014
200
400
600
800
Million users
China
US
India
Japan
Brazil
PASSPORT 17
Japans modest improvement under threat

The Japanese apparel and footwear market has struggled over 2009-2014 showing pronounced decline in
both volume and value terms; however, recently the country has shown some signs of improvement.
Following years of decline, the country saw minor 0.5% and 0.8% growth in 2013 and 2014, respectively,
assisted by the governments monetary and fiscal stimulus which temporarily revived consumer confidence.
In April 2014, VAT increased for the first time in 17 years from 5% to 8%, which had a crippling effect on
consumer spending despite the fact that a number of fashion brands including H&M decided not to pass
this increase onto customers.
The previously announced further VAT rise to 10% planned for October 2015 has been postponed by 18
months, which is likely to support a fragile recovery in spending power.
Success has been found in this difficult market with Gap accelerating the expansion of its Old Navy brand
in Japan. Opening its first store in 2012 it had already expanded to 42 stores by April 2015. With value
being key, Japanese consumers are responding well to this affordable fashion concept.
85
2%
84
0%
83
-2%
82
-4%
81
-6%
80
y-o-y growth
US$ billion
Japan: Apparel and Footwear Sales vs Growth 2009-2014
-8%
2009
2010
2011
Value size
2012
2013
2014
% y-o-y growth
PASSPORT 18
Eastern Europe growth threatened by Russia and Ukraine tensions

Over 2010-2013, Eastern Europe was one of
the worlds most attractive regions for apparel
and footwear sales, registering a CAGR of
over 9%.
Eastern Europe: Market Size vs Y-o-Y Growth

2014
12
Hungary
Growth came primarily from Russia,

delivering some 77% of absolute value
growth, with Ukraine being the second notable
contributor with a 11% share of growth.
10
Ukraine
% y-o-y growth
Following recent political turmoil, the future

success of the region is in jeopardy as
tensions between Russia and Ukraine
threaten to derail the economic progress
made to date.
Romania
Russia
6
Following a few years of decline, sales in

Hungary have now started to recover and the
country saw double-digit growth in 2014.
4
Poland
2
Czech Republic
0
0
10
20
30
40
50
Market size 2014 (US$ billion)
60
70
80
Similarly growth in Romania is picking up with

major fashion players recording impressive
results in 2014. Notably, Decathlon sales
were up by 30%, H&M sales by 38% and
Inditex has also experienced double-digit
growth rates amid recent new store openings.
PASSPORT 19
In constant terms, the total apparel and footwear

market is expected to see an even sharper 7% decline.
The mounting political and economic crisis, combined
with the roubles turbulence is proving to be one of the
industrys toughest challenges to date, particularly for
companies that have fairly significant exposure to
Russia such as adidas or Inditex.
Currently, most fashion brands are adopting a waitand-see approach to further expansion. That said, the
more audacious players (Gucci, SuperGroup) are
taking the risk of opening new stores in the middle of
Russias most severe financial crisis since 1998, betting
that these investments will yield long-term returns.
In addition, sharp devaluation of the rouble in 2014 has
prompted a number of consumer goods brands to
increase prices, adding further pressure to consumers
cautious approach to spending.
Russia: 2014 and 2015 Growth Previous vs Current

15
10
5
0
-5
2014
2015
Previous
Current
RUB Quarterly Exchange Rates

Against US$ 2014
50
RUB vs US$
Growth rates in Russia, which were previously

projected at 10% in both 2014 and 2015, have been
revised downward to 6% in 2014 and -1.2% in 2015
(local currency, current terms).
% y-o-y growth (current trems)
Russia expected to post decline in 2015
45
40
35
30
Q1 2014
Q2 2014
Q3 2014
Q4 2014
PASSPORT 20
Ukraine will be slow to recover

Following the Russian military intervention in Ukraine, 2015 is
expected to be a difficult year for the Ukrainian apparel and
footwear market with sales set to contract by almost 9% in
current terms as political and economic uncertainty will
negatively impact on consumers spending with apparel taking
more of a back seat compared to first necessity products.
Ukraine: Apparel and Footwear

