The growth of streetwear has been explosive.
In just the last few years alone, streetwear has gone from casual hoodies and sneakers to being showcased on global high-end fashion runways.
Several years back, Supreme and Bape were just the few names people knew when it came to streetwear. Yet today, brands like Louis Vuitton, Prada, Gucci, and Balenciaga have entered the market, targeting a crowd that shop, live, and think differently.
How Luxury Fashion Entered Streetwear
Luxury fashion has always been in a league of its own. From its stark colours to the outlandish designs, the luxury fashion market has always been a niche in its own right. With its unique aesthetic and sub-culture community, it comes as no surprise that luxury would eventually meet streetwear, as the ladder has always been about expressing individuality — something luxury does so well.
As brands like Supreme grew into billion-dollar empires and streetwear designers such as Virgil Abloh (CEO, Off-White) gained global spotlight by becoming Louis Vuitton’s artistic director in 2018, the two worlds collided, becoming one.r. From the high-end logos to the niche aesthetic , the culture of flex had begun to emerge. As such hype beasts and sneakerheads drove the rising momentum of the luxury streetwear culture, bringing it to the forefront.
Beyond the hype, streetwear brought a sense of community and belonging to each release. The people involved shared a love of art, culture, and design. These weren’t just things that people owned, but the clothes were becoming a statement in themselves. This whole personal touch to each clothing was something that luxury brands aimed to take note of.
How Luxury Brands Succeeded in Streetwear
Brands like Balenciaga are just a few of the high-end fashion labels that paid attention to the culture.
Take the Triple S silhouette, for example, the luxury brand took the concept of ‘dad-fashion’ into play and released a sneaker model that would resonate with a younger demographic. .
Not only were these shoes of the highest quality, but their designs were catching up to the likes of Nike and Yeezys. Additionally, with sneakers like Balenciaga, the value of the brand itself brought an existing sense of trust and reliability to it, driving the worth up even more.
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Balenciaga understood that the younger generations put much more thought into what they owned, how they looked, and what it means to them on a deeper level. As such, they put sneakers into the forefront of their retail strategy and to this day, have grown into one of the biggest luxury sneaker brands in the market.
According to Balenciaga’s Retail Strategy, shoes bring the most revenue to the company. The 2019 Kering Report puts the share of revenue brought on by shoes for the company at 31%. Always known for its love of smooth flowing straight lines and silhouettes, Balenciaga’s fashion has always been ahead of the curve, and their early entry into the streetwear market has proved this to be true.
The Bottom Line
Whatever reasons we are moving toward luxury, the fact of the matter is that it is here to stay. Gone are the days when sneakers served as footwear, made by Nike or adidas alone. Right now, a lot of players have entered the market, with many high-end luxury brands like Gucci, CQP, Balenciaga, and Saint Laurent entering the industry. The ever-growing popularity of streetwear has made sneakers a statement on multiple levels. And with more hype surrounding each release, as well as a takeover into the fashion industry at large, the line between streetwear and luxury has never been blurrier..