Streetwear market analysis
Streetwear is becoming an ever larger sector of the global fashion industry. The style was started by the skateboarding and surfing communities and hip-hop culture. Its roots can be traced back to Los Angeles at the end of the last century. Our analysis shows what the streetwear clothing market looks like today.
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See the scan catalogueAccording to PwC data, the global streetwear clothing market was estimated at USD 185 bn in 2019. According to some estimates, this represents around 10% of the entire global clothing and footwear market.
Euromonitor International data for 2020 indicate that, as a result of the pandemic, overall sales of sportswear fell by 6% to USD 77 bn. According to LYST, a fashion search platform, demand for hoodies rose by 33% from April to May. Searches for baseball caps rose by 49%, and trainers were the most sought-after product category during the pandemic, with searches up 267%.
| Indicator | Value |
|---|---|
| Global streetwear clothing market value, 2019 (PwC) | USD 185 bn |
| Streetwear share of the global clothing and footwear market | around 10% |
| Sportswear sales, 2020 (Euromonitor International) | USD 77 bn |
| Change in sportswear sales, 2020 | down 6% |
| Increase in demand for hoodies, April–May (LYST) | 33% |
| Increase in searches for baseball caps (LYST) | 49% |
| Increase in searches for trainers during the pandemic (LYST) | 267% |
01
Who leads the streetwear clothing market?
Statista data show that in 2019 the largest players by revenue included VF Corporation (e.g. The North Face, Vans, Supreme), with USD 11.7 bn, and PVH (e.g. Tommy Hilfiger, Calvin Klein), with USD 9.9 bn.
According to the Rolling Stone ranking, the most popular streetwear brands are Supreme, Palace, Carhartt, Off-White and Nike.
02
What were the key acquisitions in the streetwear market in 2020?
Key acquisitions in 2020 included Moncler's purchase of Stone Island for USD 1.4 bn, VF Corporation's acquisition of Supreme for USD 2.1 bn and LVMH's takeover of Tiffany & Co. for USD 15.8 bn.
In 2020 some of the larger players in the streetwear clothing market made several important acquisitions. A few of them are worth mentioning:
| Acquirer | Acquired brand | Deal value (USD bn) |
|---|---|---|
| Moncler | Stone Island | 1.4 |
| VF Corporation (The North Face, Vans, Timberland) | Supreme | 2.1 |
| LVMH | Tiffany & Co. | 15.8 |
03
What trends and innovations are shaping the streetwear market?
Key trends include manufacturers' drive to cut greenhouse gas emissions by 30%, innovative materials such as recycled or anti-smog fabrics, digital pattern making and virtual clothing collections.
An important trend among clothing manufacturers is the drive to cut greenhouse gas emissions by 30% and achieve climate neutrality. The innovations being brought to market are shaping retail and helping companies operate more sustainably.
Anti-smog, filtering clothing
A visible trend in the clothing market is the use of innovative fibres and materials with exceptional properties, for example recycled materials, filtering clothing or anti-smog clothing.
Pattern making in digital form
Forecasts indicate that drafting clothing patterns (during the design process) with chalk and a ruler will become a thing of the past. As technology progresses, pattern making at this stage of garment production is expected to be done digitally.
Virtual collections
An innovation that may surprise many is so-called virtual clothing, which exists only in digital form and which can be "put on" using just a photo of a person. The first collection in this form has already been launched (in 2018 the Scandinavian brand Carlings released a limited collection of digital jackets, coats, T-shirts and trousers). This is a solution for people who are active on social media and want to appear there in fashionable clothing.
Author: Dominika Będkowska
Sources:
This text is not a full market analysis of the kind we carry out for our clients. It contains only selected information about the market, which we can expand on request.
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Source: MarketHub, "Streetwear market analysis", markethub.pl, 07.2021