Streetluxe: Street Style’s Revolution

It seems that the big brands in the fashion industry always know how to make the grave of enthusiasts constantly excited. And this year’s trend is the combination of “street” and “lavish”.

Street fashion – street wear has been strong and silently existed for a long time. But it only really became a phenomenon in the late 20th century. This is the era of transformation from high culture to popular culture. Music, art and fashion are not just spiritual dishes for the upper classes; but have crept into every corner of society.

The obvious rise of luxury street style

With the advent of social networking sites such as Facebook, Instagram, Snapchat, … fashion weeks are more exciting thanks to sideline activities; where photographers try to capture beautiful images of street fashion icons. Stars instead of performing on luxury catwalks, now it is possible to create a new trend every day with street costumes or airport transfers.

American photography legend, Bill Cunningham said; “The best fashion show is when it comes to everyday life.” Streetwear has become an indispensable cultural trend of the global fashion breath; and inspire generations; specially for Generation Z – the successor of the Millennials. Bring the thought of “worshiping” to street culture and always updating the latest trends; the spending of the rich Z-generation customers has contributed to boosting the global economy.

Millennials re-create the high-end market

According to a new study of consulting and management company Bain & Company; This year, luxury street fashions boosted global luxury goods sales by 5%; to 263 billion euros ($ 310 billion). Federica Levato, a partner of Bain & Company; “There is an unusually large market of US $ 2.9 million for high-end T-shirts only; and up to half a billion dollars for luxury skis.”

Collaborative collection between Louis Vuitton and Supreme

Also, according to Bain & Company, spending on luxury goods is shifting to consumers of Gen-Z and Millennials; those who will account for 45% of the global luxury market by 2025. It is the young residents who were born and raised in an era of “Hype” culture; very active on social media, exaggerating the “limited edition” products that were released with the limited-edition drip; has caused the craze for fashion items.

Whether it is T-shirts, sneaker shoes, skateboards or metallic accessories … that seemed simple; they also have a completely different view. This is a great opportunity for many brands. But also, a significant challenge at the same time; because Millennials think and shop differently than previous generations. Affordable young consumers are seeking breakthroughs; catching up with the trend, making them look “cooler.” This is where strategists need to shake hands.

Streetwear usurpation

2017 officially marked the strong rise of a series of street fashion brands. Typically, the spectacular comeback of the Off-White brand of Virgil Abloh; currently ranked 3rd in the “Hottest fashion brands” ranking of Lyst Index. The success of a brand for customers who like to explore different fashion experiences; the combination of high-class and popular elements of the Millennials and the Z generations is indisputable.

Louis Vuitton x Supreme store in London

In particular, the combination with the leading sports brand Nike has helped increase interest and look for brands. From diverse cooperation, combining with DJs, rappers, singers, actors, street fashion brands has taken a new strategic step: shaking hands with high-fashion fashion houses. An intersection between “street” and “lavish”, between streetwear and luxury brands has begun to form. And so, the concept with the meaning of combining the names of two styles “street luxe” was born.

New definition of fashion: “street luxe”

New, bright, tidy, minimalistic, Supreme is almost completely contrary to what people often think of street fashion. And Supreme is more successful because it is the pioneer brand, at the forefront of cooperation strategy with high fashion elders. Two of them are Nike – the giant of the sports fashion world and Co-owned Foamposite 1 with Supreme since 2004; and Louis Vuitton – luxury fashion house from France. A collection of bags, backpacks; and hoodie shirts with colors and textures typical of both famous brands; was launched in Spring Summer Fashion Week 2018.

DJ Virgil Abloh – designer and founder of Off White and supermodel Naomi Campbell

In June 2017, Louis Vuitton announced the locations of six pop-up shops in Tokyo; Paris, Los Angeles, Beijing, Seoul and Miami. The event has created an unprecedented excitement effect; with thousands lined up on the day of the sale. Collaborative collection designs have also sold out on eBay and Grailed; just a few hours after being sold, regardless of the reseller’s price hike due to the scarcity of exclusive goods.

Billions cooperation

Other high-end brands such as Burberry, Tommy Hilfiger and Versace are also in turn working with younger and closer fashion brands, such as Gosha Rubchinskiy, Vetements and street fashion icon Zayn Malik, in which Vetements is the leading name of the “collab” chain with many other names such as Reebok, Dr. Martens, Levi’s and Tommy Hilfiger.

Off-White’s show featuring Jimmy Choo

Tommy Hilfiger’s boss said, “We think it is a great brand; always know what we want and know how to make that wish come true. And it will be an incredible collaboration.” Looking back on a successful year of the billion dollar “street luxe” cooperation deals; one can see the key point is the shift from the habit of honoring the fashion house; to pay more attention to the psychology and respect of the consumer ego.

More importantly, they are very smart old men; know how to create new attractions for customers; and share the market with a strategic partner. The world is becoming flatter; and the openness of the masses is an opportunity for everyone who leads the trend.

Story: Cao Minh Tu

February Harper’s Bazaar Vietnam Magazine