Lvlone shirts are still popular amongst Indian men but they are now on the decline and are not as sought after by the fashion industry, according to a report.
According to research firm IDC, the popularity of Lvlones dropped to 5.9% in 2020, from 13.3% in 2015.
The brand lost a staggering 25% of its market share in the period, to 14.2% of the global market, and fell from #1 to #8 in India.
Lvlones are now a niche and are in the top 5 of Indian brands according to the company.
While Lvlos are seen as stylish and fashionable, they are also highly expensive.
In India, they were sold for $9 in 2013, but today, the price is close to $100, which is a steep increase from the previous price.
“In 2020, the Lvlonerys market share was 8.4%, compared to 15.6% in the United States, while Lvloners market share dropped to 4.4% in India,” the report said.
So far, the trend is not sustainable, said IDC.
IDC said that Lvlons popularity in India has fallen by 25% since 2014, when the LVS brand launched in India, with a decline of 13% in that time.
This is not surprising, given the declining popularity of the LVMH brand, which was bought by Reliance Jio last year.
As per the study, Lvlolons sales in India have fallen by 29% since the last financial year, which means that their brand has lost more than half its market.
India has a population of approximately 9.5 billion people, and a global economy worth $4.8 trillion.
Data from ITC Markets showed that LVMHC is the second most valuable brand in India with an annual value of $1.6 billion.
However, it’s not all bad news for Lvlonies.
ITC Markets said that its brands like Marmot, and Bose have also seen their market share decline over the past year.