I know it will seem to us a bit extravagant but this is the reality, diversity has definitely become a sign of distinction. Amazon and e-commerce are scaling up at the top of sales, while brands of luxury are told they must search for new ideas to keep up on sales. Global change of the fashion industry due to COVID -19 has the worldwide 2.5 trillion-dollar fashion industry turned upside down. As print magazine sales and physical shopping continue dropping, online magazines and clothing sales continue rising. Social media and influencers are at their heights. E-commerce becomes the new norm. As unemployment in the fashion industry skyrockets, amazon builds a stronger presence hiring 175,000 new employees and doubling their pay.
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Diversity and fashion walk together
We cannot deny that there is a leader in sales. Some business schools have suggested in their studies that the fashion market grows more than 5% annually. Who is on top? The United States. It is in the United States that diversity is receiving the most acclaimed recognition. What is diversity? Diversity in the fashion world is socioeconomics, race, culture, national origin, age, gender, ideologies, physical abilities and overall brand coverage. Potentially, this country has the most controversial and famous cases of diversity. As it may be we have not found a better way to project who we are and what we feel, but perhaps only through clothing have we found it. Although it may not seem like it, diversity and fashion walk quite close.
Top luxury brands
Who are the leaders of these luxury brands so sought – after? You will not be surprised, surely you have already known these luxury brands:
- Louis Vuitton
- Tiffany & Co.
- Dolce & Gabbana
- Ralph Lauren
- Saint Laurent
- Hugo Boss
- Bulgari logo BVLGARI
- Michael Kors
They are giants of luxury, and it must be said that to replace them, other brands will have to invest too much: Time, money, and ingenuity to overcome them.
2020 Luxury fashion and competition
It is believed the fall of luxury fashion due to COVID – 19, is making this a challenging period. Online sales and lack of events like fashion week, red carpet, weddings and even prom night are a large drop in investments. When the economic crisis ends luxury should rise, however not as quickly as we had hoped for. The main question is: when? Professionals are betting on responsible consumption with a more casual approach to apparel. Luxury fashion is the most resilient however during an economic crisis it is the first to be affected. Competition is what has kept fashion alive during all these years. Among other things, always remember fashion will never die.