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Key Takeaways:
1. Bridge-to-luxury is a dominant force in the global fashion market.
2. Regional variations in consumer preferences and market maturity exist.
3. Major brands exhibit mixed performance, with bridge-to-luxury showing strong growth.
4. The outlook for 2024 is cautiously optimistic, with sustained growth anticipated.
Move over, conspicuous consumption. In 2024, luxury is getting a makeover, with a focus on quality, sustainability, and accessibility. The rise of "bridge-to-luxury" fashion is reshaping the industry, blurring the lines between high-end and high-street.
This trend is driven by a growing awareness of fast fashion's environmental and ethical costs, coupled with a shift in consumer values. Shoppers seek today pieces that are well-made, long-lasting, and tell a story. They're willing to invest in quality over quantity, even if it means stepping outside the traditional luxury brands.
Enter bridge-to-luxury. These brands occupy the sweet spot between mass-market and high-end, offering premium materials, sophisticated designs, and elevated craftsmanship at a more accessible price point. Think of it as luxury's "gateway drug," enticing younger consumers with a taste of the good life without breaking the bank.
Forget the days of stratospheric price tags and unattainable exclusivity. The fashion world is undergoing a revolution, and at the forefront is a new breed of brands democratizing luxury: the bridge-to-luxury players. Think Michael Kors, Tory Burch, and Coach – these brands are making high-end fashion accessible to a wider audience, blurring the lines between luxury and everyday wear.
Three years of shifting sands
1. Year 2021: A post-pandemic rebound saw double-digit growth for luxury brands like Louis Vuitton and Hermès, with China leading the charge. Bridge-to-luxury brands like Michael Kors and Tory Burch also thrived.
2. Year 2022: Geopolitical tensions and inflation impacted luxury spending, particularly in Europe. Asia-Pacific remained resilient, with China and Japan holding steady. Bridge-to-luxury brands provided a more value-conscious alternative.
3. Year 2023: Cautious optimism prevailed, with the global luxury market expected to reach €1.4 trillion by year-end. China's growth moderated, while Japan and India emerged as potential bright spots. Bridge-to-luxury brands continued to see sustained demand.
A look at the past three years reveals a nuanced picture for luxe brands
1. LVMH (Louis Vuitton Moët Hennessy): Steady growth of 16 per cent (2021), 23 per cent (2022), and an expected 15 per cent in 2023.
2. Kering (Gucci, Saint Laurent): Impressive growth of 17 per cent (2021), 26 per cent (2022), with a projected 12 per cent in 2023.
3. Capri Holdings (Michael Kors, Versace): Strong growth of 24 per cent (2021), 29 per cent (2022), expected to reach 18 per cent in 2023.
4. Tapestry, Inc. (Coach, Kate Spade): Striking growth of 32 per cent (2021), 25 per cent (2022), with a projected 16 per cent in 2023.
Bridging to luxury, a flourishing market
Nestled between premium and high-end brands, bridge-to-luxury offers quality materials, trendy designs, and a touch of exclusivity at a price point that doesn't break the bank. This resonates with millennials and Gen Z, who value both style and affordability. No longer content with fast fashion, they seek pieces that are well-made, on-trend, and make them feel special.
The impact of bridge-to-luxury goes beyond just fashion. It's a cultural shift that reflects a changing definition of luxury. No longer solely about exclusivity and ostentatious displays of wealth, luxury is now about mindful consumption, conscious choices, and lasting value.
This trend is poised to reshape the fashion landscape for years to come. As bridge-to-luxury brands continue to innovate and cater to the evolving needs of discerning consumers, the lines between high-end and high-street will continue to blur. The future of luxury is one where quality, sustainability, and accessibility reign supreme.
A global phenomenon
The bridge-to-luxury segment is experiencing explosive growth, fueled by rising disposable incomes, urbanization, and the power of social media. By 2025, the global market is expected to reach a staggering €120 billion, at 5 per cent CAGR. China, with its burgeoning middle class, is a major driver while Japan's mature market favors established luxury houses. India, a rising star, is witnessing the ascent of brands like Coach and Kate Spade.
