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Luxury Ready to Wear: Analyzing Trends

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Final project for Parsons School of Design Fall 2013 class Analyzing Trends

Final project for Parsons School of Design Fall 2013 class Analyzing Trends

Published in: Design, Lifestyle, Business

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  • 1. Analyzing Trends Luxury Ready to Wear Hillary Frazer
  • 2. Overview Luxury Ready to Wear: The middle ground between couture custom garments and off the rack clothing. Key Players: Chanel, Balenciaga, Saint Laurent, Prada, Louis Vuitton, Gucci, Dior What it used to be: garments made of the highest quality materials, customers wore head to toe runway looks What is is now: mix of high quality materials and much lesser quality, branding, more for editorial purposes Chanel SS14 Look 58 Hillary Frazer l Analyzing Trends Fall 2013 l Luxury Ready to Wear l Chloe
  • 3. Force: Economy $317 Billion - the volume luxury goods sales are expected to surpass worldwide this year, +3% from last year (WWD) The Economist In times of economic contraction, the ultra wealthy still consume freely, yet it is the borderline aspirational customer that contracts their consumption of luxury goods (The Economist) The Economist Hillary Frazer l Analyzing Trends Fall 2013 l Luxury Ready to Wear l Chloe
  • 4. Force: Technology United States 6 - Share of luxury goods buyers who 1% research online before making a purchase (WWD) More methods to shop - via mobile device, online, tablet, and traditional in store model 3D Printing Wearable technology Example: Iris van Herpen creates dressses for her couture collection with the use of a 3D printer Iris van Herpen Voltage Collection Hillary Frazer l Analyzing Trends Fall 2013 l Luxury Ready to Wear l Chloe
  • 5. Force: Globalization Accessibility and visibility - globalization increases these factors Outsourcing and location of production Designers used to have a more clear sense of who they were designing for, now since everything is global, that distinction is much less defined Customer base is worldwide Example: New contemporary luxury designer Suno utilizes production in Kenya and uses Kenyan textiles and patterns Suno SS14 Look 1 1 Hillary Frazer l Analyzing Trends Fall 2013 l Luxury Ready to Wear l Chloe
  • 6. “Consumers want experiences — memorable events. Yes, people still go shopping and buy goods and services, but unless retailers surround the purchasing of their merchandise with an engaging experience, consumers will treat them as commodities to be bought at the lowest possible price and the greatest possible convenience.” Joseph Pine, author of “The Experience Economy” Hillary Frazer l Analyzing Trends Fall 2013 l Luxury Ready to Wear l Chloe
  • 7. Hypothesis I hypothesize that in order for luxury ready-to-wear to survive, brands need to: institute authenticity within their products, create a relevant narrative, and implement innovation into their designs. Hillary Frazer l Analyzing Trends Fall 2013 l Luxury Ready to Wear l Chloe
  • 8. Codes brand awareness confidence There has been a recent lack of confidence with luxury brands experiential The experience is crucial in luxury ready to wear self aware vanity luxury exclusivity knowledge Consumers want to be “inthe-know” with a brand logos wealth superiority Hillary Frazer l Analyzing Trends Fall 2013 l Luxury Ready to Wear l Chloe quality
  • 9. Trend: Trans-media Fashion films that are not explicitly about fashion or the brand *Recent films: Salvatore Ferragamo “Walking Stories”, Rodarte “This Must Be the Only Fantasy” Salvatore Ferragamo “Walking Stories” It’s about the narrative that the brand creates Telling the history of the brand in a non promotional way Expansive reach through unconventional digital channels Rodarte “This Must Be the Only Fantasy” Hillary Frazer l Analyzing Trends Fall 2013 l Luxury Ready to Wear l Chloe
  • 10. Insights The significance for the viewer is with the discovery of the film The films are collaborative with industry professionals. Fusing art, fashion, music, film, and technology Having the knowledge of the film gives you credibility “The Future of Flesh” by Luke Gilford, wardrobe provided by Prada FW13 collection People want more than just the product, they want to feel a part of the brand and the brand’s narrative Hillary Frazer l Analyzing Trends Fall 2013 l Luxury Ready to Wear l Chloe
