Luckily, 2014 is just around the corner and on Tuesday, the retailer announced a five-year extension in its exclusive co-marketing agreement with David's Bridal.
The tuxedo rental business is a valuable gateway for Men's Wearhouse to capture new consumers.
"We rent over 3 million tuxedos in a year, the average age of a tuxedo renter is 27 years old, so we have this great magnet to attract millennial-aged customers into our stores. Now with slim-fit products, denim and designer denim, we have great products that we can convert these rental customers into retail customers," he said.
New NPD Group data showed total apparel sales for men are up 6 percent from January to July this year compared with the same period in 2012. The report cited double-digit growth in tailored categories, which is potentially good news for Men's Wearhouse's slim-fit suits and separates. Ewert said those items are some of its best-selling products for younger male consumers.
(Read more: Real men don't shop? Not so: Retail's new frontier)
In a blog post, NPD chief industry analyst Marshal Cohen said, "There has been a slow and steady return to dressing up over the last couple of years, in and out of the workplace."
Ewert agreed, noting millennials in particular. "The baby boomers that we built our business on have always seen the suit as a kind of a uniform, as a Monday through Friday type of item. The millennials see tailored clothing completely different. They see it as more versatile piece of their wardrobe," he said.
The next leg
Men's Wearhouse recently acquired menswear brand Joseph Abboud along with a U.S. factory that produces its merchandise, which Ewert explained is just the start of what the retailer is doing to expand the business and unlock value for shareholders.
While Ewert wouldn't elaborate much on the plan for the K&G business, he did say the company has received some offers and is reviewing them. Plus, Ewert sees the footprint of Men's Wearhouse expanding including both full-line locations and outlets, which are currently being tested. Ewert also sees opportunities to grow margins through more exclusive brands.
"There's a lot of talk right now about the macro conditions, and the impact it's having on apparel retail, but I would point to the fact that we think we are doing better than most of our competitors," he said. "We have strong brands, we have No. 1 market share positions and we are confident that we are going to work through these headwinds."
—By CNBC's Courtney Reagan. Follow her on Twitter