Blame the Internet, the rise of on-demand services and the shift in consumer values as the younger generation becomes the main segment of luxury buyers.
The glamor of classic icons like the Hermès Birkin bag, the couture dress from Dior or the Rolex watch never fades.
Is this called luxury fashion?
For example, what should a hoodie that combines Louis Vuitton and a skateboarding brand be called?
These questions are no longer just hypothetical.
Changes are forcing the luxury fashion market to adapt, but are also opening up opportunities for success for designers and businesses ready to take advantage of the opportunity.
Image from the debate on the meaning of luxury at a conference organized by the Franco-American Chamber of Commerce.
Luxury fashion is the T-shirt
“The idea of luxury is changing;
A well-crafted product – the ultimate measure of traditional luxury fashion – is no longer as important to younger customers as it was to previous generations.
Many leading luxury brands are following consumers’ lead, moving towards a less formal fashion trend with sportswear, especially sneakers and casual/streetwear shoes filled with brand logos.
Even though its name is borrowed from a conical drinking container of ancient times, the #GucciRhyton sneaker exudes a strong contemporary identity.
A post shared by Gucci (@gucci) on May 20, 2018 at 5:00am PDT
Image of Gucci’s Rhyton sneakers.
Meanwhile, decades ago, no matter how expensive it was, a T-shirt or pair of sneakers from Balenciaga would never be called `luxury`.
But as Demna Gvasalia, Balenciaga’s creative director, told the Financial Times earlier this year, younger shoppers are placing uniqueness above traditional markers of high-end craftsmanship.
A post shared by Balenciaga (@balenciaga) on Jun 12, 2018 at 6:04am PDT
A design by Balenciaga that meets the unique and strange requirements of young consumers.
Luxury fashion is for rent
Generations Y and Z now account for 30% of total global luxury sales, and will reach 45% in the next 30 years.
Similar services are also emerging in the luxury market.
We selected 5 of our top watches in the Eleven James Collection for a new member athlete…would you take this lineup?
A post shared by Eleven James (@elevenjames) on Apr 11, 2018 at 3:32pm PDT
But Gary Wassner, director of investment firm Interluxe Holdings, believes that renting dilutes the emotion that comes from luxury fashion.
These are not just marketing words, but for a long time, owning a luxury item has always given people a feeling of some achievement or success in life.
Luxury fashion lives on Instagram
The explosion of social media has overthrown the old regime, where brands built their image from top to bottom, through advertising and relationships with fashion magazines and editors.
Loved @dior cruise show last night 💕 @mariagraziachiuri truly is an artist 👏 #TheBlondeSaladGoesToParis
A post shared by Chiara Ferragni (@chiaraferragni) on May 26, 2018 at 1:20am PDT
The world’s leading female influencer, Chiara Ferragni, posts moments at the Dior show.
The press is no longer the exclusive voice in the fashion industry, the best means to bring a brand’s message to potential customers.
If you are interested in beauty, you have probably heard the name Jeffree Star – an American beauty blogger with characteristic pink hair, a body covered in tattoos, and who often smokes marijuana in his videos.
Video of Jeffree Star showing off products made specifically by Gucci fashion house.
Chanel doesn’t have to make Jeffree the face of the company.
Luxury fashion is no longer exclusive
There is one thing in common in all the changes mentioned above.
Luxury fashion brands are having to focus on more customer classes.
🔳🔲 @moschino 🔳🔲
A post shared by SSENSE (@ssense) on May 29, 2018 at 8:26am PDT
“For them, the term luxury is synonymous with excellence and exclusivity,” the director of auction house Paddle8 shared with the New York Times.
This is a challenge for the high-end market, because up to now, the thing that still makes people desire a Hermès bag or a rare pair of Jordans is that not everyone can have them.
Conclusion
After all, a $25,000 dress designed by Raf Simon or a pair of $5 Calvin Klein socks are all from the same brand.
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