Designer Apparel and Footwear (Ready-To-Wear) in Taiwan

PROSPECTS

Slow economy to lead to modest growth

Slow economic growth is expected to act as a constraint on the expansion of the designer apparel and footwear (ready-to-wear) category in Taiwan over the forecast period. However, the category is set to continue to grow during 2018-2023 as advertising, magazines, shopping malls and department stores continue to stimulate consumer interest in high-end fashion.

Children’s boutiques receive growing attention

Globally, the review period saw a significant expansion of children’s luxury fashion, pioneered by the likes of Burberry, Chloé and Marc Jacobs, which were soon joined by labels such as Gucci, Armani and Karl Lagerfeld. However, while China was home to a number of children’s labels’ standalone boutiques at the end of the review period, Taiwan remained a largely untapped market.

Taipei a major home for international boutiques

Due to the diversity of business districts, large-scale high-end consumer crowds, and the growing number of international tourists, Taipei features amongst the world’s major cities for international boutiques. The renowned Taipei 101 mall is home to a wide range of designer boutiques, including Chanel, Dior, Maserati Shoes, Hugo Boss, Versace, Burberry and Prada, and is one of the major shopping destinations in Asia.

COMPETITIVE LANDSCAPE

Kering leads in designer apparel and footwear

French company, Kering, which operates in Taiwan through a wide range of brands, including Gucci, Yves Saint Laurent, Bottega Veneta and Balenciaga, retained the lead in designer apparel and footwear (ready-to-wear) in 2017. The company introduced the Stella McCartney brand to the market in 2017, though the designer bought out Kering’s stake in her eponymous brand to become the sole owner in 2018.

Targeting younger consumers

While the major luxury brands retain an appeal founded on heritage and tradition, the growing importance of younger consumers to the luxury goods market is making room for smaller, less well-established brands building on different value propositions. The introduction of the Stella McCartney brand, which has made ethical fashion increasingly central to its identity, points to the kinds of way in which designer apparel and footwear (ready-to-wear) could develop as it targets younger consumers in Taiwan during the forecast period.

Internet retailing sees share increase

While store-based retailing continued to dominate sales of designer apparel and footwear (ready-to-wear) in Taiwan at the end of the review period, internet retailing maintained strong growth. Store-based retailing has an advantage in designer apparel and footwear (ready-to-wear), as the in-store experience is a key element of brand development.

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