richness /ˈrɪtʃnəs/
noun the state of existing in or containing plentiful quantities of something desirable.
prade pop-up.
Research cited from website:
- Luxury ain’t what it used to be. Blame the internet, the rise of on-demand services, and the shift in consumer values as younger generations become more important buyers of high-end goods.
- Luxury labels are turning to sweatpants and sneakers for sales growth.
“The idea of what is luxurious is changing; I think it’s about brand rather than luxury,” said Lazaro Hernandez, cofounder of American fashion brand Proenza Schouler
- “I think a true luxury brand today can work in so many different price points,” Hernandez continued. “You can sell a t-shirt for $300, $200 and still be considered a luxury brand these days. Those parameters of what is considered luxury and what is not, I think, are sort of disappearing.”
- While fashion and luxury aren’t one in the same, as menswear critic Charlie Porter has astutely noted, many leading luxury brands have followed consumers toward less formal dress, which these days means a lot of athletic wear, especially sneakers, andcasual, logo-heavy streetwear. Louis Vuittonhired fashion designer Virgil Abloh, known for his streetwear leanings, to design its menswear. Balenciaga’s creative director, Demna Gvasalia,has found successwith items such as sneakers and hoodies.
- “Millennials have been reluctant to buy items such as cars, music and luxury goods,”states investment firm Goldman Sachs. “Instead, they’re turning to a new set of services that provide access to products without the burdens of ownership, giving rise to what’s being called a ‘sharing economy.'”
- Millennials and Gen Z already account for 30% of global luxury sales, and they’re on pace to hit 45% by 2025, according to consulting firm Bain & Company. For a lot of these consumers, ownership is overrated. Why purchase movies when you can stream them on Netflix? Who needs a car when there’s Uber?
- Exclusivity has been an integral part of luxury’s draw for the few who can afford it. But these services are making the category accessible to a much broader range of customers.
- If you needed any indication of the power that social-media influencers wield in fashion today, consider that the Council of Fashion Designers of America—the governing body of the US fashion industry—just gave out its first-ever influencer award. Its inevitable recipient: Kim Kardashian West.
- One theme that runs through many of these changes is that they’re breaking down barriers which once made luxury a walled garden, or at least lowering them several feet. Rental and resale make luxury items more affordable and accessible. T-shirts and slide sandals that proclaim a high-end brand put those brands within reach of more shoppers, both culturally and economically, than expensive evening gowns.
Response:
my brand does essence streetwear. Making it a more recognisable as a luxury streetwear brand. Different, to gucci and Prada.
- Millennials and Gen Z already account for 30% of global luxury sales, and they’re on pace to hit 45% by 2025, according to consulting firm Bain & Company. For a lot of these consumers, ownership is overrated. Why purchase movies when you can stream them on Netflix? Who needs a car when there’s Uber?
products to be sold: more streetwear products rather than dresses etc.
target audience: millennials ages 18-35.
luxury will always be vague, it transitions.
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