View Two #25
AUTUMN/WINTER 19/20 AND SPRING/SUMMER 20/20
DESIGN IDEAS FOR THE DENIM, SPORTS, CASUAL, ACTIVE AND ATHLEISURE MARKETS
Brands have realised that their consumer market has changed. It’s no longer about elitism: it’s about relevance. It’s no longer about boomers, but about reaching Generations Y and Z – consumers that would never usually take an interest in high-end fashion or tailoring and see the business models of many traditional luxury brands as uncool. Hence luxury’s sudden love affair with rappers, hip-hop, sneakers and streetwear.
The most talked-about collaboration of the moment is the appointment of Virgil Abloh, the founder of streetwear sensation Off-White, as men’s artistic director of Louis Vuitton. This encapsulates the massive change taking place in fashion at the moment and shows how luxury brands are looking to the cultural energy and business model of streetwear to stay relevant.
The question everyone is asking is whether all this truly heralds a new age of luxury streetwear, permanently changing our understanding of clothes. Certainly a ‘Millennial mindset’ is taking hold across the luxury market. Generations Y and Z are now the main growth engine of that market, driving 85% of luxury expansion last year, according to Bain & Company. By 2025, they are expected to account for 45% of total luxury goods spending.
What’s more, these generations were brought up on the internet; they live a socially networked life which streetwear, with its graphic visual approach and irony, can so much better reflect than formal fashion. We are also living in the age of drop marketing, with its constant flow of new product releases: street and athleisure are much better at providing a stream of novelty at Instagram speed than traditional luxury fashion. Most important of all, streetwear exists within a culture of collaboration, and collaboration models are one of the biggest factors driving innovation at the moment.