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.
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After years of build up, from its origins in cultural movements like New York’s hip-hop scene and LA’s skating community to early commercialisation in the early 2000s from brands like Fubu and Stüssy and Japanese designers Nigo and Hiroshi Fujiwara, by the late 2010s, streetwear found itself at the centre of luxury fashion. The breaking point came in 2018, when, after success at his label Off-White, Virgil Abloh was named creative director of Louis Vuitton.
But lately, streetwear institutions like Bape and Stüssy have been losing heat — and luxury brands are pivoting away from streetwear staples like hoodies and sneakers.
“Streetwear brands are more commercial and less connected to the actual street culture where they found their roots,” said BoF editorial associate Daniel-Yaw Miller.
The luxury goods maker is seeking pricing harmonisation across the globe, and adjusts prices in different markets to ensure that the company is”fair to all [its] clients everywhere,” CEO Leena Nair said.
Hermes saw Chinese buyers snap up its luxury products as the Kelly bag maker showed its resilience amid a broader slowdown in demand for the sector.
The group’s flagship Prada brand grew more slowly but remained resilient in the face of a sector-wide slowdown, with retail sales up 7 percent.
The guidance was issued as the French group released first-quarter sales that confirmed forecasts for a slowdown. Weak demand in China and poor performance at flagship Gucci are weighing on the group.