The luxury fashion business can oftentimes feel like a maelstrom of seemingly conflicting information, confusing numbers, and overwhelming changes. We at PurseBop wanted to break down some of the important statistics and analysis of major fashion brands over the last couple of months into easy digestible bites.
Primarily using the extremely helpful Business of Fashion report, in collaboration with Lyst, here are some important facts to keep in the back of your mind moving forward into Q3.
Lyst and BoF collaborated to determine the top 10 hottest brands of Q2 2017.
As is clear, after Q2 Gucci is now the most popular selling brand in the world. After a growth rate of 48.3% in Q1, Gucci maintained their exploding sales and in their annual growth, exceeded analysts’ expectations by 7%.
Gucci’s creative director, Alessandro Michele has resurrected the brand with his fun, maximalist aesthetic.
The risks that Gucci took in marketing paid off as a meme campaign for Gucci watches and the upcoming sci-fi themed fall campaign have proven to be popular and attracted young buyers. One interesting statistic shown by the report, is that more than 50% of Gucci’s buyers are under 35.
Other noteworthy information from the graph includes Balenciaga’s rising success, perhaps attributable to their increasing focus on streetwear and branding to millennials.
Adidas’ Yeezy, Nike, and Y3 continue to attract droves of customers and demonstrate the continuing appeal of athleisure.
It seems that what we can learn from this graph is young people and youth culture are incredibly influential on luxury brands and have developed into one of the biggest buyer demographics in the business.
Going into analysis of the sale of more specific products, this helpful chart illustrates the top-selling products from Q2:
As you can see, the top selling product of Q2 2017 were Gucci’s GG Bloom Slides. Relatively inexpensive for a luxury brand item, the GG Bloom Slides retail for $290.00. The slides trend is very recent and was largely influenced by the classic Adidas rubber slides used by athletes. Popular among street style stars, the popularity of this product exemplifies the appeal of a distinguishable logo, casual comfort, and the power of influencers.
Something that we at PurseBop find interesting is that the Chloe’s Nile Bag hit the top 10 most popular products. If you’re interested in learning more about it, PurseBop has you covered! We have a detailed report on the it-bag of the summer!
PurseBop: Chloé’s Newest Hit: The Nile Bag
In the final graph presented by the report, an interesting data point is revealed: though high profile collaborations go a long way in making a brand feel new and fresh, celebrity placement and marketing by influencers are still the most successful way to ensure an increase in brand popularity.
Though LV’s collaboration with Supreme was enormously popular and appealing to consumers, one instagram post from Kendall Jenner generated far more brand traffic on the website. That’s right, a collaboration between one of streetwear’s biggest brands and a luxury brand like Louis Vuitton generated less buzz online than an Instagram by Kendall J.
Are you surprised by any of these findings? We want to hear your thoughts about the current fashion climate. Are you disappointed to see the stubborn success of influencers over collaborations?
Let us know in the comments!
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Updated: August 15th, 2017