Luxury Fashion

If I am to start from the very start, what does the word ‘luxury’ mean? It comes from the Latin “Luxus” which translates to a superabundance and having excess in the way of life. It meant having a display of wealth that aims beyond necessary real needs just for the satisfaction of desires that aren’t necessary for survival.

Now if I come back to the world of fashion, there are a number of questions that follow suit. What is Luxury Fashion? How and when did fashion connect with luxury? Why was there a need for it? Is there still a need for it? Let’s discuss this in greater detail.

What is luxury fashion?

Luxury fashion is usually defined for fashion items because of their high-price points. These luxury goods are separate from your normally needed ones, in a way that they are not necessary to survive. The reason for insanely high prices is usually backed up by the quality of those goods, and how they are long-lasting, with incredible designs and the craftsmanship that goes into producing it.

Essentially, luxury fashion products make a lot of money from one single product they sell, making sure that their profits stay extremely high and these high-profit margins are maintained.

Imagine Euro-Savings selling a bomber jacket of $20 with affordable prices, good for winter, warm and necessary for some people. A luxury bomber jacket would be set at $100; it would have a reputable and well-known luxury brand's logo and the quality of materials the jacket is made from will be different. It is all about the out-of-the-price-range lust from the consumers who fall in love with luxury fashion items, whether it is to make a statement or indulge themselves in treating them with something good for their hard work.

Luxury is truly a complex thing - it’s something that goes beyond necessity, but it adds to the value of something very simple with its different brand identity, and what has gone behind making it.

So, why are luxury fashion brands so expensive?

I talked about why luxury fashion tends to get expensive earlier above, but this is a question that needs to be answered properly. The best way is to start from the basic concepts or ABC’s of economics - demand and supply. We all know what supply stands for, it means the brands producing and manufacturing the needed amount of goods and having to supply fashion goods to the consumers. Demand on the other hand answers the question of how much do we need to manufacture, produce or ‘supply’. Demand lets us know how much do consumers want the brand's products and tells how 'in-fashion’ something they produce actually is.

So, what happens in fashion brands usually is, that as demand for their goods increases, their prices go down to cater to more customers being able to afford those goods. But for luxury fashion brands, the supply is kept low, prices go up and because of that, the demand for their goods also increases. This is because the consumers want a brand's goods so much, that they set it as a status symbol and fall in love with the exclusivity of the product. It sets aside everything else and makes those exclusive goods the center for attention. The popularity that phenomenon holds gives rise to the luxury fashion industry as we know it.

That is how it usually works. But there are more truths to the story. Some researchers also say that luxury brands often get away with having high-priced goods and actually having lower quality, in turn boosting their profits even higher up. What is set in stone, however, is the consumer’s loyalty to the brand and how often they want to buy a luxury brand's goods. It’s all the luxury fashion industry relies upon; the consumer’s loyalty!

Luxury Fashion and Sustainability

There’s something else that attracts consumers towards luxury fashion brands. The modern era of today, especially the time period from 2020 and onwards has given rise to more knowledgeable and eco-conscious people, and if they are well-to-do and affluent enough to buy fashion goods from luxurious fashion brands, they buy high-end for this additional reason: Sustainability.

This is also one of luxury fashion’s core values; It caters to supplying less, and when it adds exclusivity to the mix, people start demanding more. Supplying and selling fewer products fulfils sustainable demands. There are newly-rising environmentally-conscious luxury brands growing that feed on their sustainability and ethically made slogans now. Yes, luxury fashion does appear to be more sustainable when we see it from the perspective I just brought forth.

But there are more different views and opinions on sustainability’s link to luxe and grand couture fashion. If famous luxury fashion brands are selling fewer items, does it necessarily mean that they are reducing some negative impact on the environment? "Is that a?" comes from its aura of scarcity and exclusivity, leading it to produce and sell fewer products, it can appear to be more sustainable than fast fashion. But does selling fewer items necessarily mean a reduced environmental impact? Is it all a bluff?

There is a high lack of transparency within the luxury fashion industry. As I mentioned above, some luxury fashion brands are actually reducing the quality of their products, yet they still charge extremely high - and the consumers are never able to see it.

You need a keen eye for detail to be able to notice a change in quality. The criticism that luxury brands face is them not revealing how they ensure quality, how they ensure sustainability and how do their ethical practices really work. There is less information out there for consumers to access. When we compare any other fashion, like fast fashion, the luxury fashion industry is yet to face any harsh criticism for ensuring eco-friendly conscious habits of production. This inadequate criticism keeps the luxury fashion industry going on on its’ sail to make huge profits as usual.

2020 - Luxury Fashion Brands and Industry Today

Luxury fashion isn’t what it always used to be. As time changes and moves ahead, so does fashion. For luxury fashion, in particular, consumers have started to become more aware of what they prefer or not prefer, if the fashion they prefer is ethical, eco-conscious or otherwise.

We see these elements increasing over time ever since Global Warming became a prime issue of our world. The shift of consumer values from the past to present have changed drastically. Going outside of the changes related to sustainability and ethically-responsible fashion, there has been a change in taste and style for the consumers. There is more value for luxury fashion which is trendy and fashionable.

These brands are setting the timelines for fashion goods. They are sending out new looks in the world that are being adopted massively. What the consumers want now is also the element of fashion making them stand out, look independent and bold. Some influencers could say they want luxury fashion that is ‘Instagram-able’.

When fashion helps you style out your own sense of personal style, which I have talked about in one of my other articles as well, you can sense a win for fashion there. It is what everyone looks for, for fashion to reflect their identity and personal style.

