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Although the US has Contributed to dictionaries. Global fashion, with casual pieces such as blue jeans, baseball caps and polo shirts, remains the domain of high-end European fashion.
However, Estee Lauder’s Shopping in Tom Ford November— a super-premium-priced American company—could signal a shift in how the world views American brands. After bringing the price 2.8 billion dollars, the company has earned a seat at the luxury power table.
This is because Ford products are considered expensive even when compared to other international luxury brands. A 30ml bottle of Tom Ford’s Lost Cherry perfume costs $240, compared to the larger markup Hermes d’Orange Verte ($132) or Miss Dior perfume ($72). Tom Ford suits start at $5,000, not as high as Keaton’s., It can run five figures, but it’s more expensive than Dior or Zegna Suits, which start at around $3,000.
That’s not the standard setting of a typical American fashion or beauty company, which aims for accessible prices like Coach or Kate Spade.
Europe reigns supreme in fashion.
While France and Italy account for the lion’s share of the world’s luxury brands, American fashion and beauty opportunities have historically been concentrated in mass and sportswear, such as Gap or Nike, or in more affordable luxury categories – think Ralph Lauren, Tommy Hilfiger. And Calvin Klein.
Although there are some famous US designers, Oscar de la Renta and Vera Wang, brands have not reached the size or influence of business startups like Chanel. Or Dior.
Partly because the US was founded as a nation without a formal aristocracy. European monarchies were the epitome of luxury, explains Carla Martin, head of fashion apparel and footwear at Deloitte.
“If you think about Burberry in London, they commissioned the Queen. There is a strict apprenticeship model and for the kitchen, every single ingredient is handmade. It takes a long time to learn,” says Martin. She also says that the business was national and exclusive. “There were people who weren’t allowed to participate in the business, and we’re a small country of immigrants.”
There is also something timeless. Chanel and Louis Vuitton are not dramatically changing their looks from season to season, but rather reinterpreting already familiar house codes. Kering in November is partly why He broke up with Alessandro Michele After placing the designer in a high creative post for seven years. Michelle Magpie Eclecticism fueled the brand in 2015, but sales were declining and designs were declining. It felt very trendy and vulgar..
Martin points out that the true test of a luxury brand is whether it can stand on its own apart from its founding designer. Japan has produced famous avant-garde designers such as Yohji Yamamoto, Issei Miyake and Rei Kawakubo, but their creativity is not cheap. More in designer fashion, not big mason.
“It’s an aesthetic thing for that designer, and it’s hard to keep going when a designer is gone. Regardless of what you think of Dior, Christian has been very successful with many non-Dior designers. This is how the house of Chanel contrasts with a Japanese designer or Tom Ford or Ralph Lauren. 100 years of additional history is important,” says Martin.
Americans are especially good at beauty and underwear.
But Americans have proven themselves in sectors such as high-end cosmetics. For example, Tom Ford is known for his fragrance and beauty more than his fashion line.
Even with luxury prices, beauty is still relatively affordable, and therefore in many ways more suitable for American creations. Seven out of ten American billionaires The fashion and cosmetics sector is derived from a single fortune: Estee Lauder. After the sale of Tom Ford, the founder owes his design. His billionaire status For that company as well.
Another category Americans have a tight grip on: underwear. Les Wexner built his fortune on the back of Victoria’s Secret, a one-time L Brands superstar. Sarah Blakely became the youngest self-made billionaire with her shapewear company Spanx. Kim Kardashian found a lucrative niche with her Skims line.
American fashion is slowly maturing
Tom Ford isn’t the only one climbing the luxury ladder. After successfully acquiring Versace in 2017, Capri Holdings is on the hunt to buy another European luxury brand.
At the time of the Versace deal, there was concern that there might be a culture clash between the American team and the European label. But Capri has increased the price To maximize placement on all brands and the Versace integration it has It went well. Capri is targeting $2 billion in sales for the Italian label and analysts It became more positive On the expectations of the group as a whole.
China, meanwhile, has also produced a few ambitious companies, including Fung Group, Shandong Ruyi and, more recently, Lanvin GroupAll yielded disappointing results. The latter are listed through SPAC soonBut most investors in the special-purpose buyout company have backed the merger. Lanvin Group stock is hovering around half its original price of $10.
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