Hottest brands and products of Q1 2024, careers in fashion sustainability + best Vogue covers
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The latest report from Lyst Index, a quarterly ranking of fashion’s hottest brands and products revealed the results of Q1 2024.
Miu Miu reclaimed its #1 spot, proving that the obsession with the brand has not stopped. Searches for Miu Miu increased 8% during the first quarter, (and 88% from male shoppers on Lyst) and 3 of its products made it to the top 10 “Hottest products” list - a first for any Lyst Index brand.
Miu Miu is followed by its sister label Prada, then Loewe, Bottega Veneta, Saint Laurent, Moncler, Versace, Balenciaga, Valentino, Jacquemus, Gucci, Burberry, Skims, Louis Vuitton, New Balance, The Row, Diesel, Dolce&Gabbana, Alaïa, and JW Anderson.
Among the “Brands moving fast” are Area, (+37% rise in searches for the brand) Wardrobe NYC (+42%) and Dries Van Noten (+31%).
Finally, the top 10 fashion products according to Lyst Index are Miu Miu x New Balance 530 SL Sneakers, Khaite small Julius panel earrings, Miu Miu swim briefs, Alaïa jeweled ballet flats, Carhartt Detroit jacket, Balenciaga Rodeo bag, Miu Miu polo shirt, Rick Owens Prong Down dress, Area embellished cut-out jeans, and Saint Laurent Panthos sunglasses.
What do you think of this selection? Which are the hottest brands and products according to you?
What happened in the industry this week? 💚
How luxury brands are performing in sales
Miu Miu’s sales rose 89%
The Prada Group unveiled more data on Miu Miu’s stellar performance, with retail sales rising 89 %. In comparison, sister-label Prada grew more slowly, with retail sales up 7%. Overall, Prada Group's net revenues for the first quarter rose 16 percent year-on-year to €1.19 billion ($1.27 billion) BoF reports.
Kering forecasts operating profit to drop 40-45% in the first half of 2024
The French group released first-quarter sales that indicate a possible drop in first half’s profits by 40-45%. The reasons for this are the weakening demand in the Chinese market and the poor performance of Gucci - the group’s largest and most profitable brand. Its sales fell 18% on a comparable basis, and 21% in reported figures. Sales at Yves Saint Laurent and Kering’s Other Houses division with Balenciaga and Alexander McQueen both fell by 6%. Bottega Veneta did better, reporting sales up 2% on a comparable basis.
Valentino also reported a decline in sales
The Roman house reported a 5% decrease in 2023 revenues to 1.35 billion euros, compared with 1.42 billion euros earned in 2022 due to a “challenging global context for the luxury industry,” WWD reports.
Tapestry’s acquisition of Capri could be blocked
Last August, the Tapestry Group, owner of Coach, Kate Spade, and Stuart Weitzman announced a deal to buy Capri Holdings, owner of Michael Kors, Versace, and Jimmy Choo for $8.5 billion. However, the Federal Trade Commission sued Monday in Manhattan federal court to block Tapestry’s acquisition of Capri Holdings. According to WWD, FTC argues that “If allowed, the deal would eliminate direct head-to-head competition between Tapestry’s and Capri’s brands,” adding that “It would also give Tapestry a dominant share of the ‘accessible luxury’ handbag market”. The publication says “The U.S. was the last jurisdiction that needed to sign off on the transaction,” so it’s a decisive moment.
TikTok could be banned in the US: Part 2
The U.S. President Joe Biden signed the bill that gives ByteDance 270 days to divest TikTok’s US assets or face a ban. The Beijing-based company is prepared to fight, arguing that shutting down the app used by 170 million Americans will deprive them of their First Amendment rights to free speech.
What happened to Nancy Gonzalez?
On Monday, the Colombian-born fashion designer was sentenced to 18 months in prison for illegally importing exotic skins from Colombia to the U.S. between February 2016 and April 2019 - precisely smuggling python and caiman skins for her famous luxury handbags -, and conspiracy, WWD reports. Nancy Gonzalez, her company Gzuniga, and associate Mauricio Giraldo had pled guilty in November.
David Koma launched a swimwear brand
“Let’s Swim” includes swimwear and apparel pieces inspired by the Pirelli Calendar and Playboy Magazine. The new swimwear brand is separate from Koma’s eponymous label.
