The Latest News in Fashion and Luxury (episode 17)
NellyRodi’s fashion and luxury experts share their picks from the market’s major updates. Episode 17 covers August 2024.
August – A slowdown and “luxury shame” in China
The luxury sector is experiencing a marked slowdown, primarily due to reduced spending by Chinese consumers. Unfavorable economic conditions in China combined with Beijing’s crackdown on ostentatious displays of wealth are heavily impacting major brands. LVMH, for example, reported a 14% drop in sales in Asia (excluding Japan) for the second quarter of 2024. The trend isn’t limited to LVMH, and other key luxury players, including Burberry, Swatch Group and Richemont, have also seen sales in China decline by 20%, 14.4% and 27%, respectively. A few brands, however, such as Hermès, are still registering sales growth in Asia. Recent economic data show that China is struggling to recover from the post-pandemic crisis. Additionally, the Chinese government is encouraging its population to curb what it calls ostentatious spending, a phenomenon Bain & Company refers to as “luxury shame.” Simultaneously, Chinese authorities are tightening censorship on influencers promoting luxury products.
August 7 – Gucci targets visibility with BTS's Jin
Gucci has recently named Kim Seok-jin, better known as Jin from BTS, as its new global ambassador. The choice to add Jin to the growing list of prestigious brand ambassadors further strengthens the group’s presence in the luxury sector. The collaboration comes after the artist gained attention for his participation in the Paris 2024 Olympics, where he carried the torch for South Korea. Jin, at 31 years old, is also the first BTS member to complete his mandatory military service, bringing fresh energy to the group. By appointing Jin, Gucci is working to revitalize its image and attract a younger, international audience. This alliance with one of the biggest contemporary musical sensations gives Gucci visibility, especially with Gen Zers and millennials.
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August 9 – Abu Dhabi pursues art interests with Sotheby’s
ADQ, Abu Dhabi’s sovereign wealth fund, has announced a strategic investment in Sotheby’s with the acquisition of a minority stake for around €1 billion. The capital raise is directed at reducing the auction house’s debt while allowing current majority shareholder Patrick Drahi to remain in control with additional financial backing. Founded in 2018 with a focus on energy and agriculture, ADQ is now making its first move into the luxury sector. This partnership reflects ADQ’s intent to diversify its investments while bolstering Sotheby’s presence in the Middle East, a rapidly growing market for art and luxury. A portion of the funds is expected to support Sotheby’s growth ambitions, including new real estate projects in Hong Kong, Paris and New York, consolidating its position on the global luxury stage.
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August 16 – Polo Ralph Lauren x Navajo artist Naiomi Glasses
Ralph Lauren celebrated the release of its latest collaboration, titled Denim Dream with Naiomi Glasses, at an event at the Malouf’s store in Santa Fe. Using indigo hues inspired by the iconic outfits of rodeo competitors, the capsule collection pays homage to Navajo rodeo culture. Glasses, a seventh-generation Navajo weaver, grew up in the rodeo scene, which she describes as her “first love.” Her collection includes 27 pieces – men, women and unisex – adorned with traditional Navajo details. To accompany the clothing, Glasses selected turquoise and silver jewelry crafted by artisan families. Ralph Lauren’s Artist in Residence program was launched to strengthen American representation by partnering with communities that have historically inspired its designs.
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August 19 – Skims’ Brat Style
After collaborations with Rosalía, Kate Moss and Usher, Kim Kardashian’s Skims lingerie and shapewear brand has chosen British star Charli XCX for its latest campaign. Charli XCX, a rising music icon, is featured in the brand’s newest white cotton designs photographed by Canadian Petra Collins. The summer campaign aligns perfectly with the aesthetic of the artist’s 2024 “Brat” album, which has set the tone for the brat summer trend. The visuals blend nostalgic influences from the 2000s with contemporary fashion, reflecting Charli’s style and the Skims line that celebrates and flatters all body types.
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August 19 – Boss x NFL
Patrick Mahomes, Micah Parsons and Amon-Ra St. Brown headline the latest Boss x NFL collection. Following last year’s success, Boss and the NFL are back with a second joint collection, merging the excellence of American football with fashion. More than just a partnership, the line embodies confidence and individuality, encouraging fans to express their unique style while celebrating their love for the sport. The line presents high-quality materials and refined designs, with hoodies, T-shirts and jackets to support your favorite team in style.
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