Hello readers,
A year ago, when a lockdown started in Italy, I was coming back from Paris, and little I did know that would be the last time I catch a glimpse of fashion's capital for a while. A year later, while physically stuck in one place, we're traveling at a speed we couldn’t even imagine: a trip to the airport with Balmain.... a quick stop in Paris for Chanel's party at Castel ... followed by MiuMiu's bonfire on the Dolomites' slopes... and back in Paris again, to the Louvre with Louis Vuitton - a short summary of this week's latest PFW shows, where European luxury brands once again had to come to terms with the restrictions. Another fashion month is over, but not the fashion shows - mark your calendars for Gucci’s “Aria” on April 15.
Related reading: What Happened to Fashion Week in Four Charts
Yet, in the era of conscious consumer awakening, how the traditional runway shows will fit into the idea of a more sustainable fashion industry? As more digital tools become available and the number of natural resources shrinking will it be virtual fashion to fulfill the constant need for newness? Digitalizing fashion could solve a lot of problems.
We're still far away from the transition to virtual reality, but just a few years ago the re-commerce seemed unimaginable, and now we have the resale economy booming and Kering investing in the Vestiaire Collective. The luxury industry was late to embrace the digital transformation and new trends, but as a growing number of consumers start to demand more action on the sustainability front, things are changing for the better: just yesterday Hermes announced it’s working on the first luxury handbag made of mushrooms in partnership with MycoWorks.
Below you’ll find a selection of articles, a news digest focused on the latest financial results of some fashion companies, and a “fashion flashback” on how the runway shows came to be.
Have a great weekend,
Assiya
The State of Fashion 2021
BoF and McKinsey have released an update to The State of Fashion 2021 and the outlook for the European fashion market is rather gloomy, with a decrease in sales for between 12 and 24 percent compared with 2019.
In the US, fashion sales are expected to perform slightly better, but still down compared to pre-pandemic levels. China remains the only market that is poised to rebound rather quickly, so it comes as no surprise with luxury fashion brands focusing more on Chinese consumers. Just this week Ermenegildo Zegna appointed Angelica Cheung, former editor-in-chief of Vogue China, for a strategic advisory role, while Dior announced to present its pre-fall collection in Shanghai at the beginning of April.
Recommended reading: When China’s Luxury Market Sputters, Brands Must Diversify
FEATURED ARTICLES
NFTs explained: what they are and why they are selling for millions of dollars
A cultural answer to creating technical scarcity on the internet, NFTs allow for new types of digital goods. (The Fashion Law)
What Happened to the Brand Magazine?
Net-a-porter, Goop and Away are among those that have ceased print for now, but others like Uniqlo, Maapilim and Goat are still going strong. (WWD)
Why content curation rules social
Brands are leaning into curation to connect with consumers, including the new Instagram Guides feature that enables users to aggregate content from their own feeds as well as from others. (Vogue Business)
Why dropshipping is getting a second look
As more sales move online, some wholesale retailers are taking steps to reduce the amount of inventory they own. (Modern Retail)
NEWS DIGEST
Prada sees sales growth continuing as profits beat expectations
Salvatore Ferragamo 2020 Performance Hurt by Pandemic, Sees Improvements in 2021
Inditex profits fall sharply as shoppers swap fast fashion for casualwear
Your perfect weekend read
⏪ Fashion Flashback - The fascinating history of the catwalk show
A trip to the past: Harper’s Bazaar delves into the evolution of fashion shows and how they turned into a multimillion-dollar global business.