As brands explore new avenues for growth, it’s critical to find a distinct voice and target audience. Focusing on one persona when you are just getting started is a good idea, but once your brand is established, it’s time to broaden your definition of an ideal customer. Narrowing down who your customers are, what they care about and how you want to stand out from the competition can help you differentiate yourself in the luxury fashion industry.
While the overall fashion industry is experiencing a sluggish start to 2023, luxury fashion is showing signs of life with shopper demand for timeless pieces and value-retaining investment buys. Across the board, consumers are seeking more refined styles — think pared-back silhouettes and timeless accessories. From The Row ’90s bag to the coveted Hermes Birkin, shoppers are craving styles that are worn-in and well-loved, just like Sienna Miller in Anatomy of a Scandal or off-duty Olsen twins with their battered Hermes Kelly bags and Max Mara investments coats.
Consumers are also looking to support ethically produced luxury fashion, with conscious shoppers favoring brands that align with their values and sustainable practices. And with the rise of e-commerce, luxury retailers are finding innovative ways to connect and engage with their audiences — from live-streaming fashion shows on social media to virtual showrooms and personalized digital styling. luxury fashion