As the sector struggles amid economic pressures, luxury fashion brands are pinning their hopes for reigniting interest on a slate of upcoming fashion shows.
Since the post-pandemic boom petered out two years ago, luxury brands have struggled to boost sales, reports Reuters. Last year saw the sector slump after nearly a decade of 10-percent average annual growth, prompting a flurry of changes.
New CEOs took the helm at companies like Gucci-owner Kering and Italian brand Valentino, while the world’s biggest luxury conglomerate, LVMH, reshuffled management. Three LVMH brands brought in new designers, as did Kering brands Bottega Veneta and Alexander McQueen, Prada’s recently acquired Versace, and more.
With runway shows kicking off this Wednesday, and shows around the world in the coming weeks, this crop of designers needs to generate enough interest and excitement to lure back inflation-weary consumers.
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The US$400 billion sector lost a staggering 50 million customers last year, according to consultancy Brain, interest waning in the face of economic pressures and price fatigue. To get noticed, fashion brands need to “set themselves apart, be more and more spectacular, while at the same time, given budget cuts and the economic crisis, also have to be more quiet,” Stephane Galienni, associate of creative agency Balistik Art, told Reuters.
Gucci, which largely missed out on the post-pandemic boom, is banking on designer Denma to pull the brand out of its slump. Having created buzz at the smaller Kering label Balenciaga, Denma won’t debut for the brand until March, showing only initial designs at a 23 September presentation in Milan. Matthieu Blazy, having boosted sales at Kering’s Bottega Veneta, will debut with Chanel in October. Jonathan Anderson will make his womenswear debut for LVMH’s Dior in October as well, having shown menswear for the brand in July.
Some labels opted to give fashionistas a sneak peak, with new designers dressing stars for the Venice Film Festival. While it is regarded as one of the world’s most glamorous film festivals, brand advisor Fabio Becheri told Reuters it’s still a gamble.
“When you just throw one out in the midst of the red carpet you lose the magic touch to it – it’s super risky,” said Becheri, noting that this exposed brands to negative comments on social media. “That’s the worst way to start a new creative direction.”
