LUXE TREND 46
WHERE THE STREETS HAVE A NAME
2018 is proving to be a very exciting year for luxury fashion, especially menswear. Just in the first 3 months, the fashion world received back-to-back shockwaves through some major designer changes:
Kim Jones, the chief designer responsible for Louis Vuitton’s menswear, left LV to head Dior Homme.
Hedi Slimane, one of the most influential designers of the last 20 years, succeeded Phoebe Philo to head Celine and announced he was to add menswear to the brand.
Kris Van Assche left Dior Homme to head Berluti, a brand that had entrusted its creative direction to Haider Ackerman in the last couple of years. During his tenure, Ackerman produced 3 critically acclaimed collections.
Christopher Bailey, who announced his exit from Burberry after several years of great success, was being succeeded by Riccardo Tisci, a designer as close to a modern couturier as we can hope to have.
Finally, Kim Jones’ empty seat at Louis Vuitton was filled by Virgil Abloh, a designer whose Off-Whitebrand of streetwear has been deemed a runaway success. This is the first time an African-American designer is at the creative throne of a major luxury house.
These changes happened faster than staff changes in the White House. They were the first signs that serious changes for fashion are ahead. What is the common thread in all these designer new appointments that imply the deepening of a Streetwear-inspired trend that has been building already for several seasons?
At Louis Vuitton, Kim Jones’ preference for streetwear-inspired luxury helped boost global sales of luxury personal goods by 5 percent to an estimated $309 billion, according to a study by global consulting firm Bain & Company. “Streetwear is a macro-trend in all geographies,” said Federica Levato, a partner at Bain & Company, ahead of the study's release. Kim Jones also helped introduce one of the most popular luxury brand collaborations between Supreme and LV.
Even Hermès' menswear collections are infused with a young Hipster vibe. The era of the house's sophisticated gentleman image is being sharpened up to express the needs and wants of a younger affluent audience. This audience is interested in a continuous style remixing in search of an ultra-personal style. Hermès always approached menswear with a uniquely French attitude. The new Hermès gentleman is a cross between a Boulevardier and a Flâneur: in other words, a Fashionable Socialite and a Lounger. These two fashion archetypes are now in full expression in luxury menswear, and indeed in the lifestyle of affluent young adult males.
Eager to appeal to the Coachella generation, luxury brands are hiring DJs and tattoo artists to attract young affluent consumers whose idea of shopping is closer to entertainment than idle purchasing. Apart from serving grown-up skater culture, Supreme was able to leverage its mystique and its deep roots in making a product “cool” by cleverly lending its logo to a new product. After selling out at Louis Vuitton, Supreme is now expanding its luxury reach via a new collaboration with luggage-maker Rimowa. Indeed it was LV’s bold collaboration with Supreme that paved the way for the consideration of Virgil Abloh as Kim Jones’ successor.
Abloh, whose own brand Off-White is inspired by sneaker culture, hip-hop and Kanye West multi-faceted cultural explorations, has true fashion creds. His collection was also a finalist at the coveted LVMH prize. This week Abloh announced a new collaboration with IKEA. It seems that everyone is getting ready to capitalize on this trend.
Streetwear has always inspired modern Fashion. A mix of vintage and new is the calling card of the true Hipster and it is a successful recipe modern luxury brands are using to create new products. The next generation of luxury consumers, a generation raised within the comfort of a trust fund and is not keen on high maintenance acquisitions, is hungry for products that are exclusive and also easily integrated into an existing style vocabulary. This vocabulary now includes a mix of athletic outerwear, sneakers, analog accessories from a few decades ago, one-of-a-kind fine jewelry, and extravagant sportswear from famous couture houses, such as $1,200 T-shirts from Givenchy.
As we watch this new changing Game of Thrones, we can see that some brands are better poised to exploit this trend. In Part 2 of our article, we will explore the brands that might be the next Kings of the Street.