Global Formal Shoes Market Research Report Forecast to 2028

Market Overview

Formal footwear plays a pivotal role in completing polished and professional attire for various occasions such as office settings, parties, and important meetings. These shoes are available in a range of styles, including ballerina flats, mules, oxfords, derbies, and boots, among others. They add an air of formality to any outfit and have witnessed significant growth in recent years due to their comfort and ability to complement formal looks. Most formal shoes are crafted from high-quality leather, with oxfords and monk shoes gaining popularity for their stylish design and comfort. Additionally, brogues have become a trendy option, particularly among younger individuals.

The demand for formal shoes has been steadily rising worldwide in recent years. The increasing awareness and education levels among women, coupled with economic development, have led to greater participation of women in corporate sectors in emerging economies. The rapid urbanization and improving economic conditions in regions such as Asia, Africa, and the Middle East have created favorable conditions for the robust growth of the global market for women’s formal shoes. Consequently, the growing population of working women in these emerging markets is expected to be a significant driver for market growth during the forecast period. Furthermore, the influence of social media and innovative marketing strategies presents an opportunity for market players in the formal shoes industry. However, the presence of an unorganized sector may restrict the overall market growth during the forecast period.

Product Type

Market Research



Release Date

October 2023

Base Year


Forecast Period


Market Size

USD 5.5 billion in 2019

Market Segments

Product Type, End User, Distribution Channel, Region



No. of Companies Mentioned


According to market projections, the global formal shoes market is expected to register a compound annual growth rate (CAGR) of 11.82% and reach a value of USD 12.4 billion by 2028. The primary drivers of this growth are increasing consumer expenditure on formal shoes and the rising population of women in the workforce. Moreover, the growth of the organized retail sector, particularly in the Asia-Pacific region, is further bolstering market expansion. The emerging trend of sustainable footwear is also anticipated to create new avenues for market vendors. Additionally, the powerful influence of social media and effective marketing strategies offer promising opportunities for existing players in the market. However, the prevalence of the unorganized sector poses a constraint on the market’s overall growth potential.

Market Segmentation

The market is segmented based on various factors, including product type, end user, distribution channel, and region.

Segmentation by Product Type

Segmentation by End User

Segmentation by Distribution Channel
Store-Based – Supermarkets & Hypermarkets, Specialty Stores, and Others

Segmentation by Region
North America
Rest of the World

The global formal shoes market is segmented based on product type, end user, distribution channel, and region. In terms of product type, the market includes ballerina, mules, oxfords, derbies, boots, and others. The oxfords segment dominated the market in 2020, accounting for a market share of 32.42%. Oxfords are characterized by their laced design and closed lacing construction. Traditionally made of leather, oxfords have evolved to include a range of styles and materials suitable for both casual and formal occasions. They are known for their formal and elegant appearance, making them a popular choice for suits and formal attire.

Derbies, on the other hand, are formal shoes that can be made from various materials such as calf leather, faux and genuine patent leather, suede, and canvas. While they were traditionally limited to black or brown colors, they are now available in a variety of colors and patterns. Derbies are slightly less formal than oxfords but have gained popularity as office wear. In recent years, derbies have become increasingly accepted as formal shoes and are second only to oxfords in terms of formality. The derbies segment accounted for a market share of 25.74% in 2020 and is projected to grow at a CAGR of 11.59% during the forecast period.

The global formal shoes market is further segmented based on end user, with men and women being the primary categories. Men accounted for the largest market share of 72.54% in 2020, but the women segment is expected to register the highest growth rate with a CAGR of 12.18% during the forecast period. This growth can be attributed to cultural shifts and an increasing focus on appearance among men, coupled with rising disposable income levels. Manufacturers are targeting the male audience with products tailored to their preferences, influenced by online shopping and social media. These factors are driving the growth of the women segment in the formal shoes market.

In terms of distribution channel, the global formal shoes market is divided into store-based and non-store-based channels. Store-based channels, including supermarkets & hypermarkets, specialty stores, and others, accounted for the larger market share in 2020. Consumers prefer store-based channels for the convenience of one-stop shopping. Supermarkets & hypermarkets are expected to be the largest sub-segment in 2020, providing a wide range of brands under one roof. The specialty stores sub-segment is projected to grow at the highest CAGR during the forecast period as consumers find satisfaction in purchasing formal shoes from standalone specialty stores.

Europe holds a significant share of the global formal shoes market, accounting for 31.72% in 2020. Germany, the UK, and France were the key contributors in 2020, with market shares of 15.07%, 18.02%, and 12.12%, respectively. The French market is projected to grow at the highest rate during the forecast period. The European market benefits from a diverse footwear sector, encompassing various materials and products catering to different demographics. The market is driven by increasing consumer preference for high-end and premium formal footwear, supported by economic growth and improved purchasing power. Well-known shoe manufacturers offer a variety of options in design, color, and price, appealing to individual preferences. Focus on product development, R&D, and promotional strategies like offering discounts attract European customers inclined towards premium products. Furthermore, limited stock footwear products with quality features and better brand prospects available through company websites contribute to market growth in Europe.

Competitive Landscape

Prominent companies featured in this report include C. & J. Clark International (UK), Dolce & Gabbana Luxembourg S.r.l. (Italy), Cole Haan (US), The Aldo Group Inc. (Canada), ECCO Sko A/S (Denmark), Bata Limited (Switzerland), Hush Puppies (US), Steve Madden Ltd (US), Kenneth Cole Productions, Inc. (US), and Roush (India). The market consists of tier-1 players, as well as local players, each offering diverse product portfolios. C. & J. Clark International (UK), Dolce & Gabbana Luxembourg S.r.l. (Italy), Cole Haan (US), The Aldo Group Inc. (Canada), and ECCO Sko A/S (Denmark) dominate the market due to their strong brand reputation, product differentiation, financial stability, and robust distribution networks.

Recent Industry Developments

In November 2020, C. & J. Clark International (Clarks) received a majority investment from LionRock Capital (Hong Kong), enabling Clarks to further its global expansion efforts, particularly in the Asia-Pacific region.

In January 2020, ECCO Sko A/S completed the acquisition of its Russian distributor, ECCO Ros. This strategic acquisition has provided ECCO with a solid foundation in Russia and facilitated the development of new products tailored specifically to the Russian market, addressing the unique demands of local consumers.

In April 2017, The Aldo Group Inc. successfully acquired Camuto Group’s footwear and accessories businesses. This acquisition has significantly expanded The Aldo Group’s capabilities and market reach, enhancing its ability to offer a wide range of footwear options across various channels, including owned stores, franchises, online platforms, and wholesale distribution.

In June 2017, ECCO established a partnership with S.A.S. L.S. Diffusion (France) and became a partial owner of the company. This collaborative venture has facilitated ECCO’s expansion of its distribution channel, strengthening its presence and market coverage.

Key Questions Answered

What is the size of the Formal Shoes Market?
Who are the major players in the Formal Shoes Market?
How is the Formal Shoes Market segmented?
Which region holds the largest market share?

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Global Formal Shoes Market Research Report Forecast to 2028

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Global Formal Shoes Market Research Report Forecast to 2028

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