Sales vs Growth 2009-2014
11
10
20%
9
As such demand for unbranded apparel, cheap Chinese

imports and second hand clothing is expected to continue to
prevail, especially in the near future.
Meanwhile, new entrants notably Intimissimi, Sinsay and Keddo

are proceeding cautiously in uncertain economic conditions.
H&M had also been set to join the Ukrainian market in 2014,
however those plans were postponed, most likely until later in
2015.
2014 also brought an increased level of patriotism following
Russias annexation of Crimea and the war in eastern Ukraine
spurred renewed interest in apparel with national symbolism. As
such, ethnic clothes, such as blouses with embroidery, enjoyed
a surge in demand.
15%
8
7
US$ billion
A number of international fashion brands including River Island,

Esprit, New Look and Lee Cooper left the market towards the
end of the review period.
25%
10%
6
5%
5
0%
4
3
-5%
2
-10%
1
0
-15%
2009 2010 2011 2012 2013 2014
Value size
% y-o-y growth
PASSPORT 21
Western Europe shows only little change in direction for now

Apparel and footwear in Western Europe showed virtually no growth in 2014 echoing its 2013 performance
at US$420.4 billion. This flat performance masks a reasonably wide variation in growth.
Greece and Spain have finally returned to positive growth following five years of consistent negative
performance. However, conditions continue to remain difficult in Italy, where the apparel and footwear
market is expected to contract by US$8.9 billion by 2019, dragging down the regions overall future growth
trajectory.
France and the Netherlands also contracted in 2014 as consumers are becoming more accustomed to
significant discounts and frequent promotions. Economising attitudes and the ongoing democratisation of
information over price incentives via the internet were the main drivers of this trend.
The two largest Western European markets, Germany and the UK, both showed modest growth of 1% in
2014 reflecting continued consumer caution and price sensitivity.
90
80
70
60
50
40
30
20
10
0
12
10
8
6
4
2
0
-2
-4
-6
-8
Germany
United
Kingdom
France
Italy
Spain
Turkey
Market size 2014
Netherlands
Sweden
% growth 2013
Austria
Norway
Portugal Denmark
% growth
US$ billion
Western Europe: Market Size vs Growth by Country 2014
Greece
% growth 2014
PASSPORT 22
A cautionary tale as bargain-hunting US consumers drive market
US: Volume, Value and Unit Price

Growth
2009-2014
7
5
% y-o-y growth
After a difficult recessionary period, the US market is

looking relatively healthy with growth in 2014 outpacing all
Western European markets, with the exception of Turkey.
This was no dramatic spending boom as consumers
continued to spend cautiously and shop around; according
to industry sources over 30% of consumers use
smartphones to compare apparel prices.
Consumers took advantage of a consistent sales
environment especially over the holiday season. This
approach had a negative impact on value growth which
decreased in 2014 compared to the previous year.
Key beneficiaries were bargain shopping stores, fast
fashion brands and inevitably online options where price
comparison is readily facilitated. A number of apparel
companies are catering to consumers desire for low prices
by expanding their selection of outlet stores. Nordstrom,
for example, announced that its off-price stores will
become key to company strategy.
The price-sensitive US environment appears to be the
perfect match for the UK retailer Primark, which is planning
to enter the market in 2015. The winning combination of
rock-bottom prices, on-trend product and attractive store
designs is likely to add to the already extremely
competitive apparel retail environment, particularly in the
teen fashion segment.
-1
2009-10
2010-11
Volume
2011-12
2012-13
2013-14
Value
PASSPORT 23
US growth spurs expansion of overseas players

Primark is not the only overseas brand betting on the US market.
A large number of foreign retailers continue to look to the US
partly in response to challenging growth in other parts of the
developed world especially Western Europe.
US: Growth of Selected

Overseas Retail Brands
2009/2014
2,500
H&Ms expansion has been particularly dynamic as its sales

posted a CAGR of 18% over 2009-2014. The brand was also one
of the largest value contributors to overall apparel and footwear
growth delivering US$1.1 billion additional sales over 2009-2014.
Fast Retailings Uniqlo brand, although with much lower presence

compared to H&M, is currently undergoing the next stage of its
US expansion, which will see it open new stores on the east and
west coasts and in the central region.
The retailer has announced bold plans to own 200 stores by
2020, part of its broader push to become the world's top fashion
retailer. Fast Retailing also made a large acquisition at the end of
2012, acquiring US operator J Brand - the market leader in
womens super premium denim.
US$ million
Building on this success, in October 2014 H&M opened the first

US stores of its two sister brands - the more upscale offshoot &
Other Stories as well as COS, well known for its sharp,
minimalistic chic.
2,000
1,500
1,000
500
0
H&M
Zara
2009
Uniqlo
2014
PASSPORT 24
Inflation and economic woes distort Latin American growth success

