The challenge for emerging brands, Morenci continues, is not only to survive the economic downturn, but also to take advantage of the small opportunities it presents. For him, the luxury goods downturn signals a deeper shift in the industry, with emerging brands potentially coming out on top. Early signs suggest he may be right. In an exclusive survey of nearly 1,000 Vogue and GQ readers, Vogue Business found that as the downturn in luxury goods hits established (often more expensive) brands, independent and emerging brands We found that spending on may actually be increasing. 31% of respondents said they increased their spending on independent and emerging brands in the past year. This bias is slightly higher for those under 35 (36 percent) and over 35 (28 percent).
“In this new era, we are moving from editors to consumers, from traditional buyers in department stores to diverse sales curators (including resale platforms, niche boutiques and brands themselves), from large retailers to consumers, and from traditional buyers in department stores to diverse sales curators (including resale platforms, niche boutiques and brands themselves), and from large retailers to consumers, and from “We’re seeing a generational shift from a mass-market strategy to a more personalized, value-driven approach,” Morenci explains. “Brands that embrace this change and understand the power of true community, direct engagement, and a more sustainable approach to business growth will be best positioned for future success.”
2. Balance creativity and commerciality
Wholesale buyers often ask designers to tweak designs in hopes of achieving commercial success, but emerging designers around the world say they’re doing this more often during the economic downturn. They have mixed feelings about how to handle it.
New York-based designer Rui Zhou, who won the Karl Lagerfeld Prize in 2021 and became the first Chinese designer to win the LVMH Prize, was told last year by his showroom partner that he would no longer accept wholesale buyers either. I’ve received feedback. See items over $500. In response, she sourced more affordable fabrics and reduced the technical complexity of her garments to lower prices. She also employs her signature cut-out designs to bring more value for money to her customers. Previously, customers had to purchase two or three different garments to achieve a layered effect when styling a campaign or presentation. Now you can get the same look with just one piece of clothing. “The response was very positive,” she says. “Even though most stores are not looking for new brands this season, some stores have increased their orders this season and we have also gained some new stores.”
