Imran Amed shares his key findings from recent fashion weeks in London, Milan and Paris as the industry grapples with a slowdown that has raised questions about the long-term business model of the luxury sector.
From the get-go, the most recent round of fashion weeks felt different. I didn't make it to New York this season, but as I started meeting with CEOs and creative directors for catch-ups in London, Milan and Paris, it became more clear than ever that the industry is mired in a deep malaise. One CEO with 40 years of experience in the luxury fashion sector said he had never before witnessed such a marked shift in consumer sentiment in all major markets around the world, all at the same time.
The big question is whether the current downturn is a shorter-term cyclical shift, or a longer-term structural cataclysm that will require the luxury sector to make fundamental changes to its business model. The combination of customer resistance to dramatic price increases amid declining quality and ongoing questions about industry ethics and sustainability have dented the perceived value of big brand luxury.
Meanwhile, the rumour mill around creative director appointments continues to whir, leading fashion enthusiasts to conclude that designers are increasingly seen as dispensable, working under the pressure of an industry that doesn't stop.
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Imran Amed, Founder, CEO and Editor-in-Chief, The Business of Fashion
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