Latin America: Volume and Value Growth
2009-2014
14
% y-o-y growth
12
10
8
6
4
2
0
2010-11
Volume
2012-13
2013-14
Value
Latin America: Market Size vs Growth vs

Inflation by Country 2014
60
70
50
60
50
40
40
30
30
20
20
10
10
0
Brazil
Mexico
Market size 2014
2011-12
Argentina
Venezuela
% y-o-y growth 2014
Colombia
Chile
% y-o-y growth & inflation rate 2014
2009-10
US$ per unit
Latin America was home to the worlds two fastestgrowing apparel and footwear markets in 2014 Venezuela and Argentina. The extent of value growth
has been exaggerated by excessive inflationary
pressures, indeed Venezuela saw negative volume
growth over the review period. A lack of foreign
currency and import difficulties in Venezuela have
distorted supply and unit prices causing them to rise
sharply.
Brazil meanwhile, the largest apparel and footwear
market in Latin America, is enduring its own struggles
too, as growth plummeted to below 3% in 2014 and
stagnant growth is expected over the forecast period.
Although recent years have seen a string of
international brands entering the market - Topshop,
Gap and Forever 21 to name a few - the operating
environment remains highly challenging with little
prospects for more dynamic growth until Brazil
reduces the costs of doing business and improves
infrastructure.
In the short term, the outlook for 2015 remains bleak
as upcoming tax increases and interest rate hikes will
weigh further on already weak consumer confidence
resulting in negative growth in constant terms.
% Inflation rate 2014
PASSPORT 25
Import barriers make Latin America tough but possible to crack

Regardless of the challenges, Latin Americas growing
apparel and footwear market is still an attractive
proposition to international brands faced with slow
growth in developed markets. It has been protected by
multiple measures aimed at fostering domestic rather
than overseas development, however high import tariffs
(in relation to Asian imports) and high operating costs
have not dissuaded multiple entrants.
The brands continue to arrive; in 2013, H&M Hennes &
Mauritz and US company Forever 21 arrived in Chile
joining long-established brands such as Inditexs Zara
and Gap. Forever 21 opened a second store in Chile in
2014. Zara has been well established for some time and
is now the market leader in both Venezuela and Mexico.
In Venezuela, import restrictions are hampering

domestic manufacturers too. As domestic capacity is
lost this is setting the scene for more potential overseas
entrants when the climate becomes more favourable.
Inditex: Zara Store Numbers in Latin America

2014
Country
Store
numbers
Apparel and footwear

brand share
10
0.5%
1.2%
Colombia
11
1.4%
Brazil
39
0.6%
Mexico
59
1.6%
Venezuela
10
2.2%
Argentina
Chile
International Brands Present in Latin America
The arrival of overseas brands with their well-funded

advertising campaigns does undoubtedly harm
domestic retailers although it does result in price
competition that benefits the consumer.
PASSPORT 26
Hosting the 2014 World Cup lifts sportswear sales

With 80 million people claiming to be actively engaged
in one or more sports, and approximately 60% of the
population being under 30 years old, sportswear in
Brazil is potentially a lucrative market.
25
20
% y-o-y growth
15
10
5
0
2009-10
According to FIFA, Brazil has the fifth highest

population of football players of the world, which
reached 13.2 million in 2013.
Brazils sportswear market is also set to feel the benefit

of hosting another high-profile sporting event - the
Summer Olympics in 2016 - as purchasing is expected
to rise from both domestic as well as overseas visitors.
2011-12
Apparel and Footwear
2012-13
2013-14
Sportswear
Brazil: Nike vs adidas Value Sales and

Growth 2014
2
20
US$ billion
As such, it is a key strategic market for two largest

global sportswear players: adidas (the official World
Cup sponsor) and Nike. In the case of Nike, Brazil is
already the companys fourth largest market globally,
behind the US, China and Japan.
2010-11
15
1
10
% y-o-y growth
In fact, sportswear was the only category in Brazil to

achieve double-digit growth in 2014 with better
performance compared to 2013 with a major boost
provided by sales associated with the FIFA 2014 World
Cup, despite the initial negative attention in the run-up
to the event.
Brazil: Growth in Apparel and Footwear

vs Sportswear 2009-2014
5
0
0
Nike Inc
Value sales 2014
adidas Group
% y-o-y growth 2014
PASSPORT 27
Middle East and Africa: Modern shopping centres boost growth

