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Competition is fierce, and will get fiercer,” says Sarah Welsh, brand director at Oasis. “It’s exciting because you’ve got to push forward, and you’ve got to innovate. You can’t stand still.”

The UK womenswear market is saturated. Forecast by Euromonitor to be worth £22.4bn in 2018, it still claims the lion’s share of the fashion market, at more than double the £11.7bn value of the menswear sector (graph, overleaf). Nevertheless, menswear is growing at a faster rate – 3.9% predicted this year – compared with womenswear growth of 3.4%.

“Everyone’s taking [womenswear] market share from everyone else with no increased consumer spend,” says Welsh. “There are more players coming into and leaving the market, which is result-ing in lots of jostling for space.”

Beth Butterwick, chief executive at Karen Millen, agrees: “The market is overcrowded at every level, from value to the middle, premium and luxury sec-tors. The fact that the world is smaller and more accessible has also had an impact. Brands that once positioned themselves as offering unique local expe-riences can now be found across multiple territories.”

Standing out from the crowd is difficult at the best of times, and these are by no means the best of times. The month after the Brexit vote, the July 2016 GfK consumer confidence index hit a 26-year low of -12. And it remains low: it was -9 in January 2018. Today, consumers must be persuaded to make a purchase at all, before they can be com-pelled to choose one brand over another.

“Customers are considering purchases carefully and are as much interested in the experience of shop-

ping as the items they buy,” says Hazel Catterall, head of womenswear buying at Harvey Nichols. “The emerging developments from the ongoing Brexit negotiations are a huge factor that will have an impact on consumer attitudes and spending.”

Butterwick agrees: “With a host of macro- and micro-economic factors affecting real disposable income, the consumer is increasingly trading fashion for other sectors such as health and beauty, so brands have to work hard to stand out. Retailers are now looking to ease and improve the customer experience as part of this ‘value for money’ proposition.”

“With online retailers growing so rapidly and online shopping becoming so easy and accessible to all, physical stores must remain compelling and experiential for customers to want and need to come into bricks-and-mortar stores,” adds Catterall. This is why Harvey Nichols has focused on refurbishing its flagship store in Knightsbridge, including starting an overhaul of its women’s floors this year.

In addition to expecting more qualitative experi-ences, shoppers want value for money, and price continues to be a key driver.

THE WOMENSWEAR ISSUEWords by ALICE SHOLL

The market is overcrowded at every level,

from value to luxury

Beth Butterwick, Karen Millen

In an overcrowded market, versatile, quality product and a positive in-store experience are key

WOMENSWEARTHE BRAVE NEW WORLD OF

TRENDS IN THE MARKET

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Fast fashion antithesis: John Lewis’s Modern

Rarity spring 18

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Sara Bradley, womenswear trading director at Debenhams, says: “Customers [are] maintaining a keener eye with regard to price on womenswear than they do with accessories, for example.”

However, Welsh, maintains “you can’t live or die on price alone”: “Price is incredibly important, but so is innovation and making sure you’re inspiring your customer. Let’s face it: she’s got so many other things to spend her money on, you’ve really got to inspire her to get your share of her wallet.”

This is why for Adam Frisby, founder of online celebrity-inspired fashion brand In The Style, high product standards are a priority: “Although our prices remain very low and competitive in the market, we invest a lot into quality,” he explains. “We ensure product is at the highest standards for what people pay.”

QUALITY OVER QUANTITY is what womenswear customers are currently looking for, says Catterall: “There seems to be a growing sense that everyone has too much ‘stuff ’. Customers are growing much more considered in their choices.” She adds that customers are now “looking for enduring products that are less trend driven but have more longevity”.

Jo Bennett, head of womenswear buying at John Lewis, which launched own brand Modern Rarity in 2016 as the “antithesis to fast fashion”, agrees: “Women are investing in versatile, quality pieces that will last. Design integrity is vital as women look for new styles to add to their wardrobes, often as a simple update to go with something they bought last year.”

Adam Kelly, director of buying and merchandis-ing at department store group Fenwick, seconds this: “There is defi nitely a continued trend toward category dressing and wardrobe simplicity.

“Consumers are looking for versatility in key pieces that can be styled up or down and worn with a diff erent attitude. Brands such as Borgo de Nor have dresses that transcend seasons and can be worn both day and night.”

This led dresses to be a “big season trend” in January, says Welsh, who believes this will continue into the summer: “This often happens in tougher times, because you can buy a dress in one go, while a top and jeans takes a bit more consideration. It’s been a girly, feminine season. Ruffl es, spots, easy, non-challenging fashion. If she wants to buy a dress in January, she’ll certainly want to buy one in May.”

This preference for versatile, season-transcend-ing clothing will continue well into the next 12 months, says Kelly: “Consumers’ purchases will continue to be more considered with an emphasis on buying unique investment pieces. The market will continue to evolve, but with a unique product edit and a committed focus on service, we’re seeing more opportunity for growth.”

Welsh predicts that there will be “clear winners and clear losers”: “The market requires strategic sourcing, moving to new continents and moving to new areas to inspire your customer but not charging her any more for it – that’s one of the biggest chal-lenges facing buyers today.

“There’s never been a better time to be a customer. She’s got so much opportunity.”

£bn

SOURCE: EUROMONITOR

GROWTH IN THE WOMEN’S AND MEN’S WEAR MARKETS

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Hardy perennial: Borgo de Nor aims to transcend seasons