The consumption of luxury goods has become extremely widespread and popular. Many luxury brands have been established across the globe over the years, irrespective of eras which existed in the past, including the period of the industrial revolution, the world wars, or democratization. Today, everyone craves for luxury, especially in fashion or clothing. The main factors driving this trend are the development of industries, growing economy, new trades, and a surge in spending power. For instance, there are some famous Japanese luxury brands in European nations. Then there are Asians fond of European luxury brands. There are European luxury brands that use Chinese silk as raw materials in productions. As a result, people from around the world are well-versed with the word luxury fashion brands.
The market for luxury apparels market is growing at a rapid rate in recent years, owing to factors such as rapid growth in urbanization, rising disposable income of consumers, and growth in online sales. As per the report by Allied Market Research on luxury apparels market, the market garnered $62.62 billion in 2016 and is likely to accrue a sum of $81.23 billion by 2023, thereby growing at CAGR of 3.9% during the forecast period, 2017 – 2023.
A few partnerships and launches took place in the luxury apparels space in recent years. One of them is the partnership between Universal Standard, a New York-based fashion brand and Rodarte, a luxury fashion house of clothing and accessories to launch a size-inclusive ready-to-wear collection for women in the U.S. available in sizes 00 to 40. Ermenegildo Zegna, an Italian luxury fashion house recently launched a flagship store in Tmall Luxury Pavilion, Alibaba Group’s dedicated site for high-end brands.
Universal Standard and Rodarte Team Up to Launch Size-Inclusive Collection
The collection launched by Universal Standard and Rodarte in April 2019 is an amalgamation of Universal Standard’s skills in fitness and quality and Rodarte’s dramatic and unusual aesthetic. In addition, it features a blouse, dress, jumpsuit, and skirt in red, black, and pink colors. According to Universal Standard, the partnership marks the fashion’s industry’s need for democratization of fashion in every respect and is and is a part of its mission of ‘Fashion Freedom’, where size is immaterial, style is the only filter, and clothes are designed keeping everyone in mind.
Zegna Joins Tmall Luxury Pavilion
In April 2019, Ermenegildo Zegna unveiled its new flagship store which is launched in Alibaba’s Tmall Luxury Pavilion. The store introduces a range of products exclusive to Tmall which is sold only through the Pavilion store. Zegna also offers exclusive online-to-offline services such as door-to-door delivery upon request to its most loyal customers. According to Ermenegildo Zegna, the collaboration enables them to expand their footprint in China while ensuring a luxury experience for their customers. According to Jiang Fan, president of Taobao and Tmall, the partnership allows them to develop new experiences for consumers via the use of Tmall’soperational strength as well as Alibaba’s technologies to help the brand connect better with the new generation of young consumers in China.
Sharmistha Sarkar has always had a keen interest in reading and writing. Though an engineering graduate, she forayed into the field of writing due to her love for words and the urge to do something different. Allied Market Research has given her the chance to gain knowledge about different subjects as a senior content writer.