The Middle East and Africa region was the
The recent opening of Yas Mall signalled the start of the
fastest growing region for apparel and footwear transformation of the retail market in Abu Dhabi, which
in 2014, on a par with Latin America. However, aims to compete with Dubai. In 2014, Dubai opened The
given Latin Americas distorting inflation rates, Beach, a new shopping and lifestyle destination and
in constant terms the Middle East and Africa
started development of a new megamall, Mall of Arabia.
experienced much more dynamic growth.
New retail developments will not only increase local
United Arab Emirates, Saudi Arabia and South spending but also attract tourists. Numbers of Chinese
Africa lead the region in terms of value sales.
tourists, who recently discovered the United Arab Emirates
The youthful demographic in the region is a key as a shopping destination, are expected to soar, positively
impacting the luxury end of the shopping marketplace.
driver for both young fashion as well as
In terms of modern retail expansion plans, Abu

Dhabi (United Arab Emirates) leads the way
after following a period of undersupply.
16
10
14
12
10
6
4
-2
% y-o-y growth
An increasing number of women entering the

workforce is also influencing market
performance and sales of womenswear in
particular. In Saudi Arabia for example, the
employed female population rose by 6% to
reach 1.4 million in 2014.
Middle East and Africa: Market Size vs Growth

2014
Retail value sales (US$ billion)
childrenswear. Strong population growth in

Saudi Arabia in particular (12% over 20092014) is ensuring a growing market.
-4
United
Arab
Emirates
Saudi
Arabia
South
Africa
Market size 2014
Israel
Egypt
Morocco
% y-o-y growth 2014
PASSPORT 28
South Africa: Sub-Saharan Africas main shopping destination

The Middle East and Africa regions strong growth over the review period saw South Africa playing a pivotal
role. It grew on a par with Saudi Arabia and the United Arab Emirates, delivering 13% of the regions value
growth in 2014.
In the last three years South Africa has attracted a slew of international brands including Australian retailer
Cotton On, Gap, Topshop, Forever 21 and Zara. H&M is expected to follow shortly, with its first store in
Johannesburg set to open in 2015.
Many of the new entrants are not only targeting South Africas growing middle class but also see it as a
springboard to pan-African expansion. That said, potentially the shortage of prime location spots in key
malls is likely to put a ceiling on ambitious expansion plans.
Mall of Africa is one of the hotly anticipated shopping destinations due to open in 2016. It is reported to be
South Africas biggest single-phase mall development, and one year ahead of the opening some 83% of
total area has already been let, with major tenants including Zara, Gap, Forever New, River Island, Mango,
Lipsy London, Tommy Hilfiger and Express US.
Meanwhile, local brands, including the Foschini Group, Truworths and Edcon, which still hold the majority
of South Africas apparel and footwear market share, are streamlining their sourcing and improving speedto-market efficiency in order to keep the competition at bay.
South Africa: Top 10 Apparel and Footwear Players 2014
Billion units
15
10
% market share 2014
5
0
Edcon
Holdings Ltd
Mr Price
Group Ltd
Pepkor
Truworths
Woolworths adidas Group
Holdings Ltd Group Pty Ltd Holdings Ltd
(South Africa)
Foschini
Group Ltd,
The
Nike Inc
Pick 'n' Pay

Stores Ltd
Jordan
Footwear
PASSPORT 29
Australia: Western brands lead to a climate of lower spending

The recovery trend in the Australian economy, with growing GDP, declining interest rates and low levels of
unemployment, is having a positive impact on the apparel and footwear spending. With 2014 growth
reaching 2.7%, Australia has outperformed most developed markets and continues to present a lucrative
opportunity for fashion players.
Australias main allure lies in its ready-made Western culture and attitudes towards dressing, and a
business-friendly environment. The country also benefits from being close to the dynamic Asia Pacific
region, making it even more attractive to international brands that are set to benefit not only from domestic
demand but also from a healthy flow of Asian tourists, particularly from China, who can take advantage of
lower prices of major fashion and luxury brands compared to the Chinese market.
Australia: Apparel and Footwear Sales
and Growth vs Western Europe and the
US 2009-2014
3%
800
2%
700
1%
0%
18
-1%
17
-2%
2009
2010
2011
2012
2013
2014
000 trips
19
900
Y-o-y growth
US$ billion
20
Australia: Arrivals from Inland China

