The MIV® generated by luxury fashion brands was approximately $300M higher during Fashion Week, according to our Marketing Reset report, an analysis of fashion industry data. Events are a showcase, and a major focus for the development of fashion, luxury, beauty brands. When the crisis prevented these events from taking place, brands had to adapt and therefore rely on digital to continue to create inspiring experiences, to be in contact with consumers and therefore ultimately to sell their products. What is the future of events and launches in the fashion, luxury and beauty sector? And how do you adapt to improve your brand performance?
The MIV® generated by luxury fashion brands was approximately $300M higher during Fashion Week, according to our report Marketing Reset: An Analysis of the Fashion Industry. The events are a showcase, and a major focus for the development of fashion, luxury and beauty brands. When the crisis prevented these events from taking place, fashion brands had to adapt and therefore rely on digital to continue to create inspiring experiences, to be in contact with consumers and ultimately sell their products. So, what is the future of events and launches in the fashion, luxury, and beauty sectors? And how can companies adapt to improve their brand performance?
Opt for phygital
The Fédération de la Haute couture et de la Mode which organizes Paris Fashion Week turned to Launchmetrics, partner of the sector for more than 10 years, to digitize Paris Fashion Week this season. Within a few weeks, we imagined a digital content hub, gathering creative videos, images and articles to bring Paris Fashion Week to life, digitally. “While the physical experience will remain major for the industry, the real success will be in the way brands merge the two to create powerful and shareable moments, both online and offline”. – Pascal Morand, Executive President of the Fédération de la Haute couture et de la Mode. Building on this success, in just a few weeks we developed a product to support brands in the digitalization of their events and collections, creating an interactive guide to help brands advance step-by-step in the digitization process. The future promises to be solidly “phygital”. Indeed, the first certainty is that the future of the sector will not be able to move away from digital, even after the pandemic. This is an incredible opportunity because it reduces borders and leaves more room for brands to expand their network, without having to exhaust more resources. It also makes it possible to reach an unlimited number of key markets at the same time, without having to be selective in terms of who to invite to the shows, or to whom to send samples to ofthe new collection. “The Adventures of Zoom with Friends by Virgil Abloh” was viewed 2.8 million times in less than four days on YouTube, with an additional 1.2 million on Instagram TV”, making it one of the most popular Louis Vuitton videos in its history, demonstrating the potential reach of these activities.
Equip yourself with a specialized tool to create powerful digital experiences
If starting or reinforcing the digitization of your events is the direction to take, you still need to have the means and to realize it. The essential point is to be able to manage all the steps through a single platform in order to follow your guest list in real time and to communicate effectively with your most important guests. More importantly, you can easily marry physical and digital to make your guests live an experience they will remember.
Digitize your collections for next season
Finally, the last step to take is the digitization of your collections. Indeed, the inability to physically see, touch and buy new products has accelerated digital transformation and pushed brands to adopt digital media for their campaign and collection launches, in order to stay ahead of the game and maintain industry standards. Here are some of the benefits of digitizing a collection:
– Increasing the efficiency of internal teams in managing your collections
– Accelerating Time to Market
– Developing your business
All these steps are described in our virtual guide that will allow you to advance step by step in the digital launch of your products.