When we think of luxury brands we think of top notch quality and distinguishable designs, with a noticeable brand logo, attached to a high price tag. The economic effects of the COVID-19 pandemic have taken a huge toll on luxury retail. However, these top of the market luxury brands are prevailing and maintaining their status within the fashion market by shifting their focus to online retail. Let’s take a look at 2020’s top luxury fashion brands (in no particular order)!
- Louis Vuitton
- Yves Saint Laurent
Rising to the top of the luxury fashion market is hard as it is, but maintaining this status is even more difficult - especially with the detrimental effects of COVID-19.
Looking at the pandemic in particular, the first and most important challenge at the beginning of COVID’s spread was the battle between online vs. in store shopping. Despite their vast resources, luxury fashion brands heavily rely on the in store experience. Trying to replicate that same experience online presented a big obstacle that they had to overcome. In efforts to combat this battle, Burberry and others added virtual personal shopping experiences. According to Harrods managing director, Michael Ward, 80% of personal shopping since Summer now happens from a distance specifically overseas. This is a really interesting approach that will probably continue into post-pandemic society.
Additionally, luxury companies highlighted the creative aspect of their brand to display the authenticity of the company. Through various media outlets, visual storytelling became an even more prominent way to stand out and increase consumer engagement.
One factor that has affected the fashion industry as a whole is the cancellation of fashion shows across the world. While these events once served as a major distribution channel and an opportunity to show off designer work, it’s been stripped from these luxury brands, forcing them to adapt to the digital world and find alternative ways to portray their work. Prada has turned to private local screenings and virtual viewing events to try to uphold the traditional luxury fashion experience. However, because high end fashion relies so much on the physical aspect of showcasing new work and connecting with clients, brands are starting to run out of innovative ways to reinvent themselves. Luckily, the global pandemic is starting to look up and we’ll soon return to our normal in-person lifestyle.
These 10 luxury fashion brands meet the modern affluent consumer demand driven by each brand’s identity and popularity in the market. These high end brands have and will continue to perform well. It’s also important to notice the majority of this list is made up of Italian based brands showing the strength and power over the market even during unexpected situations like the global pandemic. This really exemplifies the authenticity of Italian manufacturing and the creativity of Italian designers that cannot be matched elsewhere.