Luxury fashion brands have lately been causing a stir with their runway shows and viral red-carpet appearances, impressing both live and digital audiences with their design concepts for the upcoming months.
However, it is becoming increasingly complex to connect these collections and moments to the actual purchasing behavior of fashion enthusiasts. While consumers are fascinated by runway moments, they are increasingly drawn to practical attire and affordable luxury over haute couture seen on runways.
This trend, which has come to light in Lyst’s Q1 2023 index, highlights a very inconsistent time in the fashion industry.
The latest index found that while luxury brands such as Prada continue to captivate fashion enthusiasts, emerging brands such as J.W. Anderson and SKIMS are garnering fresh attention.
Prada, for one, continues to be a tour de force in the fashion industry, retaining its position as the world’s most popular brand for two consecutive quarters, registering a 22% increase in search for its products.
Miu Miu, Prada’s sister brand, moved up to the second spot, achieving its highest-ever ranking since the inception of The Lyst Index. The brand benefited from a strong demand for its pocket bag, a second partnership with New Balance, and the attention it gained at the Paris Fashion Week show featuring Emma Corrin, Zaya Wade, Mia Goth, and Ethel Cain.
Versace is another brand that observed a significant jump this quarter, climbing five spots on the chart. The brand’s FW23 show, hosted in Los Angeles on Oscars weekend, generated over 39.8 million views on TikTok, resulting in a 44% increase in searches in the days following the event. The event was successful thanks to Donatella Versace’s bet on featuring celebrities from the entertainment and fashion industries — a risk that seemingly paid off.
SKIMS also made its debut on The Lyst Index’s hottest brands, ranking at number 17. The shapewear brand, launched in 2019 by Kim Kardashian, has become a sensation for revitalizing a stagnant market with celebrity-endorsed campaigns. SKIMS is now valued at $3.2 billion, and its sculpt bodysuit is the third hottest product of the quarter, driving a 30% increase in Lyst searches over the past three months.
Lyst introduced another brand to the list this quarter – J.W. Anderson. The brand’s Creative Director, Jonathan Anderson, is the third person to have two of the index’s Hottest Brands in the same quarter, after Virgil Abloh and Miuccia Prada. The brand’s rise to prominence is attributed to endorsements from celebrities such as Hailey Bieber, Bella Hadid, and Hunter Schafer.
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The quarter’s most popular product is Uniqlo’s shoulder bag, priced at less than $20 and the most affordable item ever featured on The Lyst Index. Its popularity soared after it went viral on TikTok, with over 59 million views, and it sold out repeatedly in various colors.
On the opposite end of the spectrum was Rick Owens’ Kriester sunglasses, which cost $625. The glasses have a growing fan base of fashion enthusiasts and have been sported by prominent personalities like the Clermont twins and Lotta Volkova. The designer sunglasses category is seeing a resurgence in popularity, with a staggering 57% rise in demand over the last three months.
Photo/Charts credit: Rick Owens/ Lyst