So-called "boyfriend" jeans are the bestselling style of denim in the U.S., according to a new report, which highlighted a growing divergence between trends in North America and the U.K.
With around 150,000 denim products on the market, U.S. consumers were increasingly turning to luxury and premium brands, which cost around $200-$500 a pair, over cheaper styles, retail technology company EDITD said in its report.
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The global jeans market was worth over $108 billion last year, according to data from market research firm Euromonitor. It is estimated to grow to $115 billion this year and is set to top $122 billion by 2016.
In its analysis of the market over the past 12 months, EDITD concluded that boyfriend jeans were the most popular women's style in the U.S., whereas in the U.K., high-rise skinny jeans topped sales.
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The U.S.'s luxury denim market grew by 9 percent between November 2014 and January this year, compared with the same period a year ago, the report said, Meanwhile, the mass market -- with an average retail price of $69 per pair of jeans – fell around 2 percent.
The trend was reversed in the U.K., however, where the luxury denim market declined by 24 percent between November 2014 and January 2015, while the discount market ballooned some 52 percent.
Online retailer ASOS was ranked the largest "mass" and "value" retailer of denim in both the U.S. and U.K. in EDITD's report. While on the luxury front, denim brand 7 for All Mankind was named the most-stocked brand of jeans in the U.S.
This was despite its parent company, VF Corporation, warned that falling sales of premium denim had hit revenue, as it reported earnings on Friday.
The apparel group, which and also counts Wrangler and Lee brands in its denim portfolio, said there was "continuing challenging consumer trends" in premium denim, and wrote down the value of brand 7 For All Mankind, along with two other contemporary lines, by $396 million.
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