The New Pulse of Luxury
Digest #4 Evolving luxury landscapes in China and South Korea. The rise of streetwear and the AI in fashion's footprint.
Fashion
China has lifted its group tour ban to 78 countries, sparking optimism in the tourism and retail sectors.
From boom to uncertainty. China's growth is slowing and it’s housing market is not good. Brands face challenges in navigating the changing landscape.
Snapshot of Chinese luxury customers: Nearly 30% of Chinese luxury consumers spent $2,800 or more on high-end products in 2023.
Following in the footsteps of other leading brands, Gucci partners with JD.com to launch its first digital flagship store on the platform.
Meanwhile, South Korea's luxury market is booming! Projected growth at 7.7% CAGR, reaching $160.4B by 2027. They outspend Chinese consumers by over 5 times.
Fashion brands are steering South Korean shoppers away from US sites, curbing access to lower prices.
Balenciaga's new Hourglass XS handbag goes metallic. New trend? Priced at $22,840.
Emerging brands like Represent (StockX 385% Sales increase in 2023), Sp5der, and Denim Tears are shaking up the streetwear market according to StockX Report.
Running such as Asics and On Running are emerging as streetwear sensations, On Holding's reported Q2 +52% Sales increase.
Gorpcore trend, with its rugged and outdoorsy aesthetic, is taking the mainstream. Brands like The North Face, Patagonia and Teva lead the charge, while luxury brands are quickly jumping on the bandwagon.
The lastest to report weak revenue in the US: Farfetch's Q2. Full-year sales outlook lowered by $500M to $4.4B.
Fashion Tech
Believe The Hype. Everything You Need to Know About AI and Fashion but soon turning down? Generative AI peaks on Gartner's 2023 Hype Cycle for Emerging Technologies, signaling transformational impacts within 2-5 years.
For all those Gen-AI early adopters. Brands must tread it carefully due to Intellectual Property, financial and significant ethical risks.
Quick Take. How to supercharge AI luxury shopping and 5 Startups about future of sites, making E-Commerce more personal, engaging, and effective.
Virtual humans are gaining traction in 2023. China is witnessing a surge in AI-generated humanoids for liveshopping while global influencers emulate being NPC.
Last bite:
Two worlds, one ownership. Adidas x BAPE NFT Exclusive Drop.
Taobao to arm apparel retailers with AI technologies
In-Seam, connecting stylists and shoppers, bags $2 million in funding.
Until next time.Thanks for reading.
