2024-12-16 07:26:00
The business consultancy firm Bain and the Italian fashion chamber Altagamma expect growth of 1% or less in 2024 compared to the previous year, if at all. The luxury group LVMH recorded a drop in sales of 2% in the first nine months of the year compared to 2023, while the sales of its competitor Kering in the third quarter actually fell to minus 15%.The rare exception: the group behind Prada and Miu Miu recorded an almost astronomical increase of 18% in the first nine months of this slow 2024.
Because it still exists, the desire for new and lovely things. These queues can also be explained like this: in the summer, in Paris, in front of the shops of the Polène bag brand, which is just eight years old. Every now and then an employee would go out into the street and ask those present what model they wanted. Often greeted instantly, maybe try online.
In the factory in Polène, in southern Spain, they probably didn’t take a long break this summer, bags are so omnipresent. If you find yourself in any of the major train stations in Germany this winter, a Polène bag often passes by every minute, usually it is the Cyme, with folding wings on the left and right, often in the color camel.
Two bags, hundreds of thousands of buyers
It’s the bag of the year. Cost 380 euros.And if you stay at the station a little longer, you’ll also notice the amount of nylon bags from Vee Collective. The second grant of the year. quilted model, practical internal pockets. Cost 269 euros.
Two exchanges,which are estimated to have hundreds of thousands of customers. When talking about accessories, be they bags or shoes, the brand matters much more than when talking about clothing. It’s easy to overlook the sweater and pants, and one pocket catches the eye. Only a few brands reach this level of importance and visibility, but once you reach this level, the product sells even better.
So it was with Longchamp and Louis vuitton, so it is now with Polène and Vee Collective. And the above examples also prove that success can last if you do it right. Instagram is helpful and hindering simultaneously occurring. This means no one will have to stand at the train station to be constantly reminded of their bags.
In the case of Polène, there is talk in the sector of generous “gifts” to influencers. This year, however, that also led to several content creators meeting at the same event with a camel-colored Polène Cyme bag. For them this will have been the stock market of 2024.
How are emerging luxury brands like polène adn Vee Collective influencing consumer behavior?
Interview between Time.news Editor and Luxury Fashion Expert
Time.news Editor: Good morning, and thank you for joining us today. We’re here too discuss the current state of the luxury fashion market, especially in light of recent reports from Bain and the Italian fashion chamber Altagamma. To help us navigate thru these insights, we have with us Dr. Isabella Martelli, a leading expert in luxury retail trends. Welcome, Dr. Martelli!
Dr.Isabella Martelli: Thank you for having me! It’s great to be here.
editor: Let’s dive right in. The recent report forecasts a rather bleak growth of 1% or less for 2024 when compared to the previous year. Given this context, what are your thoughts on the health of the luxury market?
Dr. Martelli: It’s certainly a nuanced situation.While the overall growth may appear stagnant, the luxury market is traditionally resilient.However, the drop in sales reported by major players like LVMH and Kering suggests that consumer behavior is shifting. Wealth is still concentrated, but the spending habits of high-net-worth individuals are changing, often leaning towards more niche, independent brands.
Editor: Speaking of niche brands, we’ve seen the remarkable success of Polène, despite the overall market slowdown.Their bags, particularly the Cyme, appear to be everywhere this winter. What do you think accounts for this phenomenon?
Dr. Martelli: Polène’s success can be attributed to a combination of factors: their ability to blend luxury with accessibility,their unique design aesthetic,and a robust brand narrative that resonates with consumers. When you look at their products, like the cyme bag priced at 380 euros, they offer a fresh take without the inflated price tags of traditional luxury houses. This accessibility creates a broader appeal, particularly among younger consumers who are increasingly seeking authenticity and uniqueness in their purchases.
Editor: Interesting! And while we are on the topic of emerging brands, we also can’t overlook Vee Collective. Their quilted nylon bags have made an notable mark as well. What do you think this indicates about current consumer preferences?
Dr. Martelli: Vee collective’s rise highlights a trend towards practicality and sustainability in luxury fashion. The focus on functional design—like practical internal pockets—and eco-friendly materials is increasingly appealing to consumers who want stylish yet usable products. It reflects a more conscious approach to fashion, where quality and utility come alongside a brand’s ethical commitments.
Editor: With giants like LVMH facing meaningful sales declines, could this create an possibility for brands like Polène and Vee Collective to keep growing?
Dr. Martelli: Absolutely! The struggle experienced by large conglomerates frequently enough opens the door for smaller, agile brands to capture market share. Consumers are looking for innovation and connection rather than just brand heritage. If established luxury brands can’t adapt quickly,they risk losing relevance,making way for these newer brands to thrive by appealing to consumers’ evolving tastes.
Editor: It’s fascinating to see the contrasts between established and emerging brands. Before we wrap up, what advice would you give to luxury brands looking to thrive in this shifting landscape?
Dr. Martelli: I would advise them to embrace innovation—weather it’s through enduring practices, digital engagement, or product diversification. Understanding your target audience is crucial.Brands should aim to create a community around their products, inviting consumers into the narrative behind the brand. Authenticity and responsiveness to consumer trends are vital for brands to not just survive but thrive.
Editor: Wise words, Dr. Martelli! Thank you for sharing your insights with us today.The luxury fashion market is certainly evolving, and it will be intriguing to see how both established names and new players adapt in the coming year.
Dr. Martelli: Thank you for having me! It was a pleasure to discuss these trends with you.
editor: And thank you to our readers for joining us. Stay tuned for more insights on the luxury market and its future in the upcoming months!