  • 11. Trend: High-low More commom to see women pairing luxury shoes, handbags, and accessories with more afforable clothing items Designer diffusion lines for mass retailers Emphasis on accessibility of items celebrities are wearing Consumers are finding similar qualities to luxury ready to wear as they are in much lower priced brands Example: Rent the Runway allows customers to rent luxury clothing pieces for a short period of time Example: honest by. Muriee clothes are made in Germany and use vegan and organic fabrics Muriee Knitwear via Honest by. Hillary Frazer l Analyzing Trends Fall 2013 l Luxury Ready to Wear l Chloe
  • 12. Insights Luxury is now attainable, you can own certain pieces and feel like you’re “in” with the luxury class The barrier to entry is much lower than before, and it makes us question: what does luxury mean today? Example: Jessica Alba (left) pairs a $2950 Saint Laurent bag with $129 Isabel Marant pour H&M pants Hillary Frazer l Analyzing Trends Fall 2013 l Luxury Ready to Wear l Chloe
  • 13. Trend: Immediacy Since fast fashion retailers can copy the luxury designs with less lead times, customers want that same instant gratification Moda Operandi revolutionized with their trunkshows and allowing customers to order looks straight off the runway The fashion calendar is constant and fast paced, customers want to grab the latest product Heirarchy created through the need for immediate products, those who have and those who have not Balmain for Moda Operandi Hillary Frazer l Analyzing Trends Fall 2013 l Luxury Ready to Wear l Chloe
  • 14. Insights Customers want luxury fashion as quickly as they can obtain fast fashion It’s about being the first person to have the new item The immediacy trend is in response to the traditional long lead time approach to luxury fashion Influenced by technology which is very immediate, thus immediacy is wanted in fashion as well Moschino for Moda Operandi Hillary Frazer l Analyzing Trends Fall 2013 l Luxury Ready to Wear l Chloe
  • 15. Subculture: Modern Day Peasants This culture invests in hand made pieces, that have zero waste and are concerned with craft and heritage Knowledge of process and creation of the clothes It’s the anti brand and logo luxury While the clothes look peasantry, Modern Day Peasants also farm their own fruits and vegetables, and are engrossed in artisinal culture Example: Designer Alabama Chanin (coat pictured right, $2,880) uses sustainable business practices, organic fabrics, and the clothes are made in the USA Hillary Frazer l Analyzing Trends Fall 2013 l Luxury Ready to Wear l Chloe
  • 16. Trend Opportunities Localizing of design in prevelent and emerging markets Implementation of technology within the customer experience and the clothing itself Creation of a secret network of people in which the brand designs capsule collections for each season that are only available to those in the network Production in small batches, a return to exclusivity Christian Dior SS14 Look 33 Hillary Frazer l Analyzing Trends Fall 2013 l Luxury Ready to Wear l Chloe
  • 17. Client Profile Hillary Frazer l Analyzing Trends Fall 2013 l Luxury Ready to Wear l Chloe
  • 18. Client Profile Chloe Founded in 1952 by Gabby Aghion and Jacques Lenior Pioneered luxury ready to wear Known for easy dressing, an effortless look, and a 1970s aesthetic Current head designer: Clare Waight Keller Past designers: Karl Lagerfeld, Stella McCartney, Pheobe Philo Chloe FW13 Look 28 Hillary Frazer l Analyzing Trends Fall 2013 l Luxury Ready to Wear l Chloe
  • 19. Trend Actions Creation of a higher priced subdivision focused on craft and quality Produce basics and wardrobe staples with the highest quality care and keep in stores year round Establish a network of customers who are only able to order certain pieces, these pieces will not be available for the general public Pare down on logos and marketing - a return to confidence for the brand Since Chloe was the pioneer in luxury ready to wear, return to the brnad heritage and the historical significance of Chloe Chloe PS14 Look 28 Hillary Frazer l Analyzing Trends Fall 2013 l Luxury Ready to Wear l Chloe
  • 20. The Future Of Luxury Ready to Wear EXPERIENTIAL EXCLUSIVE Whether luxury ready to wear will be experiential through the in store expereience, or through technology within the clothes, connectivity between product and experience will become more prevelent Luxury ready to wear will have a return to more exclusivity and less brand boasting, it will become more private and reined in ADAPTIVE NOVEL Technology is going to continue to influence luxury ready to wear, as well as other forces. Luxury ready to wear needs to be adaptive to the changing times to remain relevent. Luxury ready to wear pieces need to be novel, yet timeless. In the future, the customer wants to invest in the piece but does not want it to be too expected. Hillary Frazer l Analyzing Trends Fall 2013 l Luxury Ready to Wear l Chloe