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In 2020 retail sales declined by 28.5%. An even greater loss than the hard-hit restaurant sector experienced. Industry wide sales profit have been expected to register an astonishing loss of 93%.
As we are looking ahead we are seeing lots of new energy, innovation, diversification and growth across the category. Labels are leaning more into real life and virtual sustainable practices, extending their services, adapting to new occasions and putting greater emphasis on delivering lasting value while shaping more intentional, trust based experiences for their most loyal customer segments.
We are asking you to stay resilient & bold with us.
As we are looking at the economic cycles of the last recession (2008 - 2017) we’ve seen resilient companies outperforming their competitors during and especially after the downturn.
As the world reopens and evolves, so too does the fashion industry. Below are three trends and three opportunities we think you should know about right now to be ready for what comes next.
“The market for virtual goods (including fashion, real estate and art) is estimated at $190 Billion”
-CB Insights
We all want to dress the part, in the real world & online.
The confluence of ‘micro-occasions’ is a huge opportunity for the fashion industry, requiring greater product selection, frequent change ups & near real-time supply and service.
Fashion moments (launches, seasons and collabs) need to straddle this divide seamlessly.
We’ve been working on ways to break down traditional barriers by creating and curating online/real world spaces and experiences that complement one another, as well as drive sales.
“We will need new investments, new collaborations, and new approaches that will help the garment and fashion industry thrive.”
-Michelle Feinberg, NY Embroidery Studio
Fashion labels can flex their global brand power to help local businesses recover faster.
By leaning into “local flair”, brands can build authentic cultural partnerships that feel significantly more genuine than traditional mass-marketing.
What local neighborhood business is essential to the area, and how could your brand work alongside them for mutual benefit?
We’ve been cataloguing opportunities and are ready to chat about non-traditional collaborations and co-habitations that will drive sales, as well as huge PR buzz.
“Young audiences trust their favourite brands... They can have a huge cultural effect on the world.”
-James Kirkham, Chief Business Operator, Defected Records
After a year of isolation, brands can celebrate owned ‘holiday’ moments as occasions for their communities.
Branded bodega’s provide customers with a chance to be in the know, dress up, and celebrate shared interests fostering brand loyalty.
Your brand ‘holiday’ can help you take a stance on a cultural issue via unique products, drops, events and experiences.
Stand out by standing up for something that matters: we’re standing by to help you ideate, launch and grow your brand holidays.
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