A Ten Year Development
The conversation on luxury has changed. The bling era of a decade ago — once distinguished by mass production, logo-heavy branding, and bloated prices — is out, replaced by a quieter, value-driven ideal. We can attribute this shift to the arrival of a new breed of luxury startups, the swift spread of e-commerce, and a more discerning shopper — all factors which have grown within the last ten years.
A New Set of Standards
Luxury’s new code rewards products that are individualized, produced at small scale, and driven by a rigorous commitment to quality. New luxury startups, since steadily arriving since the mid-2000s, have been fundamental in pushing these new market standards; meanwhile, incumbent brands have been comparatively slow to adapt.
The Rise of Luxury’s New Innovators
Be it FarFetch or Net-a-Porter, Warby Parker or Bonobos, new luxury brands as a collective hive have become true market movers by altering consumer behavior and expectations, and each, in turn, have reaped the financial rewards. From Warby Parker’s $1.2 billion valuation in Q2 2015, to Stutterheim Raincoat’s $50 million annual turnover in just four years, these brands have grown rapidly, perfecting the new model for luxury along the way.