Is the Luxury Fashion Market Capitalising On Street Culture?

Back in 1837, Thierry Hermès established his namesake luxury-fashion brand which has since become the world’s oldest premium brand still in operation. Closely followed by Louis Vuitton, Lanvin, Chanel, Prada and Dior, the luxury fashion market is a historic industry that’s awash with unwritten rules, predispositions and regulations. But as years go on and trends adapt to modern cultures, the definition of luxury has massively altered and now sportswear and streetwear are knocking brands like Prada off their throne and cementing their place as some of the globe’s most covetable brands.

One of the world’s most expensive, sought after and loved streetwear brands, Virgil Abloh’s Off-White crafts premium T-shirts, hoodies, joggers and cargo pants and defines these silhouettes as modern luxury. The three-piece suit of modern-day society, tracksuits are a new status symbol and the right pair of sneakers will catch more glances than the LouBoutin loafers of years past.

As the hype surrounding sneakers continues to gain momentum, sneakers tend to hold their value more than the most expensive Chanel handbags, Gucci loafers or Saint Laurent jackets. The Kanye West x Louis Vuitton sneakers have been known to resell for over £15,000, where as a Louis Vuitton premium leather jacket gets about £600 if re-sold. Proving that sneakers perhaps age like a fine wine and will make some serious cash if kept in good nick, is it any wonder that luxury brands are trying to take a slice of the action?

Luxury brands are infamous for being extremely exclusive, with most only catering to a particular size range. People across the globe are familiar with the feeling of walking into a high-end store only to be met with a frosty reception, but streetwear brands and sportswear companies are known for offering a more inclusive vibe. Brands like Palace and Supreme don’t categorise their clothing into ‘men’s’ and ‘women’s’ sections, but instead offer a full size run from S-L that caters to everyone and Off-White’s women’s sizing goes up to an XL. Redefining the luxury landscape, premium streetwear brands are offering customers on-trend designs crafted from luxe materials that cater to all. Gone are the days of everyday suiting and sky-high heels, these are the times of stylish comfies and covetable creps.

In order to keep their brands and logos in the consciousness of the new generation of customers and target their interests, luxury brands are tapping into the streetwear market. Where they used to look down on urban trends and street style – with Chanel’s Karl Lagerfeld once famously saying: “Sweatpants are a sign of defeat. You lost control of your life, so you bought some sweatpants” (his namesake brand now sells joggers for £155, just saying) – they’re now collaborating with some of the world’s biggest sportswear giants to try and evolve with the definition of luxury fashion.

The problem for many lies with the fact that luxury brands are now making money off a culture that they once shunned. The original customers of brands like Supreme, Nike, BAPE and adidas wouldn’t traditionally have the means to also shop at Louis Vuitton, Dior, Coach or Prada. Now, these same luxury brands are putting their logo on some of streetwear’s most affordable, covetable silhouettes and bumping up the price by 1500%. Silhouettes like the Dior x Air Jordan 1 might be blowing up Instagram, but are these attainable for the everyday Jumpman collector?

What’s more, luxury brands have very little experience in sneaker technology and know little about creating a show that’ll dominate the court or extend your stride on the track. So, some would argue, what qualifies Prada to create a basketball shoe in collaboration with adidas? What does Louis Vuitton know about skateboards or the culture it created? Although they may know little about functionality, one thing’s for sure – they’re skilled in the art of aesthetics and fabrics. Luxury brands are renowned for their meticulous eye for detail, penchant for Italian textiles and extremely skilled craftsmanship. Bringing these skills to a sneaker means that not only does it perform, it does so in undeniably luxury style.

While these new collabs may slightly alienate the average sportswear consumer, it brings an entirely new audience into the realm of athleisurewear. This creates a cyclical effect. With a new audience buying into crowd-favourite brands like Nike and adidas, trends become redefined and pieces like joggers, sweatshirts and sneakers slowly start to shed their negative status. For the masses, this means there’s no longer a “class” (or lack thereof) attached to certain clothing. Breaking down the barriers that exist between luxury and high-street, the days of jogger-judgement may soon be a thing of the past.

The luxury industry’s sudden interest in sneakers has also resulted in some of the world’s most covetable, original designs. Balenciaga’s Triple S is an example of an original silhouette that fuses premium elements with high-street style to deliver a sneaker that appeals to every audience. Embodying the shift in trends, the Triple S offers something different to the sneaker community; although it may be higher in price than your average Nike silhouette, it arguably justifies it with the premium details and unique design.

As we see more and more streetwear brands collaborate with premium-fashion brands, the price of sportswear staples is undoubtedly being driven up. If anyone’s quids in, it’s resellers. It’s likely that most premium collabs will resell for way above their retail price, so although the original hit to your bank account may be enough to make you wince, the expected profit from resale is enough to put a smile back on your face. So, folks, if you can’t beat ‘em, join ‘em! As trends evolve and fashions change, pretty soon, luxury x streetwear collabs could be a distant memory, but for now, it seems the fusion of lifestyle and luxury is a hot topic and is likely to change the landscape of both industries.

Do you think there will eventually be a happy medium where both luxury and fashion will work in tandem to deliver affordable designs to customers? Or do you think the luxury-fashion industry will continue to drive up sportswear prices? Let us know!