The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
THE CHEAT SHEET
Luxury's Top Performers Report Results
Louis Vuitton's campaign featuring actor and rapper Kris Wu | Source: Louis Vuitton
The Bottom Line: Outside of the big two, Moncler's results are also worth parsing next week. If the outerwear brand reports another stellar quarter for its strategy of monthly drops, then we can expect more brands to join Tod's and Calvin Klein on the list of "Genius" copycats.
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Brexit Back in the Headlines
Brexit | Source: Shutterstock
The Brexit process has felt like a two-year challenge to walk as close to the edge of tumbling out of the EU without actually doing so. But Johnson’s rise points to a hardening of the UK’s stance, and he's shown little appetite for hearing out objections from fashion and other affected industries.
The Bottom Line: Even with a Brexit hardliner installed at 10 Downing Street, the fashion industry may be no closer to seeing a resolution to its current state of uncertainty. The new head of the European Commission, Ursula Von Der Leyen, has floated the idea of extending the Brexit deadline yet again.
Instagram Pulls the Rug Out From Under the Influencer Economy
Instagram's Checkout feature allows users to shop directly in the app, through influencer accounts | Source: Courtesy
The like button below Instagram posts exists at the heart — no pun intended — of the influencer economy. Its removal will change how brands, influencers and celebrities operate on social media in potentially unpredictable ways. Instagram has introduced other ways for influencers to earn coin, from Stories (where views, not likes, are currency) to shopping features. Some of these options are only available to top-tier influencers like Chiara Ferragni and Kylie Jenner, though Instagram is likely to roll them out to others if they prove successful. Removing likes may help guarantee that outcome by nudging users toward other features on the site, and will help brands filter out lesser influencers whose relationship with their followers begins and ends with the heart button. Or it could alienate users and influencers alike, to the benefit of rival platforms. For now we'll have to head to Canada or Japan to find out.
The Bottom Line: By prioritising e-commerce and video views over more nebulous forms of engagement, Instagram is accelerating a shakeout in the influencer economy.
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Editor's Note: The July 14 edition of this newsletter stated that Burberry had recently set a goal to go carbon neutral by 2022. This is incorrect. Burberry announced this goal in 2017; it recently set new greenhouse-gas emission targets.
COMMENT OF THE WEEK
A Zara store
"Whereas this is very positive move from their side, I only see environmental targets, what about the labour or human rights concerns like paying living wage to their workers? Social impacts are within the definition of "sustainability" and should be taken more seriously." @aeyildirim88, commenting on "A Rare Look Inside Zara."
SUNDAY READING
Professional Exclusives You May Have Missed:
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From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
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