In the landscape of 2023, the realms of entertainment and fashion melded into a dynamic convergence, and the cult of influencer fandom reached unprecedented heights in the Asia-Pacific (APAC) region. A retrospective analysis of the standout moments in the industry unveils the driving forces that dominated conversations throughout the year and provides a glimpse into the trajectory of fashion trends in the immediate future.
The Power of Narrative Beyond Products
According to Serge Carreira, the director of the emerging brands initiative at Fédération de la Haute Couture et de la Mode and a lecturer at Sciences Po, there is a discernible shift in brands' narratives. The focus now extends beyond the mere product, with the overarching goal being the creation of consumer preferences. Carreira notes that achieving this objective is increasingly associated with crafting immersive experiences rooted in entertainment.
The Triumph of Pharrell Williams's Louis Vuitton Debut
Pharrell Williams's debut show for Louis Vuitton in 2023 was nothing short of a triumph, signaling a paradigm shift. The star-studded affair, featuring a performance by Jay-Z, accrued a staggering $42 million in media impact value (MIV) for the men's collection. According to Annika Baer, Lefty’s marketing manager, this success can be attributed to a trifecta of factors: a substantial number of influencers, high engagement levels, and powerful content.
Barbiecore: A Dominant Craze in Fashion
The "Barbiecore" trend also left an indelible mark on the fashion landscape, generating over $474 million in MIV in July alone. Notably, the film's release catapulted brands like Birkenstock, which saw a 28% increase in MIV during the month.
Fashion Meets Entertainment: A Seamless Integration
Concerts took center stage as strategic platforms for brand visibility. From Beyoncé's Renaissance tour to Madonna's Celebration and Taylor Swift's Eras, these events became ideal arenas for brands to capture the attention of millions, thereby reinforcing their image among both dedicated fans and the broader public. Beyoncé's Renaissance, for instance, amassed a total of $187 million in MIV, with Tiffany, Balmain, and Valentino being among the brands leveraging the stage for increased visibility.
The symbiotic relationship between luxury fashion and entertainment is expected to persist and evolve. Brands successfully interweaved marketing with cultural cachet, establishing an immediate emotional connection with audiences and blurring the line between communication and entertainment, as stated by Alison Bringé, chief marketing officer at Launchmetrics.
The Resurgence of Destination Shows
After a pandemic-induced hiatus, destination shows made a triumphant return in 2023, proving their worth as substantial investments. Five of the top 15 shows, ranked by EMV, were destination shows held in locations such as Seoul, Miami, Cannes, and Stockholm. While the destination model may not be the most efficient for showcasing collections, it guarantees visibility and allows brands to cut through the noise of fashion month.
Lefty's data revealed that influencers engaged three times more with destination shows than traditional fashion week shows, with an average of 4.4 posts per influencer for destination shows versus 1.6 posts for fashion week shows. This heightened engagement is attributed to destination shows' uniqueness and one-off nature, making influencers more willing to share content about them.
Asia as the Epicenter of Destination Shows
In a strategic move, brands increasingly turned to Asia for hosting destination shows, capitalizing on the influence of local influencers. The top three destination shows in terms of EMV – Louis Vuitton women’s pre-fall in Seoul, Gucci cruise in Seoul, and Louis Vuitton men’s pre-fall in Hong Kong – all took place in Asia. Local influencers played a pivotal role in amplifying the hype, with the engagement rates for Asian influencers surpassing those of their Western counterparts.
Image: LV PreFall Show in Seoul
The Ascendance of APAC Influencers and Southeast Asian Talents in the Spotlight
The ascendance of influencers from the APAC region was a defining trend in 2023. Brands intensified their focus on China and other Asian markets, projected to grow by 5.5% and 20% in 2024, respectively, according to estimates by HSBC.
K-pop continued to wield significant influence, with Prada's SS24 womenswear show experiencing a surge in EMV from $25 million to $42 million. The attendance of K-pop band Enhypen, announced as Prada’s brand ambassador in June, contributed significantly to this increase.
Another K-pop luminary, Felix Lee from the band Stray Kids, emerged as a substantial growth driver for Louis Vuitton. Within the first two weeks of the house’s global brand ambassador announcement, conversations generated a total of $4.5 million in MIV.
Southeast Asian talents also took the spotlight, with Balenciaga tapping actor and singer Krit Amnuaydechkorn for its July show in Los Angeles. Dior's decision to feature Thai actors Nattawin Wattanagitiphat (Apo) and Phakphum Romsaithong (Mile) in June paid off, catapulting Dior’s SS24 womenswear show to the second position of the year in terms of EMV.
Anticipating 2024: The Year of Athletes in Fashion
Looking ahead to 2024, anticipations suggest a surge in the prominence of athletes in the fashion arena, especially in the lead-up to the Paris Olympics. The recently observed uptick in sporting talent on the front row during SS24 men’s fashion week in Paris and Milan hints at an intersection between fashion and sports that is set to reach new peaks. The Paris Olympics, scheduled for July 26 to August 11, 2024, just a month after Paris men’s week (June 18-23), is expected to catalyze further entwining the worlds of fashion and sports.
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