Formal shoes are used in formal events to leave a good impression as they provide a good fashion statement. It is available in different colors, shape and styles. The formal shoes are worn during the meetings, formal occasions, dress code parties and others. Moreover, it is an expensive sector of apparel market, but it provides nice looks to the formal attire. Hence, the increasing popularity due to its style and comfort is driving the market.This growth is primarily driven by Changing lifestyle of consumers is fueling the market growth. The formal shoes provides a good fashion statement in formal attire. In addition, different styles and shapes are available which is attracting the consumers towards it. These features are increasing the value and is affecting the market growth positively..
Globally, a noticeable market trend is evident Adoption of new trends among the consumers. Major Vendors, such as Kering (France), Cole Haan (United States), Burberry Group Plc. (United Kingdom), LVMH (France), Prada S.P.A. (Italy), PVH (United States), Hugo Boss AG (Germany), C &J. Clark International (United Kingdom), Derby Shoes (United States) and Boots (United Kingdom) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In November 2019, LVMH has signed an agreement to acquire Tiffany and Co. This acquisition will strengthen the position in jewelry and expand the presence in United States.
- Changing lifestyle of consumers is fueling the market growth. The formal shoes provides a good fashion statement in formal attire. In addition, different styles and shapes are available which is attracting the consumers towards it. These features are increasing the value and is affecting the market growth positively.
- Adoption of new trends among the consumers
- High Costs Associated with the raw materials
Rising Disposable Income in Developing Economies and Growing urbanization is increasing the demand in formal shoes
Fluctuating prices of raw materials
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