It can cost a man a lot less to feel like a million bucks in his suit these days.

There are more suits priced between $500 and $700 that include features once found typically on more expensive suits: fine Italian fabrics, modern cuts and narrow lapels. The goal is to attract younger men who increasingly want the current fitted, formal styles as opposed to the boxy suits and more casual officewear of their dads.

Big suit makers like Brooks Brothers and HMX, which sell suits between about $600 and $3,000, say their lowest-priced suits are experiencing the fastest sales growth. And next month Amsterdam-based Suitsupply, with 35 stores in Europe, plans to open its first U.S. store in New York with suits starting at $385. Suitsupply will offer its sometimes flashy suits with details like Italian wool fabric, brightly colored lining and working button holes, features that usually carry a higher price tag.

Other efforts to keep up quality at lower prices include J. Crew Group Inc.'s expanded men's suit selection. Sales of its men's suit have more than doubled since 2008, when the clothing company introduced a slimmer style, made with Italian wool and superior interior construction, a spokeswoman says. The style, called Ludlow, starts at about $600.

At HMX, which owns American suit brands like Hickey Freeman and Hart Schaffner Marx, the fastest growth is in its lower priced suits, around $795, says Joseph Abboud, president and chief creative officer for HMX. Sales of Hart Schaffner Marx suits, the company's brand in that price range, are up 27% year to date compared to last year, says Mr. Abboud.