Formal shoes segment caters a significant share of the global shoes market. The formal shoes industry includes shoes for business and formal occasion for both men and women. These shoes are of many types and are generally made from leather or synthetic leather. The types of leather used can be of various types such as patent, long and short grain, suede, and others. Authentic formal shoes are comparatively costlier from the casual types as they are made up of finished leather and designed for a polished look. . Rising commercialization & globalization of businesses and demand for branded footwear in lieu of increasing disposable income, has resulted in the market growth of formal shoes industry. Also, better finish, unique designs, and increased durability of formal shoes is having a positive impact on the market.
Based on the type, the global formal shoes market includes
ballerina, mules, oxfords, brogues, derbys, boots, and others. Ballerina type
of formal shoes dominated the shoes segment for women due to their multipurpose
usability and comfort. However, mules are doubling-up with a higher growth rate
with their new designs to cater quickly changing fashion trends. Among men, the
segment is dominated by oxfords which are some of the oldest type of shoes
reinvented with new designs and advanced material. Oxfords are expected to
remain dominant during the forecast period. However, because of their use in
both formal and casual use along with material-use freedom, boots are
expected to grow with the highest growth rate.
The market of formal shoes has been divided on the basis of
end-user into men and woman. The formal shoes industry is heavily gender biased
with major market share resting with men formal shoes. This is due to the fact
that more men are wearing formal shoes on daily basis such as in offices,
business parties, meetings, and so on and also pairing-up formal shoes with
their business suits and other formal apparels. However, increasing
international business and globalization of fashion industry has attracted many
formal shoes manufacturers to focus on formal shoes industry.. Hence, it is
expected that there will be further design innovations and quality improvement
in women formal shoes industry.
Regional Analysis
The global formal shoes market has been regionally segmented
into North America, Europe, Asia-Pacific, and Rest of the World.
North America is expected to dominate due to the presence of
major market player and high demand of luxury formal shoes. However, market of
Asia Pacific is expected to propel with the fastest growth rate during the
forecast period. Large population size and increasing disposable income in the
region are expected to fuel the market of formal shoes during the forecast
period. Other factors helping the market in the region includes globalization
and growing penetration of online retail.
Key Players
J. Clark (UK), Alberto Torresi (India), Cole Haan LLC (US),
Kenneth Cole Production Inc. (US), The Aldo Group Inc. (US), ECCO Sko A/S
(Denmark), Bata Limited (Canada), Hush Puppies (US), Steve Madden (US), Roush
(India).
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