2009-2014
600
500
400
300
200
100
Australia value size

Australia % y-o-y growth
Western Europe % y-o-y growth
0
2009
2010
2011
2012
2013
2014
Number of trips
PASSPORT 30
INTRODUCTION
CATEGORY HIGHLIGHTS
FUTURE OUTLOOK
CATEGORY HIGHLIGHTS
Fashion-conscious males present huge opportunity for menswear

Male consumers are also increasingly turning to
the internet for fashion advice including a wide
variety of fashion blogs and forums detailing trends
with mens fashion in mind. Many men who would
normally have nowhere to start used these various
platforms as jumping-off points that piqued their
interest in fashion.
Growth in menswear is fuelled by two main factors:

greater focus on personal appearance combined
with large disposable incomes. Globally, mens
annual disposable income is still 50% higher than
womens.
Similarly in emerging markets, menswear

continues on an upward growth trajectory. In India,
for example, spending on menswear climbed 14%
in contrast to 11% for womenswear.
This has been mainly driven by millennial

consumers who are more willing to experiment with
different clothing styles and brands in order to find
their own personal style.
Global Womenswear vs Menswear Sales

and % Y-o-Y Growth 2014
700
600
500
400
300
200
% y-o-y growth
The trend is particularly prominent in the US where

menswear continued to push ahead of the overall
industry growth with 2.4% in 2014 compared with
only 0.6% for womenswear, as American men
have continued to embrace fashion as a way to
present themselves to the world.
Retail value sales (US$ billion)
Womenswear remains the cornerstone of the

apparel and footwear industry, with global retail
sales reaching US$662.1 billion in 2014 compared
to menswears US$439.9 billion. However,
menswear grew faster than womenswear for the
second consecutive year, reflecting a big sales
leap in both emerging and developed markets.
100
0
3
Womenswear
Market size 2014
Menswear
% y-o-y growth 2014
PASSPORT 32
CATEGORY HIGHLIGHTS
Higher unit prices translate into great potential in luxury menswear
To address this trend, In the past few years, an

increasing number of female-focused brands have been
launching standalone stores for their menswear offerings,
while department stores have been revamping their
menswear areas. July 2015 will also see an introduction
of New Yorks first menswear-specific fashion week,
following the London: Collections Men event first
introduced back in 2012.
250
200
US$
Additionally, the rapid rise of male purchasing power in

emerging markets, coupled with an increasingly
aspiration-fuelled consumption culture, is an obvious
opportunity for more stereotypical male luxury categories,
such as fine wines, spirits, luxury electronic gadgets or
watches. However, the newest and arguably most
untapped opportunity is in mens fashion and
accessories. As such, luxury menswear has an enormous
capacity for further category development.
Mens vs Womens Suits: Average

Unit Price in Selected Markets 2014
150
100
50
0
World
US
Men's suits
Western Europe
Women's suits
Menswear vs Designer Menswear:

Global Growth 2009-2014
8
% y-o-y growth
The average cost of menswear purchases for certain

categories is generally higher than in womenswear, as
men are more inclined to purchase brands they know and
trust. Men are also less frequent buyers than women and
the trend for disposable fashion is less pronounced in
menswear compared to womenswear.
6
4
2
0
2009-10
2010-11
Menswear
2011-12
2012-13
2013-14
Designer menswear
PASSPORT 33
CATEGORY HIGHLIGHTS
Sportswear continues on path of dynamic growth

Solid global performance of apparel and footwear overall would have been decidedly weaker had it not
been for the sportswear category. Surging consumer interest in health and fitness participation, coupled
with a big increase in the number of brands merging sportswear with fashion, pushed up sportswears
global retail value by 7% in 2014, the categorys strongest performance in seven years.
Most big-name fast fashion retailers now offer a wide range of sports-inspired apparel and footwear, and
sportswear brands themselves have upped their fashion credentials.
Performance sportswear is also pulling further ahead of fashion-inspired sportswear in terms of market
value. Millennials, in particular, have realised that running and other sports activities are good ways to lose
weight and get fit. Leading sports brands have thus responded with a wide range of technically
sophisticated and innovative products.
The US is the spiritual home of sportswear, both for performance and sports-inspired categories, and is by
far the biggest sportswear consumer in the world. Sales in 2014 increased by 8%, compared with just 5% in
China, the second biggest market, which suggests a significant shift in geographical consumption power
from East to West.
Sportswear Sales and Growth vs Apparel and Footwear Growth 2009-2014
300
8%
US$ billion
6%
200
150
4%
100
2%
50
0
% y-o-y growth
250
0%
2009
2010
Sportswear value size
2011
2012
Sportswear % y-o-y growth
2013
2014
Apparel and footwear % y-o-y growth
PASSPORT 34
CATEGORY HIGHLIGHTS
Athleisure trend inspires innovation in denim
Although 2015 is expected to bring a revival in