Outlook for 2024: Cautious optimism in a dynamic landscape
Despite geopolitical uncertainties and inflation, the bridge-to-luxury segment's long-term trajectory appears promising. Brands that adapt to evolving preferences, leverage digital platforms, and present compelling value propositions are poised for success.
As the luxury landscape continues to evolve, the bridge-to-luxury segment will play an increasingly pivotal role. Understanding diverse consumer needs and aspirations across regions will enable brands to establish a strong foundation for success in this vibrant and ever-changing market.
And there will be a harmonious coexistence in 2024. Luxury fashion is no longer just about opulent labels and sky-high prices. The bridge-to-luxury segment has emerged as a powerful counterpoint, offering premium quality, trend-driven pieces at accessible price points. This makes luxury an achievable dream for a wider audience, fostering a more inclusive and dynamic fashion landscape.
Scoop's Founder and Managing Director, Karen Radley, has unveiled a captivating array of international and UK designers set to dazzle visitors at the show's return to Olympia West, Kensington, from the 11th to the 13th of February 2024.
Leading the stellar lineup is Desmond & Dempsey, showcasing London-designed, hand-painted luxury pyjamas made from sustainably sourced materials. Their collection, dubbed 'art for pyjamas,' features intricate botanical and animal prints, embodying organic elegance. The Lonely Suit, an emerging German designer, aims to redefine female style with vibrant dresses and jumpsuits, celebrating femininity and individuality through vivid colors and opulent materials.
Copenhagen's DAWNxDARE specializes in hand-knitted and crocheted styles, presenting joyful and colorful essentials. Edblad, Sweden's largest jewelry designer, offers iconic, timeless pieces inspired by 70s LA, combining urban chic with natural glamour. Vaincourt, from Paris, unveils an exceptional collection of handmade luxury belts merging contemporary essentials with assertive creativity.
Rainbow Colours, a UK-based brand, produces directional sweatshirts and t-shirts using recycled materials, boasting a celebrity following. Radley expressed her excitement about the diverse talent, promising visitors an extraordinary experience at 'A Return to Wonderment.'
Scoop, recognized globally, will showcase 250 new designers in premium women's fashion, luxury home, beauty, lifestyle, and men's collections at Olympia West in February 2024. Concurrently, Pure London x JATC will run from the 11th to the 13th of February 2024 at Olympia.
The highly anticipated “Cellulose Fibres Conference” in Cologne on March 13 and 14, 2024, promises to showcase cutting-edge advancements in the cellulose industry, with six remarkable products contending for the prestigious "Cellulose Fibre Innovation of the Year" award. The event, organized by nova-Institute, attracts global leaders and experts in the cellulose fiber sector.
This year’s nominees include innovative solutions such as the “Straw Flexi-Dress,” a sustainable garment using cellulose filaments from unbleached straw pulp; the “HONEXT Board FR-B,” a flame-retardant board crafted from upcycled paper industry waste; and Lenzing's “Cellulosic Fibres for Glacier Protection,” addressing the environmental impact of synthetic fiber-based geotextiles on glaciers.
PANGAIA and Evrnu collaborated to introduce the “RENU Jacket,” a 100% chemically recycled denim jacket, showcasing the potential to replace traditional virgin cotton materials. VTT Technical Research Centre of Finland presents “Textiles Made from Easy-to-dye Biocelsol,” offering eco-friendly dyeing solutions by reducing water usage and incorporating chemically modified Biocelsol fibers.
TreeToTextile introduces a revolutionary, sustainable fiber with characteristics resembling cotton and viscose, aiming to complement or replace existing fibers in various applications. The innovative “TreeToTextile Technology” boasts a low environmental impact, relying on bio-based and traceable resources.
The conference not only highlights these groundbreaking innovations but also explores the broader landscape of cellulose-based nonwovens, packaging, and hygiene products. Sustainability, fiber-to-fiber recycling, and alternative fiber sources are key themes, reflecting the industry's commitment to environmental responsibility.
