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New York. Men have long been treated as an afterthought by luxury designers and retailers, given they spend far less than women on clothes and accessories.

But as men’s tastes grow more sophisticated, they are providing a new avenue for much-needed growth in the industry, executives said during the Reuters Global Luxury Summit.

That change is partly being driven by greater competition, where men are being challenged to improve their appearance, and a rising professional class in such countries as China.

“Men have become far more conscious of grooming, of taking care of themselves, of dressing well. And I think that is something that probably women have driven them into,” said Milton Pedraza, chief executive of New York-based Luxury Institute, a consulting company. “It is growing in Asia because people are now working in offices and they dress differently. It is more of a longer-term trend.”

The sartorial shift has translated into sales gains for top brands. Coach CEO Lew Frankfort said men’s accessories made up about 5 percent of sales now, and his company planned to open more stand-alone men’s stores.

“We are thinking about urban and nearby suburbs outside major metropolitan areas where there is a more discerning male consumer,” Frankfort said.

He added that as Coach became a global brand, “The No. 1 opportunity for us is China. We believe the opportunities are boundless in that market.”

Oscar de la Renta, renowned for its cocktail dresses and evening gowns, is also thinking of jumping into the fray and developing a line of men’s clothing.

But CEO Alex Bolen said the New York-based designer would be careful so as not to disappoint its clients.

“We are continuing to experiment with it. I want to do it, but I want to do it exactly the right way,” Bolen said, noting that the company would more likely do some high-end casual wear with a made-to-measure suit service.

Italy’s Valentino sees the men’s segment as a source of growth. CEO Stefano Sassi said men’s items accounted for about 8 percent of sales, a proportion that could double within three years.

Despite the potential men’s luxury offers, it may be limited to a few cosmopolitan centers and to a certain niche group of men, some executives said.

“Putting aside gay men, still — what is it? Eighty-five percent of the men’s underwear in America is bought by women? Wives still buy and still influence most of the purchasing habits for men in America,” said William Taubman, chief operating officer of US mall operator Taubman Centers.

At Saks, women’s apparel made up about 35 percent of total sales in 2009, more than double men’s clothing, and CEO Stephen Sadove said he did not expect that ratio to change much.

Some luxury retailers opening men’s stores have done so primarily because of space shortages rather than deliberate strategy decisions, Taubman said. “Having a separate men’s store creates an inconvenience,” he added.

Men still lag far behind women in their shopping habits. Online luxury shopping club Gilt Groupe said 25 percent of its members were American men.

And some despair of ever converting a very large number of khaki-clad, T-shirt-loving Americans to a higher sense of style.

“I believe the American male is largely ineducable. We need to focus on the segment of males that have real discerning taste,” said Coach’s Frankfort.



Reuters