If I am to name some very popular and demanded fashion goods, which are now termed under being luxurious, they are some basic staple pieces like hoodies, sneakers or jewellery. Previously, they were a lazy-day outfit, where you could layer up and down and not give two thoughts about it. Today, these items are luxurious because of the popularity these goods came with, and then when luxury brands realized they could sell these basic everyday items with the luxury tag on them, they would sell.

It is safe to say, that worked out pretty well. They truly do set fashion trends for consumers for days to come. 2020 has seen a rise in demand for luxury items that are ‘unique’. This year has also given rise to the ‘customizable’ goods made especially for consumers - for example, with their name on the hoodies as well as the luxury brand name.

What’s become more prominent now is also how fast trends are changing and shifting. People no longer care about how much something costs, if it’s something produced by their favourite brand, they will get it. And their favourite brands keep shifting each time some brand does something unusual, special or interesting. It appeals to customers like nothing else!

Top 15 Luxury Fashion Brands of the year 2020

SEA-Malls.com feel these luxury fashion brands rank at the top and that every luxury brand on this list is a winner in the niche for luxury fashion. All of these brands have significant customer attention and loyalty. These brands are extremely popular and work for lots of important conversations on their huge platforms of social media channels.

We all know how 2020 brought the Coronavirus Pandemic and how the global economy has been hit brutally. Although shopping in person in their lavish stores cannot happen, people are still opting to go shopping online. The luxury fashion industry might have taken a fall but, because of their incomparable customer loyalty, they continue to make the big bucks.

These luxury brands manage to stay in the top position. These are what we at SEA-Malls feel represent 2020’s best 10 luxury fashion brands in their own perfect modern way, making sure their loyal and affluent customers remain loyal.

Gucci: The Italian luxury fashion brand Gucci remains on the top for being the most luxurious, expensive and extremely high-priced luxury brand of all time. It stays relevant, famous and popular because of its iconic brand identity, its logo and its’ popularity with the celebrities. It is fact that Gucci is discussed an average of over 11 million times per month! Gucci was founded in 1921 by Guccio Gucci in Florence, Tuscany and is known for its couture, bags and accessories.

Chanel: Chanel was founded by Coco Chanel in 1919 in Paris, France and remains one of the most high-end fashion houses in the world. The brand sets trends with its beautiful apparel, handbags, accessories, eyewear and other products. Their brand is known for simplistic but elegant, modern and luxurious designs.

Louis Vuitton: This French fashion house was founded by Louis Vuitton Malletier in 1854. Also known as LV, it is known for its watches, designer sneakers and shoes, iconic handbags, leather products and elegant dresses. Their popularity keeps increasing because of their different and unique exquisite designs.

Hermès: Another French fashion luxury manufacturer is Hermès, which has often associated themselves with the Royals and celebrities like Queen Elizabeth II, Sharon and Madonna. Known for its classy, sophisticated and brilliant designs, it’s also popular for its Birkin bag, leather products, designer clothing, accessories and fragrances.

Rolex: This Swiss watch manufacturer is based in Geneva; Switzerland remains one of the topmost luxurious watch brands the world has ever known. It was founded in 1905 in London, England.

Christian Dior: Dior, another French luxury fashion brand, which was founded in 1946 by Christian Dior, is known for its expensive and luxurious range of products. From couture, accessories, fragrances, and handbags to accessories - it is known for watches and cosmetics. They manufacture purely refined and sophisticated goods, remaining one of the most prestigious brands in the world.

Prada: This Italian fashion house is known for its iconic handbags, their classic designs that scream sophistication. Prada was founded in 1913 by Mario Prada, and it remains popular for individuals of business class. Similarly, like other luxurious brands, Prada produces high-end apparel, shoes, leather goods and perfumes. It is also known for its basic, clean and classy colours.

Balenciaga: This French fashion house was founded in 1917 in San Sebastian, Spain by a Spanish designer named Cristóbal Balenciaga. It is currently based in Paris, France. A very well-known brand within the celebrity circle, known for attractive wealthy customer loyalty. Balenciaga’s sneakers are most popular, as well as their footwear, handbags and clothes. It is also known for its uncompromising standards, including how their line is bold and trendy in their luxurious way.

Cartier: Cartier is a French luxury goods conglomerate, which was founded in the year 1847, in Paris by Louis-François Cartier. It is extremely well known in pop culture for its fine and luxe jewellery and watches. Cartier rules and stays on top of luxury shopping lists for its exquisite and breath-taking jewellery of varied designs.

Burberry: A British luxury fashion house named Burberry was founded in 1856, Basingstoke, the United Kingdom by Thomas Burberry. Its current headquarters are in London, England. Burberry is known for its signature check jackets, trench coats, perfumes, scarves and sunglasses. Their designs are exclusive and classy, setting them apart from all the rest.

Key Takeaways:

What did we take away after a detailed discussion about what it means to be luxurious and what it means to be a fashion luxury brand in 2020? We conclude that luxury fashion stays at a center stage, glamorous for its exquisiteness and exclusivity. The global luxury fashion industry celebrates its iconic designs and flaunts their logo which sets all products apart, masking sure they look trendy, bold and luxurious.

Luxury is a whole emotion, it is a taste and a sense of personal individual style. It is a celebration after hard work, it is an opportunity to enjoy the best of what life has to offer. Luxury fashion is something to make you feel different, unique and out of reach. So, what is luxury for you? Which luxury fashion brand is your favourite?