The few international luxury brands which have a presence in the country are located mainly in the two most premium shopping malls in the city of Buenos Aires: Patio Bullrich and Paseo Alcorta. Both of these closed from the middle of March to the middle of October in 2020, hugely diminishing overall performance for designer apparel and footwear in Argentina.
Despite the arrival of numerous major designer apparel and footwear brands during 2019, category sales remained under serious pressure throughout the year. In addition to the numerous recent arrivals, other brands which have been planning to launch in Argentina have been forced to reconsider in the face of economic uncertainty which prevails – and the advent of COVID-19 has significantly worsened the situation.
In 2018, Louis Vuitton returned to Argentina after an extended absence from the country. The iconic luxury goods brand adopted a cautious approach for its relaunch in the country, opening a pop-up store in Patio Bullrich, an upmarket shopping centre in Buenos Aires city.
Designer apparel brands such as Evangelina Bomparola, Ménage à Trois and Etiqueta Negra represent very high quality and outstanding design, competing with the leading imported brands in these areas and, in particular, on price. It is expected that domestic players will remain a major force in designer apparel and footwear for the foreseeable future, with consumers increasingly likely to favour less expensive brands due to the rather adverse economic situation in the country, while the government's import restriction policy will play a key role too.
Another factor that could suppress the sales growth potential of designer apparel and footwear is that very many Argentinian consumers prefer to purchase these items when outside of the country. Pre-pandemic it was not uncommon for affluent Argentinians to travel to the US and/or Europe fairly regularly and this presented them with opportunities to purchase their favourite designer apparel and footwear brands.
September 2019 saw the government of Argentina impose currency controls in an effort to protect central bank reserves and stabilise its economy as the country’s financial crisis deepened. This means that all companies operating in the country are now required to obtain the permission of the central bank before selling pesos to buy foreign currency and making transfers abroad.
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Understand the latest market trends and future growth opportunities for the Designer Apparel and Footwear (Ready-to-Wear) industry in Argentina with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Designer Apparel and Footwear (Ready-to-Wear) industry in Argentina, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Designer Apparel and Footwear (Ready-to-Wear) research and analysis database.
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