In a fascinating exploration of the future of fashion, Frida Ekholm, Creative Strategist at Cure Media, sits down with Lucy Maguire, Senior Trends Editor at Vogue Business, to discuss the evolving trends and strategies in the luxury fashion industry in 2024.
Could you start by telling us a bit about your role at Vogue Business?
I’m the Senior Trends Editor at Vogue Business, covering everything fashion-related, including youth culture, digital trends, consumer behavior, and emerging brands and startups. I also run the Vogue Business Next Gen Edit, a weekly newsletter spotlighting different brands and startups in fashion and beauty.
Reflecting on 2023, what do you think was pivotal for the fashion industry?
Last year was a year of reckoning for fashion, and there’s a few reasons for that. We saw a slowdown in growth for luxury conglomerates like Kering and LVMH. The luxury market, which had been booming, began to feel the impact of the economic downturn. This led to a bifurcation of the market and the rise of ‘quiet luxury’ – a trend focusing on understated, high-quality products without prominent logos.
How have luxury fashion brands adapted their marketing strategies to stay relevant, especially to younger demographics?
I think when young people buy into fashion and luxury today, they’re doing a lot of research. They want to know that the item comes in great packaging, is ethically sourced, or fits extremely well, no matter body type. And so, the most effective tool that I’ve seen brands use is resharing user generated content. Brands are showcasing real people with honest reviews. This approach resonates with younger consumers who seek authenticity and detailed product information before making a purchase.
Can you share some examples of innovative digital marketing techniques employed by luxury brands?
A great example is Loewe, which has effectively embraced the spirit of TikTok, creating content that feels authentic and engaging. Another notable mention is Jacquemus, which used AI to do some incredible marketing campaigns. I’m sure you remember the one where it looked like there were giant handbags kind of skating through the streets of Paris, and we thought that was real.
Another interesting case is Hailey Bieber’s brand Rhode. They coined the phrase “strawberry girl makeup” and then astutely released a pink lip gloss the following week, capitalizing on the trend they helped create. This demonstrates a savvy understanding of how to leverage micro trends in the fashion and beauty industry.
With the blend of different industries, such as sports and fashion, what are your thoughts on luxury brands preserving their legacy while innovating in their marketing approaches?
The intersection of sports and fashion is becoming increasingly prominent, not through athletes sitting front row at fashion shows, but through strategic collaborations and sponsorships. For instance, the upcoming 2024 Olympics, with major luxury groups like LVMH sponsoring, is a testament to this trend. It’s an exciting time where the energy and dynamism of sports are being infused into the luxury fashion narrative, broadening the appeal and relevance of these brands.
Looking ahead, what are the most influential luxury fashion trends for 2024?
We’re moving from ‘quiet luxury’ to ‘loud luxury’ – a trend characterised by bold colors, prints, and logos. Additionally, the intersection of fashion with sports is becoming increasingly prominent, especially with events like the Olympics. We’re also seeing the influence of popular culture, such as Taylor Swift’s tour, on fashion trends.