New York-based Abrams Research firm, founded by chief executive officer Dan Abrams, released a study today on the luxury industry, after speaking with more than 100 carefully selected industry experts.
“There’s definitely a cautious optimism among the experts in the luxury market right now,” Abrams, who is also chief legal analyst for NBC and MSNBC, told WWD in an exclusive interview. “The luxury goods market is one that is preparing for change as a result of recession and the expansion of the online market.”
Below, additional results and data from the study are available exclusively on WWD.com.
Abrams Research Luxury Brands Survey, 2009
• When asked how best a luxury brand could adapt to and survive the recession, 34.9 percent of respondents suggested cutting back on everything but essentials, and making “quality essentials the core of the brand.” (Only 2.8 percent suggested cutting back on luxury materials.) Meanwhile, 33 percent suggested launching an offshoot, down-market brand instead. Just 9.4 percent suggested cutting back on advertising.
• Destination markets: Our experts tapped China as the next big luxury market to break into by a decisive margin, 42.5 percent. The next-closest potential market was India (17 percent) followed by the Gulf States (14.2 percent).
Brands Most Likely to Make the Most of the Recession Topshop — 34.1% Chanel — 28% Louis Vuitton — 21.9% Forever 21 — 13.4% H&M — 13.4% Marc Jacobs — 13.4% Hermès — 7.3% J. Crew — 6.1%
Best Shopping Brands Online Net-a-porter.com — 33.7% Gilt Groupe — 15.7% Neimanmarcus.com — 8.9% Barneys.com — 6.7% Eluxury.com — 6.7% Bluefly.com — 5.6% Shopbop.com — 5.6% Saks.com — 5.6%
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia