Fashion’s Still in Fashion

The coronavirus pandemic continues to upend the fashion industry and change consumers’ habits, but one thing is clear: fashion isn’t going out of fashion.

Despite gloomy predictions in recent months, and some commentators asking if people will ever dress up again, there are clear signals that consumers still love fashion — and not just sweatpants or hoodies. Shoppers are willing to spend on brands that spark excitement and joy, while categories associated with life B.C. such as bags and high heels are rising again, global uncertainty notwithstanding.

If early lockdown saw consumer confidence falter, and preferences pivot towards loungewear and activewear, the third quarter of the year painted a sunnier picture, all things considered. A greater proportion of spending is happening online, there is still a bias towards less formal styles, and brands which lack a distinctive personality are suffering. But for those which combine a strong point of view with a robust approach to digital, there is reason for optimism.

Fashion thrives on reinvention, and brands across the spectrum stepped up to innovate as it became clear that coronavirus and social distancing weren’t going anywhere fast. From releasing products suited to increasingly home-based lifestyles — see Versace’s personalised bathrobes and Loewe’s line of home fragrances — to adapting how their collections are shown and marketed, Q3’s hottest brands rose to the challenge.

When the quarter’s hottest brand, Gucci, livestreamed its Epilogue collection in July, worldwide views exceeded 35 million — making it the brand’s most-watched digital event ever. On Lyst, page views for Gucci were up 52% in the third quarter year-on-year. Jacquemus, which is 11th hottest brand following its rapid ascent, was among the first to hold a socially distanced fashion show since the crisis began. Set in a wheat field outside Paris, the show yielded a rich crop of social media posts despite the limited number of attendees. Demand for the brand spiked 186% in the 24-hours following the event.

Collaborations have long been a tactic for brands to scale awareness and expand their audiences, and this quarter was no exception. From Valentino and Levi’s to Prada and Adidas, a wave of new and existing partnerships were released or announced. Now more than ever, the hottest brands see strength in togetherness. The tie-up between Nike Jordan brand and Dior on a range of sneakers that dropped in July will surely be a contender for the most-hyped fashion moment of the year.

While familiar names dominate the top of the hottest brands list, shoppers also sought smaller and newer established labels — particularly those with buoyant creative energy, and a purpose that resonates. Marine Serre makes its first appearance in the top 20, and is also the fastest rising brand this quarter, having climbed 10 places. LA-based Fear of God moves up 1 place to become the 19th hottest brand, after entering The Lyst Index for the first time in Q2 this year.

We’re now in the final quarter of 2020, and performance over this key commercial period will be a time of reckoning for many in the industry. Until the results are in and the dust settles on a tumultuous year, brands can take some comfort in the promising signals which have emerged since spring — while continuing to leverage the opportunities arising from this forced reset.