Luxury Fashion Brands Coach and Prada Continue to Rise in Rankings
The latest rankings for luxury fashion brands have shown significant movement within the industry, with Coach and Prada emerging as top contenders. Both brands have seen impressive upward trajectories, with Coach climbing five positions and Prada ascending by three since Spring/Summer 2023.
Prada’s strong-and-steady approach has contributed to its success, displaying consistently strong performance across various pillars assessed. Despite the recruitment of Raf Simons as creative director in 2020, Prada has maintained Miuccia Prada as co-creative head, emphasizing the brand’s commitment to creative consistency.
Meanwhile, Coach has made strides in digital and consumer sentiment, setting an example for brands looking to leverage platform-native marketing. The American label’s lo-fi TikTok aesthetic, coupled with polished campaign videos on YouTube, has positioned it as a leading contender in the luxury fashion landscape.
Other brands have also made notable moves in the industry, such as Hugo Boss’s collaboration with social media star Tube Girl, also known as Sabrina Bahsoon. Moving forward, brands with a keen understanding of culture, from emerging social media influencers to upcoming TV celebrities, are expected to reap the benefits of more cost-efficient campaigns.
In terms of retail offerings, luxury labels are beginning to stagnate their omnichannel initiatives, leading to significant shifts in the rankings. For example, Burberry’s removal of its onsite loyalty program resulted in a drop from first to third place, while Dior’s introduction of a WeChat brand store in China led to significant gains.
Exclusive events and innovative retail concepts have the potential to differentiate brands and enhance the quality of in-store experiences. Brands like Coach and Tommy Hilfiger have embraced the power of AR try-ons in physical spaces, driving improved digital discovery and boosting their innovation rankings.
Innovation is also taking center stage, with brands leveraging AI to streamline processes and maximize efficiency. Zegna’s customer-facing chatbots and Bally’s rapid A/B testing serve as prime examples of AI-driven innovations in the luxury fashion industry.
Furthermore, social impact and environmental sustainability are becoming increasingly important to consumers. The issue of living wages for supply chain workers has captured the attention of many, with Kering leading the way by collaborating with the Fair Wage Network to ensure fair compensation.
While 67% of consumers consider living wages an important factor for brands, only 15% of luxury fashion brands currently offer this. The industry should take note of Kering’s progress and strive to build a more transparent and fair industry that rewards all stakeholders involved.
As the luxury fashion landscape continues to evolve, brands will need to adapt and innovate to meet the changing demands of consumers. This shift presents both challenges and opportunities for luxury fashion houses to make a meaningful impact in the industry.
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Historically, luxury fashion brands have faced criticism for their environmental and social impact, leading to increasing consumer awareness and demand for ethically and sustainably sourced products. This has prompted brands to prioritize transparency and responsible practices, as seen in the emphasis on living wages for supply chain workers and other initiatives aimed at social and environmental sustainability.
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