denim sales, mainly due to jeans featuring heavily
in S/S 15 catwalk collections of major fashion
houses including Burberry, Gucci and Stella
McCartney, it is crucial brands understand the
impact of athleisure and continue to innovate. For
example, functional denim incorporating fibres
such as Tencel allows brands and manufacturers
to align with the trend towards comfort by creating
jeans that are more soft and elastic compared to
standard products.
120
8%
7%
100
6%
80
US$ billion
It poses big strategic challenges for the leading

denim brands. VF Corp has even created a
special think-tank to help it come up with ways to
turn things around, and Levi Strauss had to cut
around 800 jobs in 2014 as profits plunged.
Jeans Sales and Growth vs Sportswear

Growth 2009-2014
5%
4%
60
3%
40
Y-o-y growth
Jeans generated slower global growth in 2014

than in any of the preceding five years. This is a
direct result of the growing popularity of sportsinspired fashion, also called athleisure, where
women are opting for comfortable yoga-wear or
sports-inspired apparel instead of jeans to wear on
a daily basis.
2%
1%
20
0%
0
-1%
2009
2010
2011
Jeans value size
2012
2013
2014
Jeans % y-o-y growth
Sportswear % y-o-y growth
PASSPORT 35
CATEGORY HIGHLIGHTS
Childrenswear: Building apparels future growth
Childrenswear Sales and

Growth vs Apparel and
Footwear Growth 2009-2014
180
7%
160
6%
140
5%
120
100
3%
80
2%
60
Y-o-y growth
4%
US$ billion
Despite the fact that the population of children aged 0-14 years
contracted in 2014 in a number of key markets, including China
and Brazil, the childrenswear category has performed strongly
and on a global level outperformed the overall apparel and
footwear growth.
In fact, in absolute terms, China was the second strongest
growing childrenswear market in the world in 2014, after India
(where the demographics are much more favourable). Brazil also
ranked in the top five growth markets in 2014, in absolute terms.
Western Europe proved to be the weakest performer in terms of
childrenswear growth, negatively affected not only by declining
birth rates but also by a permanent shift in post-recession
shopping patterns. Parents are now exerting higher levels of
thriftiness and frugality, and more often opt for second-hand,
rental and exchanged childrenswear given that such items
become quickly redundant as children continually grow in size.
That said, overall, the category is gradually evolving from a
comfort dressing approach to a more fashion forward
proposition, driven by major fashion brands focusing on
expanding their offer in the childrenswear category as well as the
impact of celebrity babies, social media and childrenswearfocused fashion blogs. The arrival of the second Royal Baby in
the UK in May 2015 is also expected to provide a boost to
growth.
1%
40
0%
20
0
-1%
2009 2010 2011 2012 2013 2014
Childrenswear value size
Childrenswear % y-o-y growth
Apparel and footwear % y-o-y growth
PASSPORT 36
INTRODUCTION
CATEGORY HIGHLIGHTS
FUTURE OUTLOOK
FUTURE OUTLOOK
Led by China, Asia Pacific will extend its lead

In terms of regional performance, Asia Pacific will extend its lead remaining the worlds largest regional
apparel and footwear market in 2019. The region will see apparel and footwear sales grow by US$120.2
billion over 2014-2019 at constant prices.
Western Europe is forecast to remain largely static in terms of both volume and value sales. However, it will
remain a significant market as well as retaining its strategically important pre-eminent position for fashion
design and style.
The rest of the world will become more significant too, led by emerging markets, primarily in Latin America
but also with notable value growth in the Middle East and Africa.
Regional Breakdown of Apparel and

Footwear Volume Sales 2014/2019
Regional Breakdown of Apparel and

Footwear Value Sales 2014/2019
800
700
600
Billion units
US$ billion rsp (constant 2014 prices)
Volume sales are however dominated by Asia Pacific with the region generating 80% of future volume
growth.
500
400
300
200
100
0
2014
Asia Pacific
2014
2019
North America
90
80
70
60
50
40
30
20
10
0
Western Europe
Rest of World
Asia Pacific
North America
2019
Western Europe
Rest of World
PASSPORT 38
FUTURE OUTLOOK
Middle East and Africa to provide fashions long-term growth