The conference's success is evident from the previous year, attracting 230 participants from 27 countries. With support from sponsors such as Andritz, Lenzing, and GIG Karasek, the event continues to serve as a vital platform for knowledge exchange and industry development. As cellulose-based solutions gain prominence, the cellulose fiber industry anticipates another fruitful year of collaboration and progress at the upcoming conference.
Fashion for Good, a global initiative for sustainable fashion, is amplifying its Sorting for Circularity framework to combat the growing crisis of rewearable textiles ending up in landfills. The 18-month Sorting for Circularity Europe: Rewear Project focuses on automated sorting technologies, employing artificial intelligence and machine learning to optimize the sorting of rewearable garments, ensuring they remain in circulation rather than contributing to global waste streams.
The global textile industry has witnessed a doubling in production and consumption over the past 15 years, with garments now being worn 40% less, averaging a mere seven uses before disposal. In the EU, the export of used textiles has tripled since 2000, reaching almost 1.7 million tonnes in 2019. Legislative changes in the EU, such as Extended Producer Responsibility schemes and stricter regulations on textile exports, underscore the urgency for effective solutions to the textile waste issue.
Fashion for Good's innovative project aims to address the root causes of waste mismanagement by establishing a framework for quality and resale potential in key export regions. The incorporation of AI sorting technologies will enhance the efficiency of sorting processes and enable better decision-making based on product data and resale market requirements.
The initiative, backed by major brands like adidas, C&A, and Levi Strauss & Co., seeks to generate insights that inform policy developments and guide investments toward a circular economy. The Sorting for Circularity Europe: Rewear Project not only contributes to sustainable fashion practices but also aligns with impending legislative changes, emphasizing the importance of collaboration between brands, sorters, and innovators to meet evolving regulations and drive positive change in the textile industry.
Growing at a CAGR of 8.2 per cent from 2023-2028, the global polyester fiber market is expected to reach $151.6 billion by 2028.
As per the report ‘Polyester Fiber Market’ by Textile Value Chain, growth in this market will be driven by the rising demand from various applications such as textile, automotive, home furnishing, and industrial.
A versatile material, the polyester fiber can be used in a wide variety of applications. It is strong, durable, and wrinkle-resistant, making it a popular choice for textiles and apparel. The textile and apparel segment is the largest segment in the polyester fiber market. This is due to the popularity of polyester in clothing and home textiles.
The Asia-Pacific region is the largest market for polyester fiber and is expected to remain the fastest-growing region in the forecast period. This is due to the large and growing population in the region.
In Dhaka, the convergence of two pivotal events aimed at uniting stakeholders in the garment industry reached its culmination on January 14, 2024. The 21st edition of Garment Technology Bangladesh (GTB) 2024 and the 13th Garment Accessories and Packaging Exposition (GAPEXPO) 2024 concluded, drawing a substantial gathering of industry insiders
These concurrent exhibitions served as a dynamic platform, showcasing the latest advancements in garment machinery and associated products. Organised through a collaboration between the Bangladesh Garment Accessories and Packaging Manufacturers and Exporters Association and its local partner, this four-day event, successfully brought together around 300 exhibitors hailing from over 20 countries.
The bustling halls of the exhibitions witnessed a diverse array of innovations, fostering networking and collaboration among professionals in the garment sector. The multifaceted showcase highlighted the global nature of the industry, with Dhaka serving as a hub for knowledge exchange and business interactions.
Cambodia's garment and clothing accessory exports faced a tough year in 2023, dropping 13 per cent compared to 2022 to nearly $7.9 billion. The decline reflected both global challenges and specific factors affecting demand in key markets.
The General Department of Customs and Excise (GDCE) reported that international sales under apparel and clothing accessory codes (HS 61 and 62) reached $7.87 billion, down from $9.03 billion in 2022. While individual code categories like knitted apparel (Code 61) saw smaller declines, overall exports represented 34.8 per cent of Cambodia's total, highlighting their significance.
However, a glimmer of hope emerged in December 2023 as exports for both codes showed a 14 per cent Y-o-Y increase. This uptick suggests a potential rebound in 2024. Industry experts attributed the 2023 decline to various factors including economic challenges in developed countries like the US and EU, due to factors like the Ukraine war.
