What will the fashion industry, more specifically luxury, be like in 2023? Mass consumption is likely to recede in the face of recession, but luxury consumption should not be particularly affected. Thanks to the access of the new generations in the luxury market, the base of the latter would be expanding dramatically: from 400 million registered consumers in 2022 it should reach 500 million by 2030. Already in 2022 it was Gen Z who led the market, influencing it deeply through its purchasing methods and approach to fashion in general – from the creation of new stylistic and consumer trends to online sharing – and , according to the Bain & Company-Altagamma report released in November 2022, in the coming years Gen Z and Gen Alpha spending will grow three times faster compared to those of previous generations.
2023 April, 5th update
How should international luxury brands deal with Ramadan? Luxury brands are studying how to better respond to the business opportunities of Ramadan, while maintaining a respectful relationship with the holy month. Achieving the right balance requires advance planning. [What makes for a meaningful Ramadan campaign? – voguebusiness.com]. (Read more)
2023 March, 23rd update
Kanye West’s anti-Semitism costs Adidas a mountain of unsold shoes. Adidas is not sure what to do with $1.2 billion worth of unsold Yeezy shares after ending its partnership with Kanye West after the latter made a series of anti-Semitic comments last year, leading Adidas to pull its brand back from sale. The debacle, along with what one analyst called a “catastrophic performance” in China, could lead to Adidas’ first annual loss in 31 successful years. [Adidas warns of first loss in decades after split with Kanye West – sky.com]. (Read more)
2023 March, 3rd update
Cultural capital is the key to Louis Vuitton’s luxury lead. Louis Vuitton’s recent bombshell appointment of Pharrell Williams as its new menswear creative director may have surprised some observers, but the move makes perfect sense as luxury brands are moving from merely selling products to becoming cultural influencers. (Source: Jing Daily). (Read more)
2023 February, 24th update
Korean, Italian Match. Called Maison du Dodo, it will be marked by a logo depicting the extinct bird. Now a new fashion venture is launching, conceived and developed by South Korean company Hyaloid over the past two years, that is made in Italy and called Maison du Dodo. [South Korean Firm Launches Fashion Collection Made in Italy – WWD]. (Read more)
Jimmy Choo and the difficulties of Covid in China. In the fiscal third quarter ended Dec. 31, Jimmy Choo posted revenues of $168 million, down by 5.6 percent year-over-year on a reported basis but up by 3.4 percent at constant currency rates. The brand’s performance was affected by the surge in Covid-19 cases in China as the country reopened. Excluding mainland China, revenues increased by 10 percent in local currencies. [Jimmy Choo’s quarterly sales hit by Covid resurgence in China – shoeintelligence.com]. (Read more)
2023 February, 14th update
“Made in Italy” born as a declaration of origin is now a brand. Fulvia Bacchi, CEO of Lineapelle: “‘Made in Italy’ is now a real brand, something that combines quality and responsibility in production“. So much so that other international segments of the sector are also present at the event attracted by the international charm of the brand. Brazilian Leather and ApexBrasil believe Brazil’s presence at Lineapelle NY has fostered connections with international buyers and will generate $20 million in Brazilian exports over the next year. (Read more)
2023 February, 10th update
3D printed luxury shoes with Laser Powder Bed Fusion (LPBF) system at Paris Fashion Week. Two designer brands, Dior and Botter (the latter in collaboration with Reebok and HP), featured 3D printed shoes at Paris Fashion Week, one of the world’s most important fashion events. It’s far from the first time 3D printed footwear has been featured at the event. During its last running in 2022, the Zellerfeld-produced YZY boot was featured. [Paris Fashion Week Made Us Want Some 3D Printed Dior …- all3dp.com]. (Read more)
2023 January, 19th update
Italy, “The footwear sector now speaks only the language of fashion”. Gianni Gallucci, president of Young Entrepreneurs of Confindustria Fermo and general manager Gallucci: “Unjustified increases in the bill do not help to make forecasts for 2023, the prices of raw materials are still rising, due to some cunning, and there is no certainty that orders will maintain a positive trend”. [Gallucci (Giovani Confindustria Fermo): “Per calzature Italia leader tra produttori fascia alta e lusso”– Adnkronos]. (Read more)
2023 January, 10th update
An exceptional year for Italian fashion. The turnover of the sector towards 107 billion, +16% on 2021 and +9% on 2019. Uncertainty for the new year, but orders for the spring-summer 2023 collections are already very positive. [Industria della moda da record, prima volta sopra i 100 miliardi – ilsole24ore]. (Read more)
2023 January, 5th update
International Casual Footwear Market. As the world returned to more pre-Covid 19 normalcy, to the office and to social events, the branded casual footwear market recovered strongly by rising 19.5 percent in 2021 to $14,671 million from $12,272 million a year earlier. While impressive, the percentage gain did not equal those made by the global sports (+26.4%) and European (+28%) rugged footwear markets in 2021. [Casual footwear sales rebound in 2021 | Article-shoeintelligence.com]. (Read more)
2022 December, 12th update
Côte d’Ivoire is home to fashion businesses focused on international investment and regional trade. Côte d’Ivoire is francophone West Africa’s economic hub attracting fashion e-commerce and event entrepreneurs from across the sub-region. Global brands like Tommy Hilfiger and Mango have opened stores in the country’s commercial capital Abidjan as malls continue to be built. Local designers, multi-brand retailers and manufacturers have established ventures around which a unique business ecosystem is evolving. [The African Fashion Hub Punching Above Its Weight – BoF]. (Read more)
2022 December, 2nd update
