ClickZ Luxury Fashion Newsletter - 08.13.2024

Discover Retail Innovations, New Partnerships, and Market Insights

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ClickZ
August 13, 2024 • Estimated Reading Time: 4 minutes

🚀 Ready to stay ahead in the industry? Our latest newsletter is packed with key insights and crucial updates you can't afford to miss!

From Vice President Kamala Harris and Governor Tim Walz's campaign footwear choices to the groundbreaking findings of SheerID's 2024 Consumer Loyalty Report, we've got it all.

Discover how exclusive offers are driving long-term brand loyalty and why emotional connections matter more than ever. Dive into the full report and get the latest trends, retail news, and expert analysis. Click the link to read more and stay informed! 📈✨ 

Specialty Bites 🍪

TikTok's latest trend, underconsumption-core, is shaking up the fashion industry. Unlike the usual hyper-consumerism, this movement romanticizes buying only what you need and repurposing existing items. From reusable pudding pots to second-hand clothes, Gen Z is embracing a minimalist lifestyle, posing a challenge for luxury brands. Shares in LVMH and Kering have dropped significantly, reflecting a decline in sales, particularly in the Asian market. This shift suggests a waning interest in luxury goods, with vintage designer bags gaining more traction than new releases.

However, there's still hope for luxury labels. The minimalist lifestyle, inspired by figures like Hailey Bieber and Rosie Huntington-Whiteley, promotes purchasing timeless items meant to be worn forever and passed down. Brands are adapting by offering steep discounts on small leather goods to attract buyers and manage surplus inventory. This indicates that luxury still has a place, albeit not in the excess of the 2010s.

As fashion month kicks off in New York and London, it will be fascinating to see how designers respond to this new consumer mindset. With sustainability and thoughtful purchasing at the forefront, fashion is entering a golden age of understatement. The industry's future looks promising, as it aligns with the evolving tastes and values of the next generation.

Capri Holdings, owner of Versace, Jimmy Choo, and Michael Kors, reported a 13.2% revenue drop in Q1 FY25 due to declining luxury spending. Despite this, CEO John D. Idol remains optimistic, focusing on strategic initiatives and highlighting the addition of 12.6 million new consumers.

Rebag and Bloomingdales have partnered to offer over 2,500 pre-owned luxury items online and in select stores. This initiative aims to democratize luxury resale, promote sustainability, and enhance the shopping experience. The collaboration launched online on August 8, 2024, with in-store concessions to follow.

Vice President Kamala Harris and Minnesota Governor Tim Walz launched their campaign in Michigan. Walz wore Cole Haan Grand Atlantic Oxford Shoes, known for their comfort and style. These shoes, featuring premium leather and cushioned outsoles, are available at various retailers. Footwear News endorses their quality and durability.

Performance Platters 🍽️

Instagram will prioritize views as the main metric for all media formats, replacing 'plays' for reels and 'impressions' for non-reels. This change aims to unify metrics across the platform, enhancing user understanding of content performance. Other metrics like accounts reached and interactions remain available.

The upcoming antitrust trial against Google could lead to significant changes in the online advertising industry. Compliance costs, increased competition, and the rise of alternative platforms and technologies are expected. Google's market share may decline, and it might need to diversify revenue streams and adapt to stricter global regulations.

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