The prevalence of gender stereotypes might soon be over, at least in the world of retail. Recent trends show that men are overtaking women in the luxury goods market, with men’s wear sales rising worldwide.
“Men’s items represent 50 percent of the market, according a 2012 luxury goods worldwide market study by management consulting firm Bain & Company,” shares Avinash Uttamchandani, general manager of Newtrends International Corp., a local retail network behind the mono-brand outlets for Timex and multi-brand concept stores such as Watch Republic and Meridian.
“The market for men’s fashion is increasing at a rate of 14 percent annually,” Uttamchandani adds, citing the 2012 Bain & Company study. In fact, prestigious department stores such as Harrods, Selfridges and Printemps have increased their retail space dedicated to men’s clothing, shoes and accessories to accommodate this ever-growing segment.
In the Philippines, the potential for growth in the male segment of the luxury goods market is greater than ever before. “The country’s rapid economic expansion and growing middle class is increasing the enthusiasm and desire for upscale brands among fashion-forward Filipino consumers,” says Uttamchandani.
Addressing the demands of affluent and stylish male consumers, Newtrends is introducing renowned watch brands to the Philippines with its newest concept store, Segnatempo.
A first in luxury retail for watches and accessories in the Philippines, Segnatempo caters to men who possess an appreciation for the intricacies of fine timepieces.
To discover Segnatempo’s catalog of premium men’s watches, visit their stores at the Ground Floor of Greenbelt 3, at the 3rd floor of Shangri-La Plaza Mall, or at the Newport Mall.