Global casualization rule apparel market: Kontoor CEO
According to Scott Baxter, President and CEO, Kontoor Brands, the culture of casual clothing that started during the pandemic will continue to rule the apparel industry
According to Scott Baxter, President and
CEO, Kontoor Brands, the culture of casual clothing that started during the
pandemic will continue to rule the apparel industry.
Baxter also said that according to him in
the current scenario global casualization dominates the industry. He feels that
this concept will continue and will also be the future of the world. He also
feels that people are more comfortable in denim and T-shirts. They like to
dress more casually now.
After the pandemic, pajamas and T-shirts
have become people’s go-to clothing choice. This has spread a culture of
maintaining a comfortable and cozy wardrobe. Americans have decided that once
they will return to work, they will still maintain a pandemic-inspired “leisure
work†style.
According to the statistics, Kontoor
Brands, which sells denim under the brand name Wrangler, Lee, Rock & Republic, has recorded
a sale of $ 491 million in Q2 which is a 41% increase from the last year. Also,
the global revenue of Wrangler increased by 24% and has reached $311 million
whereas the revenue of Lee shot up by 105% and has reached 176 million. As a
result, the stock price of the company skyrocketed by 165%.
As per Baxter, the brand is trying to come
up with better products so that people can buy more when they pay more. He
added the surveys show that 84% of people want to upgrade their wardrobe and
shift to casual wear.
Source
– Texas News Today
Image Source: Wikipedia
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