Undoubtedly, 2023 has been a year full of innovations in the luxury fashion world. From the influence of Gen Z on the fashion scene to Asia's domination, from the trend of quiet luxury to surrealist marketing, here are our picks for 2023 highlights of the luxury fashion industry.
The Rise and Fall of Quiet Luxury
Quiet luxury, often referred to as 'old money aesthetic' on social media and the subject of numerous videos, is a fashion trend that emerged primarily from consumers prioritizing the quality, style, and most importantly, the personal touch of their clothing rather than showcasing the extravagance of the brand they wear. It has undeniably taken over 2023. The trend's surge in popularity owes a considerable debt to the success of HBO's hit series 'Succession.' However, quiet luxury no longer holds the same level of popularity in the first half of 2023. Is this due to some people realizing that this trend doesn't align with their style, or perhaps the younger generation, eagerly pursuing the old money aesthetic, misinterpreting it just to keep up with the trend and eventually growing tired of it? We leave the interpretation up to you.
Gen Z’s Power
The effect of Gen Z on fashion through social media has revolutionized the scene, transforming platforms such as TikTok and Instagram into influential tools rather than merely enjoyable applications. These venues enable people to share experiences, provide extensive brand ratings, and set trends by facilitating seamless connections. This digital arena gives teenagers the ability to influence global fashion while transcending subcultures. Brands are responding to Gen Z's growing proportion of the consumer market, acknowledging the generation's fondness for technology. Brands that connect with Gen Z's beliefs and interests are more likely to resonate, and emerging Gen Z stars are frequently used as relevant brand ambassadors. This transition represents the generation's significant impact in molding brand marketing and promotion, as well as a paradigm shift in fashion's evolution.
Image Credit: WWD, Cartier Taps Emma Chamberlain as Brand Ambassador
Miu Miu’s Continued Dominance
Miu Miu's domination on Lyst's Hottest Brands Index in Q3, following its 2022 Brand of the Year award, demonstrates the brand's strong grasp on fashion. Miu Miu is well-known for its fun yet feminine design, as well as notable goods such as ballerina flats and the signature cashmere cardigan. Miuccia Prada founded the brand in 1993, and its avant-garde character, aimed at a younger population, distinguishes it within the Prada luxury house. Miu Miu's global presence in flagship shops and cutting-edge runway presentations, along with exclusive collaborations and celebrity endorsements, reinforces the brand's status as a dominant force influencing modern fashion trends.
Image: MiuMiu Holiday Campaign
The Rise of Asia
With the rise of K-pop and the general dissemination of Asian culture worldwide, especially led by South Korea, Asia has solidified its place in the world of luxury fashion. Particularly with the increasing interest of Gen Z in South Korea, luxury fashion brands have been quick to adapt by embracing beloved Korean 'idols.' This is evident in many examples, such as Stray Kids' members Felix and Hyunjin becoming ambassadors for Louis Vuitton and Versace, BTS member Jungkook as the face of Calvin Klein, and just recently, Blackpink's Jennie being chosen as the face of Jacquemus' new holiday campaign. These instances showcase how the Asian wave has influenced the world of luxury fashion, and it seems this influence will continue to prevail in the coming years.
Image: Felix for LV
“Core” Trend
The pink craziness ignited by the release of the Barbie movie starring Margot Robbie (even before its premiere) is undoubtedly one of the most unforgettable trends of 2023. Method dressing, a blend of fiction and reality considered as one of the most impactful marketing strategies, swiftly introduced 'Barbiecore' into the fashion scene through frequent use in Barbie's PR campaigns. This also brought the term 'core' into the lexicon of fashion.
The Evolution of the Middle East
The Middle East's fashion sector is undergoing a deep transformation characterized by the blend of heritage and contemporary, distinguishing it as a developing hotspot. Notably, the region's acceptance of global fashion is visible in the expansion of luxury labels, the emergence of fashion weeks, and the resounding success of local designers. This fusion of modern trends and rich cultural past results in a distinct and attractive look that captivates both local fashion enthusiasts and the worldwide fashion community. This transition has pushed the Middle East from its conventional fashion origins to a point where regional events, young designers, and global brand sponsorships are altering the narrative and placing the area as a vital participant in the ever-changing fashion industry.
Image: by BLSSD via Dubai Fashion Week
Sustainability
The COVID-19 epidemic presented the fashion industry with new obstacles affecting manufacturing, supply systems, and customer behavior. Shutdowns resulted in reduced output, supply shortages, and changing purchasing patterns, with a noteworthy increase in mindful consumption. Fast fashion faced significant losses, emphasizing the industry's inventory issue. Despite this upheaval, sustainable fashion experienced a boom in awareness and growth. However, realizing its full potential would need concerted efforts by brands, manufacturers, retailers, and consumers to effect systemic changes in production and consumption habits. Despite its early stages, the future promises significant potential for sustainable fashion, indicating a trend toward a more responsible and ethical sector.
Image: By Walid
Power of Collaboration
Collaborations are critical for businesses because they allow them to reach a new audience. Collaborations, more importantly for fashion labels, open the possibility to produce a collection that is outside of their regular design, in a novel and distinct manner. Collaborations are often a short-term occurrence, lasting only a season, emphasizing the limited edition nature. As a result, they sell out quickly, fueling more brand excitement. There have been many important collaborations in 2023 so far. Louis Vuitton x Yayoi Kusama, Fendi x Marc Jacobs, and Skims x Swarovski are only some of them.
Image: LV x Yayoi Kusama
Fashion Experience
Over the years, luxury fashion brands have evolved beyond being merely clothing labels, transforming into comprehensive experiences rather than just creating outfits. From fashion shows to runway invitations, and from store windows to unique pop-up experiences, brands offer numerous options to directly engage with both potential and regular customers. Luxury fashion brands also provide extraordinary experiences like beach pop-ups and ski pop-ups, with Jacquemus undoubtedly standing out among these pop-up pioneers.
Recently, Ami Paris' ice-skating pop-up has also gathered much admiration. In 2023, there has been a significant increase in hospitality places such as hotels, cafes, and beach venues, where brands engage with consumers on a more intimate and personal level. Some customers even travel to a whole other city or a country just to experience these top-notch hospitality locations.
Images: Jacquemus Portofino Pop-Up
Surrealist Marketing
Surrealist marketing, which arose from an artistic movement that explored the human psyche, has transformed brand advertising. It captivates viewers and forges stronger ties by fusing imagination and reality. Its history demonstrates its continuing appeal. Brands like Jacquemus have been capitalizing on surrealism's fascination in the internet age, creating visually arresting advertisements that connect online. This strategy capitalizes on the visual effect of social media by engaging consumers with shareable material and driving brand advocacy. The rise of artificial intelligence has fostered this trend in 2023, allowing companies to explore new creative dimensions. Surrealist marketing is becoming a powerful, inventive force altering how businesses interact with customers in today's environment.
Overall, 2023 has been a year brimming with innovations in the fashion world. At GU Consultancy, we eagerly anticipate what 2024 will bring to the luxury fashion sphere!
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