The Middle East and Africa is forecast to be the most
dynamic region for apparel and footwear over 20142019 with sales reaching US$115.8 billion by 2019.
With its modern and opulent shopping malls the

Middle East is a standalone growth story and is often
considered an ultimate shopping destination and a
favourable environment for the luxury segment of the
market. The United Arab Emirates and Saudi Arabia
are expected to contribute a combined US$10.2
billion to global apparel and footwear sales by 2019,
just short of the US$13.7 billion expected to be
generated by the US.
7.0
6.0
5.0
4
4.0
3
3.0
2
2.0
1
% CAGR 2014-2019
Indeed, dynamically growing awareness of global

fashion brands among African consumers, driven by
exposure to international media and particularly
accelerated growth in internet and mobile phone
penetration, combined with rising disposable incomes
should place Africa at the top of the list for any brand
keen to harness the long-term potential of the market.
There has been speculation about Africa being the

next Asia for the fashion industry, both in terms of
the consumer base as well as product sourcing.
Middle East and Africa: Forecast Growth

by Country 2014-2019
1.0
0.0
United Saudi
Arab
Arabia
Emirates
South Morocco Israel

Africa
Egypt

% CAGR 2014-19
PASSPORT 39
FUTURE OUTLOOK
Twilight of the BRICs and the next fashion hotspots

Although the position of the BRICs considerably weakened in
2014 and operating environments will remain challenging in the
short term (particularly in Russia and Brazil), BRICs will remain
key strategic markets for fashion brands over the long term.
Forecasts for Selected

Emerging Markets: % CAGR
2014-2019
Despite the slowdown, China alone is expected to contribute 48%

of global growth by 2019, with India the second largest contributor
at 11%.
However, there is also a group of smaller emerging markets that

will provide much-needed dynamism to global growth over the
forecast period.
Some of the countries to enter the limelight are Mexico and
Romania, with forecast CAGRs expected to reach 4.7% and 6.2%,
respectively.
Historically, Mexico has been overshadowed by Brazil, however
with the high costs of doing business in Brazil, Mexico is providing
better scope for profitability, especially given its huge population of
120 million potential consumers.
Romania on the other hand is expected to benefit from the tense
situation caused by the Russia-Ukraine conflict as businesses look
for growth alternatives within Eastern Europe. This is highlighted
by the fact that the economy in Romania grew 2.8% in the fourth
quarter of 2014 boosting consumer confidence.
% CAGR 2014-2019
United Arab Emirates
Romania
India
Saudi Arabia
China
Mexico
Hungary
PASSPORT 40
FUTURE OUTLOOK
Sportswear and comfort dressing to lead category growth
Sportswear: Forecast Growth by Region

2014-2019
16
30
14
25
12
20
10
15
10
% growth 2014-2019
Sportswear will continue on its upwards growth

trajectory, with sales from this category increasing
by almost 15% over 2014-2019.
Perhaps most significantly sales of sportswear in
North America and Western Europe will show strong
period growth of 12% and 8%, respectively, which
are impressive rates for developed markets and
particularly Western Europe which will struggle to
find growth within other apparel and footwear
categories.
One of sportswears main growth drivers, sportsinspired apparel or the so-called athleisure trend, is
now becoming part of everyday lifestyles rather than
just a passing trend and comfort dressing is
expected to lead sales across major categories of
both womenswear and menswear in the long term.
There is also speculation that sportswear could be
the next big thing in wearables, with everything
from MP3 players to smart phones being sewn into
garments, and with fitness devices embedded in
footwear.
This fusion of technology with clothing (which is
already taking place) could boost sportswears
participation even further. It appears clear, however,
that sportswear has picked up some powerful
momentum, and it is likely to be a growing threat to
mainstream footwear and outerwear.
4
5
2
0
Asia
North Western Latin Middle Eastern AustraPacific America Europe America East Europe lasia
and
Africa
% growth 2014-19
PASSPORT 41
DEFINITIONS
Definitions
Apparel and Footwear: This is the aggregation of womenswear, menswear, childrenswear, apparel
accessories, hosiery and footwear. This dataset covers retail sales of apparel and footwear through both
store-based retailers and non-store retailers. Excludes black market sales (ie untaxed, generated within
informal retailing) and duty-free sales (travel retail). Items must be new when sold to the consumer; secondhand/used items are excluded. Antique and/or vintage apparel and footwear is also excluded.
Womenswear and Menswear: This is the aggregation of womens/mens outerwear and women's/men's
underwear, nightwear and swimwear. Womens/mens outerwear is defined as women's/mens apparel for
outdoor/out-of-the-house wear. Includes shorts and trousers, jeans, dresses, skirts, jackets and coats,
jumpers, suits, shirts and tops. Knitwear products are included.
Childrenswear: This is the aggregation of baby and toddler wear, girls apparel and boys apparel. Covers
articles of apparel for children aged 0-14 years. Includes all types of garments: bodysuits, dresses, skirts,
jackets and coats, jumpers, leggings, shirts and blouses, shorts and trousers, jeans, skirts, suits, tops,
underwear, nightwear and swimwear. Nappies (diapers) - be they disposable or cloth - are excluded.
Footwear: This is the aggregation of childrens footwear, mens footwear and womens footwear. Includes
all mens, womens and childrens outdoor and indoor shoes made of materials such as leather, fabric or
plastic.
PASSPORT 42
FOR FURTHER INSIGHT PLEASE CONTACT

