By Paul Pannone
Despite infighting and political agendas an ongoing eWedNewz poll shows support for the men’s formal wear rental business. After Years of decline tuxedo rentals have shifted towards purchases, as consumers become hesitant to pay close to $200 dollars to rent products worn by their father decades ago. But things may be changing, as new blood, ownership and ideas enter the business.
Sources on Twitter blame years of decline on lack of innovation. The tuxedo is getting a much needed facelift in the months ahead.
Over the off-season the nation’s largest tuxedo wholesaler, Jim’s Formal Wear, sold a majority stake in their business to an outside firm that is not from the tuxedo business bringing a fresh, new approach to running the company. eWedNewz has learned Jim’s is still run under the guidance of the Davis family but updated with business views of the partners.
eWedNewz is watching other major tuxedo organizations overhaul their business, expected to offer better products at better prices– what the consumer has been looking for, all along.
Currently 77% of respondents collectively say the tuxedo business is holding steady (23%) or is ready for a comeback (54%). 14% of respondents say the business is dying while 3% feel it’s dead (down from close to 10% a few months back). 6% say they’re not sure.
The positive information obtained from true expert sources in the formal wear business conflicts with data released by IBISWorld that says the tuxedo business is slated to shrink in the next five years.
What do you think?
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