Everybody loves a little bit of luxury…
The desire for elegance, high quality craftmanship and brand identity.
At the heart of the luxury industry is, Kering. The iconic global luxury goods company, owning world-renowned brands such as Gucci, Yves Saint Laurent, and new Instagram favourite, Bottega Veneta. Brands loved and adored by many.
In a changing luxury consumer market, and a need for luxury to become sustainable following criticism, it is great to see the business side of the industry taking the initiative to differentiate itself and make a change. They state, “Luxury and sustainability are one and the same”, with sustainability being at the epicentre of Kering’s brand strategy. I love this! But I must ask, how obvious to individuals is the sustainability initiative in the luxury industry? Can the industry do more? The big difference between luxury and fast fashion (other than of course the price tag!) is the investment… Yes, it’s about lust and impulses but as Caroline de Maigret made clear in her book ‘How to be a Parisian wherever you are’ (a must-read I might add), a designer investment lasts a lifetime.
On Monday 1st of March 2021 Kering alongside Tiger Global Management announced a new $216 million US dollar investment for the very popular Vestiaire Collective. This is fabulous for the pre-owned fashion industry, accelerating its growth even more than it has in the past 3 years. Sustainable fashion and second-hand market have been seen all over TikTok and Instagram reels since lockdown. It’s a great way to purchase designer brands and items you love such as Prada, Alexander Mcqueen and Ralph Lauren but on a budget price under the retail mark-up.
Designer clothes are an investment. Vestiaire Collective’s strategy to expand the lifespan of timeless classics is triggering positive change in a dominant industry. It is significant that Kering is investing time and money in companies such as this, as it results in high profile popularity for sustainable goods. Personally though, I believe and strongly advocate that Kering and other powerful companies should invest and focus on the smaller luxury/vintage pre-owned businesses. My favourite that I’m constantly raving about is JeanVintage. This is a sourced luxury goods service for great prices. Shouldn’t the luxury industry be helping these individuals?
Coco Chanel stated, “Fashion passes, style remains”, a quote I live by. There is a clear need for driven change and innovation in this global industry, powerful since 1995. With the impact of the digital revolution making the luxury experience easy and unique and, in some ways, more affordable it will be interesting to see if the pre-owned luxury industry will take flight. Hewi, Farfetch and even luxury goods for hire are becoming increasingly popular. Kering’s investment is the key to success in a more demanding fashion industry.
The Road to Luxury is still changing but it seems to be heading in the right direction…
