Euromonitor also issued a warning to fast fashion companies in its latest report.
Fifty-five percent of the global population will live in urban areas this year and the median age will reach 30, according to Euromonitor International research.
The global sportswear business will reach $61 billion by 2021, while the luxury ath-leisure market is well-established, and the sector will transition into functional wardrobe items.
The region offers strong potential thanks to a vast reservoir of Millennials, according to a study from Euromonitor International.
While these may not be the worst of times for the fashion industry, they’ve certainly been painful for luxury players and high street retailers alike, with the next six months set to deliver more slow growth and uneven demand.
According to Euromonitor, men’s wear outpaced the women’s sector in 2014, recording $440 billion in sales.