By DANIEL BROWN | WASHINGTON — While men’s footwear may be on the upswing, the market is still dominated by men’s shoes.
In a new report by Euromonitor, the consultancy, the majority of women’s footwear is designed and manufactured by companies owned by men.
In fact, Euromonitors expects that men’s and women’s brands will share the same 80 percent share of the global market by 2023, compared with the current share of 60 percent, said CEO Alexei Krivoshev.
That trend has been driven in part by the popularity of women-owned companies, including women’s fashion companies like Burberry and Calvin Klein, he said.
Euromonitor’s analysis also shows that women’s shoes are gaining ground in the global marketplace.
In 2014, they accounted for only 10 percent of women worldwide, down from nearly 15 percent in 2010, and the share of women in the world’s footwear market has fallen to about 25 percent, from 30 percent in the early 2000s, the report said.
It’s not just men’s brands that are benefiting from a market share shift.
A number of smaller and independent companies are also growing and expanding their businesses to cater to women, said KrivOShev, the chief executive of Euromoniter.
The market for women’s goods is growing, too.
In the U.S., women made up 40 percent of all retail sales in 2015, up from 32 percent in 2006.
And the trend is set to continue, Krivroshev said.
In Asia, women are becoming more active consumers, which is helping them to purchase more clothes.
In 2017, women in Asia made up more than 50 percent of retail sales.
And as women increasingly wear casual wear, they are increasingly buying more formal clothing, Kravosheva said.