The collection is sustainable; all the pieces are made from recycled plastics from the ocean and use 100% cotton. There will be several drops throughout the year with a menswear release coming next, according to WWD.
Dior at the Venice Biennale
Dior is an official donor of the Venice Biennale, a prestigious art event, and supports a series of exhibitions. The French Maison will also collaborate for the third time in a row with the Venetian Heritage Foundation on its charity gala.
LVMH Prize finalists revealed
The 8 finalists of the 11th edition of the LVMH Prize for Young Designers who specialize in womenswear are: Aubero by Julian Louie, U.S.; Duran Lantink, Netherlands; Hodakova by Ellen Hodakova Larsson, Sweden; Marie Adam-Leenaerdt, Belgium; Niccolò Pasqualetti, Italy; Paolo Carzana, U.K.; Pauline Dujancourt, France; and Standing Ground by Michael Stewart, Ireland.
The winners will be announced on September 10 at the Fondation Louis Vuitton in Paris. The overall winner will receive 400,000 euros and mentorship with LVMH teams. There will also be a new award, the Savoir-Faire Prize, and the Karl Lagerfeld Prize, which will grant 200,000 euros and a one-year mentorship each.
Among the members of the jury will be Jonathan Anderson, Stella McCartney, Phoebe Philo, Louis Vuitton’s Nicolas Ghesquière and Pharell Williams, Fendi’s Silvia Venturini Fendi and Kim Jones, Marc Jacobs, Nigo, and Dior’s Maria Grazia Chiuri, as well as the luxury conglomerate’s executives.
What’s new in sustainability 🌱
Happy Earth Week 🌏
AEFFE released its 2023 Non-Financial Report with sustainability efforts and goals
The parent company of Moschino, Alberta Ferretti, Philosophy di Lorenzo Serafini and Pollini issued on Monday its 2023 Non-Financial Report that includes the advancements the company has made in sustainability and a detailed agenda in this sector for the next 3 years.
Among the things the company did last year are: the assessment of Scope 1 and Scope 2 GHG emissions, the production of over half a million watts of energy from proprietary photovoltaic systems, the introduction of a new ESG-based assessment method for its suppliers, and a thorough evaluation of new partners, and training sessions for the staff, among others.
Diesel launched a documentary on denim
Diesel launched a five-part mini-documentary series called “Behind the Denim”. Produced in partnership with Create Sustain and directed by Luke Casey, each episode will take a close look at the life cycle of denim. The first episode is already available on Diesel’s website and social platforms, and the next will air each month until November, except in July and August.
Fashion Career Tips
Are you passionate about fashion sustainability but don't know about the different roles in this field and how to land any of them?
As companies become more conscious of climate change and face growing demand from environmentally-conscious consumers, they offer more career opportunities in fashion sustainability.
So if you dream of a career in fashion and would like to add a sustainability component to it, know that the industry offers many possibilities.
In our recent article, you will learn:
🌱What are 12 sustainable fashion jobs on demand in 2024
🌱Which sustainable fashion brands you can work for and where to find job and internship opportunities
🌱Skills and qualifications you need to work in sustainable fashion
Read the article here.
Nice Things 💖
WWD shared an exclusive preview of the Tiffany & Co. Blue Book 2024 Celeste Collection, which was unveiled at the Beverly Estate in Beverly Hills, California. We love this Tiffany house and the jewelry collection 🩵
What to read this week 📚
As the fashion industry’s leading publication, Vogue is responsible for creating some groundbreaking covers through the years, reflecting the evolution of style, trends, and events in the world. In our latest article, we share our favorite best Vogue covers of all time. Discover our selection here.
What to watch this week 📺
This week, LVMH and the CFDA (Council of Fashion Designers of America) released a video series, titled “Voices of Impact” with conversations about sustainability in the fashion and luxury sectors. You can watch the 6 episodes on lvmh.com, cfda.com and CFDA’s YouTube channel.
Fashion Profiles to follow this week
LYST Index to keep up with the hottest brands and products
Photo Vogue for photography inspo
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Giada Graziano, Inside Fashion Editor in Chief and Glam Observer Founder
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