I’ve just been reading the dire retailing reports from the fashion trade as they look back on 2008. What had started as a promising year with luxury launches, impressive profits, and ubiquitous celebrity lines has fizzled into store closures, bankruptcies, and layoffs. How fickle is fashion!
But it’s not all bad news. As people tighten their spending and stop splurging, winners and losers have quickly emerged. Here’s who’s hurting and who’s not:
Losers
High end designer apparel
Fine jewelry
Designer cosmetics
Luxury perfume
Discount designer
Winners
Luxury accessories
Children’s designer clothing
Premium denim
Contemporary
Young Designer
It’s interesting. People who used to buy all high end are “making do” with status bags and shoes. Those who usually shop discount designer (Mervyn’s, Marshalls) have pretty much stopped buying. So high end and low end are hurting these days.
Who isn’t? Mid-level brands and products. Yes, things are tight all over and will be for months to come, but all those Macy’s types who starting “slumming it” at the Gap and other moderate range stores have kept them from collapse. What’s more, several new designers are making their mark by giving their clients that one-of-a-kind designer look at newcomer, budget-friendly prices. It will be interesting to see who’s still standing once the economy turns around…
Happy New Year!
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