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Nike slowed down, suffering from a lack of innovation in product and marketing, culminating in the departure of CEO John Donahoe in September. At the lowest end of the pricing spectrum, competition has ramped up with the advances of Temu and TikTok Shop, while Shein continues to fight for its initial public offering in London. As luxury consumers steadily gravitated away from streetwear, Our Legacy’s minimalist assortment of denim, soft tailoring and knitwear was a major beneficiary of the “quiet luxury” trend where shoppers valued a more elevated, logo-free style of dressing. Top-selling SKUs today include its $600 Camion leather boot, along with its trompe l’oiel distressed jeans made with its signature “digital denim” print technique. The brand also has a nascent womenswear business, which launched back in 2018. The luxury conglomerate’s venture arm—dedicated to investing in small creative companies—has taken an undisclosed minority stake in the brand, The Business of Fashion can reveal.
It is a network of fashion creatives, business professionals and entrepreneurs around the world, delivering fashion business intelligence on emerging designers, disruptive technologies and global brands that are making their mark on the industry. He realised that he had a unique opportunity to break down the barriers by providing rigorous business journalism befitting an estimated $2.5 trillion fashion industry employing millions of people around the world. By bringing them together as one global community, he and his team could share and learn from each other as the industry was being disrupted by technology, shifting consumer values and globalisation.
Meanwhile, climate change is making it harder to predict weather conditions and correlating demand. Temperature fluctuations from the average make it difficult for brands to sell through stock. While global temperatures for 2024 are higher than any other on record, summer 2024 was the coldest in almost a decade in some European regions. We create workspaces for today considering well-being, sustainability, collaboration and business performance – we constantly go beyond our clients expectations.
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De La Faverie said the plan would also see its business expand its presence in what he called “consumer-preferred, high-growth channels,” like e-commerce, specialty retail, European pharmacies and travel retail in the Western countries. But in all those channels — especially Sephora and Ulta Beauty — its brands will be jostling for share of wallet with some of those more agile indie brands, as well as buzzy brands with celebrity founders like Hailey Bieber’s Rhode and Selena Gomez’s Rare Beauty. The company can both create and deploy plans around internal restructuring, changes to its procurement strategy and overall fat-trimming with relative ease. But fixing its core issues, and rebuilding desire and demand for its key brands — which include its namesake line, Clinique, La Mer, MAC Cosmetics — in its top markets, the US and China, will be more difficult. LVMH’s premium partnership made the most headlines — and the cut for the opening ceremony. Christian Dior provided the costumes for Lady Gaga, Aya Nakamura and Celine Dion’s live, televised performances along the Seine and under the Eiffel Tower; while Louis Vuitton trunks were the centrepiece of a dance across the Pont Neuf.
Estée Lauder Companies’ Makeover Begins
Today, a successful store doesn’t only convey legitimacy for an online operation or serve as a billboard for a brand; it’s a crucial way to differentiate a business in a market with many players with similar value propositions. “Estée Lauder Companies’s lack of speed happened as prestige beauty became nimbler,” he said, adding that the entry of so many new indie brands and “faster-moving” consumers had created downward pressure. Increasing the pace of innovation, and adding new initiatives like a dedicated fragrance lab in Paris slated to open later this year, as well as increasing clinical credentials for its skincare brands are valuable and tangible. High-end retailers including Printemps are expressing interest in crypto payments as they search for new pockets of wealth to combat a sector slowdown. If implemented, a TikTok ban will have far-reaching consequences for the many fashion brands who rely on the TikTok to do marketing — and, since the roll-out of its now-popular TikTok Shop — even generate sales. Department stores joined forces and faced existential threats in an increasingly challenged environment.
Canada’s export-driven beauty startup scene is responding to the threat of tariffs with a newfound product patriotism. Sign up to The Business of Beauty newsletter, your complimentary, must-read source for the day’s most important beauty and wellness news and analysis. Coast is comfortable, affordable and has a range of features that will benefit employee well-being and productivity.
Millions of low-cost fashion products are showing up in thrift stores and on resale sites, but that’s not curbing the industry’s primary growth. Bof casino Fashionphile bet big in the wholesale category with its acquisition of Canadian B2B resale company LXRandCo, Inc. in November 2023. LXR specialised in selling secondhand designer handbags to department stores such as Lord & Taylor and Century21.
President Donald Trump pointed to South Korea as a country with more unfair tariffs against American products than China, while slamming the handing out of subsidies for foreign chipmakers like Samsung Electronics Co. The Spanish company extended its partnership with the eponymous founder of Charlotte Tilbury, who will retain a minority stake in the brand until 2031. At the same time, this year Shein has faced growing competition from other ascendent ultra-cheap product purveyors — most notably, Temu. Temu’s rise, accented by its “shop like a billionaire” themed-Super Bowl ads in February, has been pervasive, though not without its own problems.
Its products are now sold in German department store Galeria Karstadt Kaufhof, for instance. But to kickstart its next stage of growth, Fashionphile is now investing in a physical retail footprint, including its own stores as well as selling wholesale to other retailers such as Saks Off Fifth and duty free shops. In 2025, Fashionphile will open new brick-and-mortar locations in San Francisco, Dallas, Atlanta, Boca Raton and Philadelphia. By the end of the year, it will have a footprint of 14 outposts in various formats.
Launched in 2023, the brand has four scents, which start at $140, and is found in a handful of niche retailers, though it plans to broaden its wholesale partners to include around 15 more throughout Europe, Asia and Canada in 2025. Niche line Marissa Zappas is rapidly gaining momentum, said Tynan Sinks, a beauty editor and co-host of the fragrance podcast Smell Ya Later. With bow-bedecked bottles, branding that evokes both gothic and ethereal elements (perfume names include Maggie The Cat Is Alive, I’m Alive! and Carnival of Souls), the brand has built up a cult following amongst New York’s It girls, according to Sinks. Investors, retailers and would-be acquirers are laser-focused on fragrance, trying to surface the next crop of breakout stars who can hold their own against the incumbent mega-brands.
