The Best of Marketing: Fashion’s Cultural Crossover Continues
By -Edward Lance Lorilla
December 25, 20245 minute read
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BoF is away for its annual break until 2nd January. In the meantime, we invite you to explore highlights of our news and analysis from the year.
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WHAT YOU NEED TO KNOW TODAY:THURSDAY, DECEMBER 26, 2024
Dear BoF Community,
In 2024, fashion marketers got creative with their strategy and aligned themselves even more closely with culture to connect with cautious consumers who had moved on from the age of post-pandemic YOLO spending.
It was the year fashion solidified its love affair with sports: The Olympics proved a major moment, with official sponsors like LVMH, Nike and Ralph Lauren benefitting from the event's halo effect, as well as brands like J.Crew, which rolled out a product collaboration with USA Swimming. WAGs made a comeback — this time, as influencers inking major brand deals. The US Open and the New York City Marathon also saw a number of brands activate, while women's sports gained more and more traction, with WNBA stars like Angel Reese and Caitlin Clark working with the likes of Good American and Prada.
Influencer marketing in particular saw plenty of change. As the industry grows, so does the gulf betweencreators (those whose primary skill is in making content for platforms like TikTok and Instagram) and influencers (those who hold sway over their audience's purchasing decisions. The world of affiliate marketing, long dominated by incumbent player LTK, got a shake-up with the rise of a new competitor ShopMy. Influencers experimented with paid subscriptions, while gifting also made a comeback, as a more cost-effective way than traditional sponsored posts to get influencers talking about a brand's products.
2025 is set to be another year of change and upheaval: With the ticking clock on TikTok's time in the US set to run out in just a few weeks, marketers will have to — once again — rethink how they reach shoppers.
The State of Fashion 2025 by McKinsey & Company and BoF Insights
Fashion executives are feeling pessimistic about 2025. A long-expected post-Covid spending slowdown has arrived, while geopolitical tensions remain high. But there are still pockets of opportunity in promising new markets, in underserved customer groups and at new frontiers in customer experience, powered by artificial intelligence.
Download The State of Fashion 2025 now to explore the 10 themes that will define the industry in the year ahead.