Rapid Response The luxury crisis rocking the fashion world, with The Business of Fashion’s Imran Amed
Jan 10, 2025
Imran Amed, founder and editor-in-chief of The Business of Fashion, dives into the luxury fashion industry's chaotic landscape. He discusses unprecedented price hikes and CEO turnover, dubbing it a ‘full-blown luxury crisis.’ Amed shares insights on brands entering the Indian market and utilizing AI for competitive advantage. He also critiques the gap between sustainability claims and practices, while highlighting the growing influence of consumers over 50. Finally, he reflects on the innovative strategies of challenger brands reshaping sportswear.
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Unprecedented Turnover
- The fashion industry is experiencing unprecedented leadership turnover, impacting both creative and business roles.
- This signifies a potential reckoning for established business models and creative directions.
Luxury Crisis Factors
- The luxury fashion industry faces a crisis due to slowing growth in China, decreased aspirational spending, and creative stagnation.
- Price hikes and ethical concerns around supply chains contribute to customer skepticism about value.
Successful Brands
- Brands like Miu Miu, Brunello Cuccinelli, and Hermès demonstrate success through innovation and timeless quality.
- Miu Miu's exceptional growth highlights the importance of offering something different in a competitive market.