The Market for Well-Dressed Men in Their 20s and 30s Expands... Department Stores Also Renovate Men's Sections

As men in their 20s and 30s increasingly invest in clothing and beauty just as much as women, the men's fashion market is growing, centered around the distribution sector. Major department stores are renovating by filling their men's sections with young, trendy brands and expanding these sections to capture the attention of young men, who have emerged as key consumers in the industry.

Shinsegae Department Store Gangnam Branch Exterior [Photo by Shinsegae Department Store]

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According to Shinsegae Department Store on the 6th, from January to July this year, the 'contemporary' category accounted for 49.1% of total men's fashion sales at Shinsegae Department Store Gangnam branch, reaching nearly half of the market share. The contemporary sales at the Gangnam branch increased annually from 45% in 2021 to 47.7% in 2022. 'Contemporary' means 'of the same era, modern' and in the fashion industry refers to emerging luxury brands favored by men in their 20s and 30s. During the same period, Lotte Department Store's men's contemporary sales also rose by about 10% compared to last year. Lotte Department Store has also become known as a 'fashion sanctuary' for young men, with contemporary sales increasing by 30% compared to the previous year.

As the 'grooming tribe' of men in their 20s and 30s (a newly coined term referring to men who invest generously in fashion and beauty) emerge as new major consumers in the industry, major department stores are filling their men's sections with brands popular among young people and expanding the overall men's sections. For example, in May, Shinsegae Department Store Gangnam branch expanded and relocated its men's contemporary section from the 6th floor to the new building on the 7th floor, adding many brands popular among young men such as 'Autry', 'Wild Donkey', and 'Sporty & Rich'. Shinsegae Department Store Gyeonggi branch also plans to open a new men's fashion section centered on contemporary brands in the first half of next year.

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Hyundai Department Store Pangyo branch, leveraging the area's characteristics of having many young high-income office workers, expanded its overseas contemporary specialty section on the 2nd floor to 2,479㎡ (about 750 pyeong) in March, bringing in numerous emerging luxury brands such as the American designer brand 'Gabriela Hearst' and the French luxury shoe brand 'Christian Louboutin'. Since then, the men's luxury section sales at Hyundai Department Store Pangyo branch in the first half of this year have increased by about 26% compared to the previous year, showing strong effects from the renewal. Lotte Department Store has also been undergoing major renovations since last year, increasing contemporary brands at its main and Jamsil branches.

An industry insider said, "Traditionally, department store fashion sales have been led by women in their 40s and 50s, but recently, as fashion spending by young men has increased, the industry views them as a new growth engine," adding, "We plan to continue introducing various brands popular among young consumers in line with changing consumption trends."

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