Luxury retailers say they’re cautiously optimistic that the worst of the financial crisis is behind the fashion industry.
In recent months, wealthy shoppers seem more willing to part with their cash. “Aspirational shopping” is also on the increase, with those on a budget happy to splurge a little on designer goods.
The fashion houses have noted these trends and responded in kind. High-end goods are being produced in limited numbers to foster that sense of exclusivity.
“On the one hand, you are mad because you are missing sales” when supplies are limited, explained Chloe chief executive Ralph Toledano. “On the other, people are finding again that special things always sell.”
Another strategy is to release more entry-level luxury goods. For example, Chloe has introduced a canvas handbag collection this year which sells for half the price of the leather equivalents.
It sounds like in the modern fashion landscape, there really is something for everybody. It’s great to read that through some clever marketing strategies, so many of our favorite labels have weathered the financial storm.
