The global denim jeans market is valued at around US $ 58 billion and premium denim accounts for roughly 26 per cent of the overall jeans market with the highest market potential; it is also the fastest growing segment of the market. Many premium denim companies in the market are focusing on opening more stores in developing countries, augmenting the market to grow at a CAGR of over 8 per cent until 2019. As per the industry analysis the Asia Pacific is likely to be the fastest growing market for premium denim jeans with China emerging as the key revenue contributor in the region. The widespread availability of premium denim jeans has resulted in the momentous growth of the market, especially through online sales channels.
A recent market research report by Technavio reveals that good fit, style and durability are the major attributes that have increased the preference for premium denim jeans. The rise in number of young professionals and the provision to wear casual clothes in most workplaces are the major drivers fostering the growth in the premium denim jeans market. The report further reveals that many manufacturers are even replacing the cotton with synthetic fibres for manufacturing denim jeans owing to the growing demand for comfort stretch denim among consumers.
The key players, such as: LVMH, Gap, Kering, PVH, Levi Strauss and VF continue to dominate the market in terms of their product range and moreover they are keenly shifting their focus towards increasing their market shares in Asia-Pacific, and Central and South America. The other prominent brands in the premium denim jeans market include Armani Exchange, Citizens of Humanity, DKNY JEANS, DL 1961, Differential Brands, Naked and Famous Denim, Paige Denim, Guess and William Rast. Without doubt women dominated the market with a little over 55 per cent of the market share in the premium segment.
