Luxury brands and retailers are establishing exclusive design and marketing collaborations with streetwear labels, hip-hop and rap recording artists and entertainers, and fashion and social media influencers, says 'Luxury Meets Streetwear' report by Fung Global Retail Tech, a research and advisory firm.
Several luxury goods labels have profited from hip-hop and streetwear-inspired collections over the past few seasons. Multiple luxury fashion houses, as well as the Louis Vuitton and Givenchy brands, have been partnering with streetwear brands and introducing sneaker- and streetwear-inspired products.
Multiple luxury fashion houses, as well as the Louis Vuitton and Givenchy brands, have been partnering with streetwear brands and introducing sneaker- and streetwear-inspired products. Louis Vuitton partnered with the Supreme skateboard brand on a design collaboration that apparently generated €100 million ($117 million) in sales. The collection, which was sold in pop-up stores in major cities worldwide in June 2017, included T-shirts, hoodies and bags emblazoned with Supreme’s white logo on bright red Louis Vuitton patterns.
"The historically conservative luxury goods industry is striving to attract a more diverse and younger client base. We believe that luxury goods companies will increasingly need to innovate and keep up with millennial and Gen Z trends in order to capture and grow sales among the younger generations," the report stated. (RR)
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