If you’re looking for a status symbol, look no further than luxury streetwear. This trend has seen a boom in sales over the past couple of years thanks to high consumer demand. Founded in 1994, Supreme is a skateboarding label renowned for provocative designs and great thumping fist logos. Despite its youth-oriented nature, luxury streetwear has a devoted following among male millennials.
While luxury streetwear has a cult following among younger consumers, it’s not for everyone. This type of fashion is often expensive and reflects an unorthodox lifestyle. It is often a way for high-end brands to appeal to a younger audience and gain a greater relevance in society. While traditional high-end brands may have been slow to adapt, some brands are embracing the cult following of youth. For example, Louis Vuitton collaborated with New York streetwear brand Supreme and Tommy Hilfiger with a renowned designer of urban wear, Gosha Rubchinskiy, a creative director of Burberry, and Chanel have teamed up with British designer Axel Schenk.
For more on the growth of luxury streetwear, read the Bain and Altagamma report on personal luxury consumption. Although it doesn’t mention luxury streetwear directly, it’s important to note that streetwear has entered the mainstream, and has thus opened up new avenues for e-commerce. While streetwear aesthetics do not threaten the integrity of luxury brands, they can provide valuable lessons for the luxury market. Hence, it is essential that luxury brands learn from the streetwear industry.
As luxury brands have embraced streetwear, their efficiency has become a concern. While the streetwear model is an important and effective way to attract the youth, the emphasis on efficiency has led to a decline in quality and lasting value. In fact, the luxury brands should copy streetwear only to the extent that it provides them with a means for customers to express their individuality and tap into broader cultural themes. But as far as luxury streetwear is concerned, it remains a niche product with a relatively small following.
While streetwear is a global phenomenon, it is important for luxury brands to distinguish their products from those of mainstream consumers. While streetwear is a great way to attract millennials, it’s not the only way to attract the most desirable customers. Whether they want to attract a new clientele or keep existing ones, the brand must be different from its rivals. The luxury industry has always been defined by its ability to withstand the challenges of different cultures.
As a result, luxury streetwear has been able to appeal to both a millennial audience. However, the fusion of two distinct cultures can lead to confusion when branded luxury streetwear is too similar to other brands. Creating a new brand that focuses on streetwear is not easy. It must be in sync with the culture that is surrounding it. Ultimately, the result should be a success for both parties.