Many brands abandon Twitter: where do fashion refugees go? Balenciaga, del gruppo Kering, è stato il primo ad abbandonare Twitter dopo che la piattaforma è stata acquistata da Elon Musk, diventando il primo marchio di moda a chiudere il proprio profilo social. Molti l’hanno seguito con la motivazione che le nuove linee guida adottate da Musk allenterebbero il controllo sulla moderazione all’interno del sito: una “fogna di odio e bigottismo”, ha riferito la modella Gigi Hadid a BoF. Molti si trasferiscono su altre piattaforme, scrive Vogue Business, tra le quali spicca Mastodon, descritta da nssmag. come open source indipendente dalle big tech, senza pubblicità e vive grazie alle donazioni degli utenti. (Read more)
2022 November, 18th update
Luxury brands need to rethink their approach for a generation of shoppers who are more frugal and less willing to spend to look. As rising inflation and interest rates dent disposable income, Charlie Porter re-evaluates his habit of buying high-end fashion, writes the @FinancialTimes. It is the reflection of an impoverished fashion enthusiast during this period of “deep economic crisis” who begins to think positively about the value of old shoes and old clothes. It’s about extending their life cycle and ensuring that things that can be reused don’t end up in landfills. [It’s time to rethink our approach to luxury fashion – FT]. (Read more)
2022 October, 28th update
Resale driving consumer purchasing habits. With an estimated value of between $100 and $120 billion worldwide, the second-hand market for clothing, footwear, and accessories has nearly tripled in size since 2020 and shows no signs of slowing down. This is the report “What an Accelerating Secondhand Market Means for Fashion Brands and Retailers,” the third in a series of collaborations between BCG and Vestiaire Collective, a global platform active in the United States, Europe and Asia. (Read more)
2022 October, 10th update
Half of the luxury brands that exist today are likely not to survive by 2030. Brands must offer best-in-class performance or risk becoming obsolete for Gen Z. @JingDaily recent research findings report: “one in two luxury customers is likely to change their favorite brand in the next two years.” @drlanger (Équité Research) estimates that up to 50% of luxury brands existing today will not survive by 2030. A mass exodus of brands is on the horizon. [Will Gen Z Break Up With Your Luxury Brand? – JD]. (Read more)
2022 October, 3rd update
Drop Culture that spreads scarcity anxiety and creates speculation. Writes the @WSJ that in more and more sectors the strategy of selling a product with limited availability for a short period of time is spreading. With this model, products come out – or are dropped, hence the definition “drop culture” – suddenly and in a limited edition. The speculative possibilities have made the fortune of many sneaker collectors and brands, approaching the drop to the sector of NFT digital certificates. [ Companies Used to Announce Products. Now They ‘drop’ them. – WSJ]. (Read more)
2022 September, 13th update
Fashion and influencer. Luxury brands are turning to influencers who do not have obvious links with fashion. Social media creators who have built authentic communities can add value-laden credibility. [The business of influence: New voices force a fashion marketing rethink – Vogue]. (Read more)
2022 August, 2nd update
Fashion and culture: a relationship to be rebuilt in the current context of “creative chaos”. Fashion and culture have a centuries-old relationship, but one that could probably benefit from a revision. Particularly because the post-George Floyd era ushered in a necessary demand for a cultural sensitivity that had previously been lacking in too many. [Fashion Brands Need a Cultural Transformation, and Collabs Aren’t the Cure-All – WWD]. (Read more)
2022 July, 27th update
Leather goods report. BoF Insights’ latest report, “The New Era of Designer Bags: Redefining Leather Goods” on designer bags and small leather goods, covers key changes in competition, including what, why, and how consumers shop in the U.S. and China. (Read more)
2022 July, 7th update
Export record of Türkiye’s clothing-footwear and accessories sector. Ready-to-wear and apparel in Türkiye broke its export record, totaling $8.8 billion between January and May, according to a report cited by Daily Sabah. Land exports of leather goods and leather products from Türkiye in the first 3 months increased by 27% compared to the same period of the previous year and reached 503 million dollars, breaking all export records, si law on Fotoshoe. The evolution began in 2021, when digital sales increased a lot. (Read more)
2022 June, 23rd update
Luxury Footwear Global Market Report 2022. Reportlinker.com announces the publication of the “Luxury Footwear Global Market Report 2022“. The global luxury footwear market is expected to grow from $24.37 billion in 2021 to $25.78 billion in 2022 with a compound annual growth rate (CAGR) of 5.8%. The market is expected to grow to $32.48 billion in 2026 at a compound annual growth rate (CAGR) of 5.9%. (Read more)
2022 May, 24th update
If until a few years ago the sneaker could be considered a niche shoe, in the last period its explosion has transformed it into a real gold mine. The resale of sneakers is creating new markets and services. The growth in the digital ecosystem of sneakers suggests new opportunities. The sneaker category goes digital in both the primary and resale markets. “From resell to NFT, when a shoe is worth more than gold”, writes Alessandro Ranieri in “It’s time to invest in sneakers” on NSS magazine. (Read more)
2022 May, 4th update
Global high heels footwear market to rise 1.35% annually. The global market for high heel shoes is expected to increase by an annual average of 1.35 percent between 2021 and 2025, representing an accumulated gain of $1.70 billion over the period, according to a report published by the research and advisory company Technavio. (Read more)
2022 April, 27th update
Iranian fashion brands replace Western brands in Russia, according to a Press TV report. Western clothing and footwear brands are now expected to be replaced with Iranian ones in the Russian market within three years as Moscow faces increasing Western sanctions over the war in Ukraine. However, there are a number of organizational issues that need to be resolved first, the report says. (Read more)
2022 March, 29th update
Dior threw fashion as a means of survival, launching Paris Fashion Week in full swing with a lineup of home classics, reworked with technical preferences, associated with the Dainese logo, the famous motorcycle suit of the 1970s: “haute couture” combined with the technology of air-bags, conductive runways and D-Air Lab sensors. (Read more)
