Fashion retailers’ success last year was driven by unusual circumstances that will not last
High-end labels like Christian Dior or Gucci are relatively immune to economic turmoil. People who can afford their frocks may take a knock in a recession but seldom end up shirtless. The same cannot be said of less luxurious fashion houses. But they, too, have had a good run of late.
Ralph Lauren, a relatively upmarket American brand, opened 40 new shops in the third quarter last year alone, including a flagship store in Milan, as well as shops in Atlanta, Chicago, Detroit and Miami, often on those cities’ swankiest shopping streets. Its boss, Patrice Louvet, thinks consumers will keep replenishing their wardrobes and says his firm “is back on the offence”.
Ms Helmersson and Mr Louvet reflect an optimism in the industry as it emerges from the disruptions caused by the pandemic. But they should go easy on the champagne during upcoming Fashion Weeks. Clothes companies, in particular those catering more to the masses, face an assortment of challenges. Some of these, such as digitisation and sustainability, predate covid-19. The pandemic has only heaped on more, from supply-chain bottlenecks and sky-high shipping costs to worker shortages.
. Pent-up demand triggered a wave of “revenge buying” when shops reopened at last, in particular for “occasion wear” . Shoppers’ pockets were lined with infusions of government cash. And the pandemic was the final nail in the coffin for some weaker firms, reducing competition in the crowded market; Topshop, Laura Ashley andNow that consumers are no longer receiving cheques from the government, and have anyway already spruced up their wardrobes, they may become more parsimonious.
In its annual report on the state of the clothing business, McKinsey, a consultancy, predicts that discount and luxury fashion will continue to wow investors this year. The middle-market retailers may enjoy another season or two of revenge buying. After that, their prospects are looking more threadbare.
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