Hello readers!
Time is flying, and with the new decade nearly here, let’s take a look at some major changes happened in fashion during these 10 years.
The decade of streetwear
Key designers: Virgil Abloh and Kim Jones
Streetwear became an important part of today’s fashion world, but most surprisingly found a way to merge with luxury world, resulting in numerous collaborations (Supreme x Louis Vuitton, Dior x Air Jordan) and new business models based on scarcity and hype.
The lines between luxury and streetwear fashion have never been so blurred. In 2018, Farfetch acquired Stadium Goods, one of the largest marketplaces for streetwear and sneakers. Later this year, the luxury fashion e-tailer has acquired the Milan-based New Guards Group, a holding company for streetwear fashion brands, including Off-White, Heron Preston, Palm Angels and Marcelo Burlon.
As David Fischer, the founder of Highsnobiety, said:
“Old luxury,” which was synonymous with exclusivity, aspiration, and allure, was being superseded by a movement built on inclusivity, access, and knowledge. […]
Thanks to the proliferation of social media, an increasingly interconnected world changed the language of global consumption. […] The rise of platforms like Instagram further removed the establishment’s power to dictate trends and tastes, allowing independent creators and labels to captivate audiences without the need to court traditional retailers and magazines.
The barrier between what was “street” and what was “luxury” wasn’t broken, it was flattened.
Related article: Streetwear Took Over the Fashion Industry. Now What?
How the fashion & luxury industry embraced sustainability
Key people: Stella McCartney and Greta Thunberg
It’s no secret that fashion is the second most polluting industry on the planet. In the past years, sustainability became one of the challenges that the fashion industry is facing today. The luxury sector, sometimes viewed as the epicentre of frivolous spending, has been also adapting to the green revolution.
This August, luxury conglomerate Kering led a group of 32 signatories, including Chanel, Prada and H&M in signing a Fashion Pact to minimise the industry’s impact on the environment (however the document is not legally binding and is meant to serve only as a set of guidelines).
In search of a business case for sustainability:
Despite some advances, the industry as a whole is not moving swiftly enough towards more sustainable business models. […] fashion’s pace of progress on sustainability is slowing as big brands grapple with how to scale new disruptive business models and integrate new technologies.
To keep moving things forward, the industry needs to start having serious conversations about the level of investment needed to drive change, because the question mark around what needs to be done and how much it will cost is acting as a barrier to action.
While some luxury fashion brands have moved away from using furs or exotic skins, many brands still produce waste on a huge scale by destroying unsold stock.
Related article: The fur industry is fighting back
The rise of China
Key players: Alibaba, Tencent (WeChat)
During the 2010s, China rose to power and dominance globally:
China is the world’s largest e-commerce market, with online retail transactions set to reach just shy of $2 trillion by the end of 2019, according to the International Trade Administration. (That’s over half of all transactions globally.) […]
China’s burgeoning social media ecosystem amplified the frenzy around celebrities and KOLs, making them indispensable assets for brands looking to engage with China’s consumers. Their scale and profitability is unparalleled — local think tank TopKlout estimates that by 2020, the KOL industry will be worth up to 300 billion yuan ($43 billion).
Luxury met its most important consumers:
China’s digitally native younger spenders have proven especially vital for brands’ bottom lines this decade. Increased spending on high-end products from bags to jewellery have driven growth for what would become, by the end of the decade, the largest global market for luxury goods.
Attracted by their prestige and heritage, Chinese companies and billionaires have started to snap up some of Europe’s well-known names including the likes of Lanvin (Fosun group), Bally (Shandong Ruyi) and even emerging designers like Mary Katrantzou (Wendy Yu).
Related article: What Brands Should Have Learned About China in 2019
The 2010s’ Greatest Fashion Moments
Explore Vogue’s archives and see some of the most iconic runway looks that made headlines in the 2010s, igniting major change in the industry.
This decade saw the loss of a number of the industry’s most acclaimed designers, including Alexander McQueen, Oscar de la Renta, Azzedine Alaïa, Karl Lagerfeld to name a few.
Seemingly every major designer house experienced significant change throughout the decade, from fashion designers like Raf Simons, Hedi Slimane and Stefano Pilati hopping between brands to logo redesigns at Celine and Saint Laurent.
Related article: The most influential designers of the decade
Bonus: The cult products of the decade
Key brands: Gucci, Dior and Old Celine (according to the Lyst)
Thanks for reading and best wishes for a Happy New Year!
Assiya Assanbayeva
Follow me on Linkedin for more news and articles on Fashion & Luxury industry
Sign up now so you don’t miss the next issue.