Despite the export decline, Cambodia's production capacity continued to grow, with new factories opening. This indicates a potential for future export increases.
Lim Heng of the Cambodia Chamber of Commerce sees the recent export improvement as a positive sign, while Ly Khun Thai of the Cambodia Footwear Association expects overall exports to surpass 2023 levels.
Cambodia's garment industry remains crucial, employing around 760,000 people across over 1,000 factories. The sector's recovery in 2024 would be a significant boost for the Cambodian economy and its workforce.
A pioneer in sustainable denim innovation, Stella Blu Textile has upended the industry with their groundbreaking adoption of NTX Cooltrans technology. This waterless coloration process marks a historic first for a denim mill, dramatically reducing water consumption and environmental impact while unlocking unprecedented creative freedom.
Operating like magic, Cooltrans transforms white fabric into a kaleidoscope of colors and textures without a drop of water or a hint of heat. Natural, synthetic, cellulose – Cooltrans handles them all with stunning precision and consistency, applying intricate patterns and washes in a single pass, front and back.
But the magic goes beyond aesthetics. Imagine, brands using just one base fabric to create an infinite spectrum of looks, slashing time to market and inventory burdens. Cooltrans liberates them all from the constraints of fabric composition and dye limitations, allowing them to tailor denim to their wildest visions.
Long notorious for its environmental footprint, the denim industry finally has a champion in Cooltrans. By eliminating indigo dye and its thirsty cultivation process, Stella Blu is setting a new standard for responsible denim manufacturing.
Not just a collection, the Cooltrans Denim range is a manifesto. It's a declaration of Stella Blu's unwavering commitment to innovation and sustainability, a beacon for a brighter, cleaner future in the world of fashion.
A California-based activewear brand, ASRV pushes the boundaries of performance and style with its Winter 2023 collection featuring Hyosung's CREORA® Aerosilver technology. This innovative yarn uses built-in silver ions to fight odor-causing bacteria, keeping you fresh and comfortable during workouts.
Known for incorporating hidden tech into its apparel, ASRV has woven CREORA Aerosilver into key pieces like hoodies, joggers, sweats, tees, and shirts. This collaboration adds long-lasting freshness to their Tech-Terry™, Nano-Mesh, and Silver-Lite™ lines.
ASRV is dedicated to delivering the ultimate activewear experience, balancing design, performance, comfort, and style, says Laura Nilo, Hyosung's West Coast marketing manager.
ASRV's dedication to quality shines through their South Korean manufacturing and production team, who uphold a deep tradition of craftsmanship. Collaborating with specialized fabric mills and Hyosung allows them to develop unique technical materials while maintaining their high standards.
Brazilian cotton is on a bullish run, threatening to dethrone the US as the world's leading exporter. According to a report from the Center for Advanced Studies on Applied Economics (CEPEA), fueled by a booming surplus and declining US supply, Brazil is gearing up for a record-breaking season that could rewrite the global cotton trade landscape.
At the heart of Brazil's surge lies a massive surplus. Delays in soybean sowing have expanded the country’s cotton cultivation by nearly 5 per cent, driving production towards its second-highest level ever, This, coupled with ample initial stocks and imports, creates a domestic cotton mountain reaching a historic 5.2 million tons by 2024, as per the forecasts by CONAB, the Brazilian National Supply Company.
While domestic consumption is also expected to climb - marking its highest level in a decade - it's the export potential that truly shines. As per the forecast by the United States Department of Agriculture (USDA), Brazil is poised to ship out a staggering 2.5 million tonne of cotton in 2024, a 73 per cent jump from the previous season and just shy of the US total. This phenomenal growth could briefly give Brazil the world's top exporter crown depending on monthly shipment volumes.
Despite the rosy outlook, challenges remain. Brazil's productivity per hectare dipped slightly, and volatile global markets could bring unforeseen hurdles. Nevertheless, Brazil's focus on sustainable practices, boasting the world's largest supply of "Better Cotton," adds resilience and market appeal.