Magdalena Kondej
Head of Apparel and Footwear Research
magdalena.kondej@euromonitor.com
Twitter: @EMI_MagdalenaK
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APPAREL AND FOOTWEAR IN 2015: TRENDS,

DEVELOPMENTS AND PROSPECTS

Global Apparel and Footwear

APPAREL AND FOOTWEAR: TRENDS, DEVELOPMENTS AND PROSPECTS

The global apparel and

APPAREL AND FOOTWEAR: TRENDS, DEVELOPMENTS AND PROSPECTS

Asia Pacific growth is

Outlook for Western

Menswear - the new

Sportswear and comfort

APPAREL AND FOOTWEAR: TRENDS, DEVELOPMENTS AND PROSPECTS

GLOBAL MARKET SPOTLIGHT

Resilient performance despite economic headwinds across BRICs

Retail value sales

APPAREL AND FOOTWEAR: TRENDS, DEVELOPMENTS AND PROSPECTS

GLOBAL MARKET SPOTLIGHT

Western Europe continues to hold back global growth

% y-o-y growth 2014

Western Europe is still dealing with

APPAREL AND FOOTWEAR: TRENDS, DEVELOPMENTS AND PROSPECTS

GLOBAL MARKET SPOTLIGHT

China to secure top spot in the global ranking in 2015

Top 10 Apparel and Footwear Markets by Retail Value 2010

In fact, the country is on track to overtake

Unsurprisingly Western European

2015 is expected to be particularly

APPAREL AND FOOTWEAR: TRENDS, DEVELOPMENTS AND PROSPECTS

GLOBAL MARKET SPOTLIGHT

Sharper decline in global volume growth

World % volume growth

APPAREL AND FOOTWEAR: TRENDS, DEVELOPMENTS AND PROSPECTS

REGIONAL AND COUNTRY MIX

Stuttering growth in emerging markets

US$ billion (fixed exchange

Middle East and

APPAREL AND FOOTWEAR: TRENDS, DEVELOPMENTS AND PROSPECTS

REGIONAL AND COUNTRY MIX

Beyond Chinas shadow, India leads double-digit growth

Absolute value growth (US$

Asia Pacific: Apparel and Footwear Growth by Country 2013-2014

Absolute value growth (US$ billion) 2013/14

% y-o-y growth 2013-14

APPAREL AND FOOTWEAR: TRENDS, DEVELOPMENTS AND PROSPECTS

REGIONAL AND COUNTRY MIX

Chinas slowdown deepens but growth is still substantial

China: Apparel and Footwear Sales vs Y-o-Y Growth 2009-2014

Rest of Asia Pacific

China % Y-o-Y Growth

APPAREL AND FOOTWEAR: TRENDS, DEVELOPMENTS AND PROSPECTS

REGIONAL AND COUNTRY MIX

Hong Kong issues pose threat to sustained future growth

At the same time, retail rents remain extortionately

Hong Kong, China: Apparel and

Singapore South Korea

The civil unrest undeniably stemmed the flow of

US$ per capita

The Hong Kong protests started in the second half of

A number of fashion and luxury brands blamed

Asia Pacific: Top Five Highest per Capita

APPAREL AND FOOTWEAR: TRENDS, DEVELOPMENTS AND PROSPECTS

REGIONAL AND COUNTRY MIX

India shows huge potential but is still underdeveloped

However, 2014 brought rupee exchange rate

US$ per capita