Fashion Slowdown: A Call For Change

Hello everyone!

Today, I would like to explore a topic that's been the headline of every article lately: the luxury industry's slowdown and the overall shuffle at major brands (Surprise, Surprise!). This might seem off-tone compared to my usual motivational and ethical messages, but stick with me here, I'll get to it !

This isn't just another article that simply states nothing but the obvious. It's my perspective on an ongoing issue that seems to be stuck on repeat without real progress. The truth is, unlike some might put it, this isn’t news at all. The system within the fashion industry is fundamentally flawed. Despite years of discussions about change and countless promises, we're still spinning in the same circle—temporary fixes followed by inevitable backslides.

Fashion shows and trade events, once pivotal, now cater more to celebrities and influencer-wanna-be's than industry insiders. They're grander each season, yet they fail to resonate with modern consumers and the new generation who are increasingly disconnected from this spectacle-driven approach. Even once creativity-driven fashion weeks in cities like London and New York are losing relevance.

The real issue is the detachment from what consumers truly seek and how the super brands operate. In an industry that boasts itself for selling dreams - these very dreams have become more like fantasies, making them unauthentic and unable to connect with the people who matter most. Has it lost its value, may be ! The word "Luxury" certainly has ...

The industry talks a big game about Diversity, Equality, and Inclusion while catering to the “Exclusive” top 2% of earners but what happens to the remaining 98%. And let's not even start on how political shifts are influencing DE & I further.

Prices have skyrocketed to the point where even the wealthy feel taken advantage of, so no wonder that the emerging consumer feels pushed more towards spending on experiences, travel, and self-care instead!

Market monopolies held by a few conglomerates stifle the creativity and visibility of young designers, independent brands and to an extent the job market. There's an obsessive focus on continuous rising key performance indicators (KPIs) year after year, which is inherently unsustainable.

And what happened to the “Department store” or “Concept stores”? Nothing! They originated to be the incubators for young talent and independent designers but now boring and lacking space or support for new designers, and innovators. In challenging times, one must seek revert to creativity and present a unique range instead of blending in a sea of sameness.

Li Edelkoort (you can watch it here) warned us over a decade ago in her anti-fashion manifesto. We're facing the same issues today, only intensified. If we truly want to embrace change, we need to rethink our priorities and focus on sustainability, creativity, innovation, diversity, support for young talent, and genuine community building.

It's time for a systemic overhaul and to start by reinvesting in what truly enriches our industry and our consumers. Only then can we begin to create an authentic connection and move forward. Let's be honest, the world doesn't need more products or brands doing the same things. If we look at all the brands who are currently doing well , the likes of REPRESENT who are not affected by the crisis, they are the ones that fostered an authentic culture connection with their audience over time.

This narrative is not a critique but a call to action, a call for change, not only promises. The luxury fashion industry, facing a critical slowdown, needs to recalibrate once and for all.

I, myself, do not know all the answers, but I am committed to change within myself and my company, and we have made a systematic change within MARK / GIUSTI post-pandemic, cutting out all shows and trade shows , shifting to meaningful experience with our clients, revoking our offer and production cycles, increasing budget in sustainability and innovation, and launching the MARK / GIUSTI Creative Hub platform that supports young designers and talent, by nurturing and supporting them and giving them a platform to showcase and sell their collections. If department stores do not want to invest in new talent, then brands should!

I read once on? Instagram’s @businessmondset101 a post that says? , “Competition happens at the bottom. The people at the top are collaborating.” Cross-industry collaboration is key !

According to 麦肯锡 , as consumer behaviour shifts towards sustainability and digital engagement, luxury brands must also adapt to these new realities. There's a growing emphasis on creating authentic, memorable experiences that resonate with a broader audience, not just the elite. I truly believe that the path forward involves a holistic view—embracing innovation and sustainability , enhancing client engagement, and ensuring product excellence while maintaining the craftsmanship, cross-industry collaborations.

The fashion industry must change and I know change doesn’t happen overnight but change must take place. If you don’t, you will be left behind. Even the mighty can fall one day.

As we continue to navigate the challenges of the fashion industry, it becomes increasingly clear that our future must be built on a foundation of authenticity and ethical practices. By embracing transparency, supporting sustainable innovations, and fostering inclusivity, we can cultivate a fashion landscape that respects both people and the planet. This is my calling !

It is crucial that we commit to this path of integrity, not just in words but through actionable change, ensuring that the luxury fashion industry can be a force for good. Together, we have the power to redefine luxury not merely as a hallmark of exclusivity, but as a beacon of conscientious, ethical creativity that values every individual in the production chain and every consumer who invests in our pieces.

Fashion must be a true reflection of the beauty, creativity and diversity of our world.

With Love, light and kindness

Mark