Luxury brands are now increasingly focusing on streetwear to access a broader customer base. Valentino and Bally have entered streetwear with sneakers.
Luxury brands are now increasingly introducing collections that are genderless, label-less and made for everyone. An example is a partnership between Chanel’s creative director Karl Lagerfeld and Pharrell Williams; the latter was used in the campaign for the Gabrielle handbag – a unisex style inspired by the growing fluidity between masculine and feminine.
There has been a shift from the traditional middle-aged consumer group, as younger consumers are becoming increasingly conscious about the brands they wear. The shift can also be seen in the styles all the luxury brands are now offering.
Many brands are now looking to have a bricks-and-mortar presence in Australia, which is perceived as a relatively untapped first-world luxury retail market. For example, Paris-based Kering recently opened a Bottega Veneta store in Sydney.
A new wave of international luxury retailers has been entering Australia, eyeing the stable economy and the growth of the Asian population as potential opportunities. European brands such as Loro Piana, with an extensive range of garments for all demographics, and Lanvin, with classic menswear and womenswear, are showing considerable interest in opening stores in Australia.
Brands are moving from traditional advertising to social media tactics such as influential marketing to reach more shoppers. Burberry realised the power of social media early on, and increased its marketing budget to include the engagement of customers through Facebook, Instagram and YouTube.
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Discover the latest market trends and uncover sources of future market growth for the Designer Apparel and Footwear (Ready-to-Wear) industry in Australia with research from Euromonitor's team of in-country analysts.
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