According to Forbes, citing a Bain & Company study, the luxury goods market is estimated to grow steadily for the next 2 years. The study’s 16th edition reported that the luxury goods market grew by 5% in 2017, reaching a new high in gross sales, with the number soaring to €262 billion. A spotlight was placed on what is known as the “millennialization” influencing the industry, since a large portion of the market growth was powered by Generation Y and Generation Z.
A study facilitated by Goldman Sachs suggested that the millennial attitude with regards to consumerism plays a big role in the luxury landscape. A millennial would rather choose clothing items without labels or logos, versus their predecessors, who coveted designer labels.
With street wear influencing the type of product designer brands are churning out, one could even say that luxury wear has moved from being a particular price point, to being a set of values. This has changed fashion and impacted the industry immensely. In fact, digitally-native, niche brands are in direct competition with premium heritage houses, which results in affordable luxury growing at the same rate as the luxury segment.
A ‘premium heritage house’ refers to luxury brands that have maintained status, combining a rich heritage and reputation with high ticket items and long-standing brand equity. Most of these houses keep a keen eye out on the streets, to stay on trend. Many of these stylish brands also offer garments at a less expensive price, catering to just about every pocket.
Niche brands are growing increasingly popular thanks to social media, and influencers in the fashion industry community are sharing their new finds more than ever, helping younger brands grow popular rather quickly.
Here are some of the more affordable designer brands that you should know about:
Style Mafia offers fashion lovers niche mainstream style, high-quality items and a really affordable price point, all in one trendy online store. This Miami-based brand targets fashion mavens who are innovative, on trend and sophisticated. The site has the perfect mix of high design and affordable price, helping the fashion conscious to bridge the gap between their income level and their social life. The store holds dresses, outerwear, separates and even accessories. Expect to find pieces that boast great attention to detail with a touch of quirk and whimsical.
2324 NW 5th Ave Miami, FL 33127
Founded in 2014 by a group of fashion focused friends, AYR was designed for the everyday girl’s everyday life. AYR is pronounced ‘air’ and stands for All Year Round, which refers to the brand’s designs: seasonal essentials that can be incorporated into your average day. The brand is focused on creating work-approved basics, with high quality workmanship and a higher price point. The minimalist feel has definitely caught the attention of a younger range of consumers. The fashion house offers unfussy, versatile pieces that maintain a high-fashion aesthetic feel.
199 Lafayette, New York, NY, 10012
25 Madison St., Sag Harbor, NY, 11963
Established in 2010, the Australian brand C/MEO Collective offers consumers bold, statement pieces, featuring premium fabrics, directional prints and strong silhouettes. The bold, but everyday wearable items, epitomizes sophistication and chic, with cutting-edge designs that are making a mark on the fashion industry. C/MEO strive to push the limits of design and offers consistent innovation, which has helped them to anchor their position as an authority figure in the Australian fashion scene. The brand is also influencing the scene, globally, and its eleven yearly collections are considered a ‘collage of wearable innovation’.
Ganni is a Swedish brand founded in 2000 by an art connoisseur who was commissioned to design the perfect cashmere knit. The brand’s bold designs have since created a buzz in the fashion industry. Referred to as ‘a playful and effortless approach to design’, the artsy fashion house, offers their style-hungry consumers high-end pieces at affordable prices. A Ganni item brings an element of interest to any outfit, and will most likely complement a plain wardrobe, in need of an up-spruce. The brand aims to bridge the gap in the contemporary fashion market, offering easy-to-wear pieces that make a statement.
The American clothing company DSTLD (pronounced distilled) was formed in 2014 by Corey Epstein and Mark Lynn. Described as ‘an edgy alternative to Everlane’, this Los Angeles-based brand was formed when the pair saw a gap, and wanted to bring premium quality items direct to consumers at a more affordable price. The online store sells accessories and garments that are similar to designer brands, without the premium price. Most of the merchandise sells for under $200 but does not skimp on quality and finish. DSTLD is a brand for the modern consumer, and offers fashion that is simple and understated, with a basic color palette of grays, blacks, whites and denims.
Offering a plethora of elegant, functional wardrobe options is the sophisticated Norma Kamali. Hailed as one of the pioneers behind the “athleisure” trends in 1980, the brand has certainly played a big role in the growth and expansion of the diversity within the fashion industry. Norma Kamali actually founded her business in 1967, starting off as a shop owner who imported items from London to New York. She specialized in vintage clothing and made styles in her sample room, and eventually sold them from her retail store. These days, the brand is better known for its high-quality, luxury-look items that are both luxurious and affordable.
Italian brand MSGM was founded by DJ-turned-designer Massimo Giorgetti in 2008. With a street wear aesthetic coupled with Italian-inspired designs, the brand brings consumers high quality fashion at affordable prices. What’s more, the sale items are truly a bargain, allowing you to purchase designs inspired by Coco Chanel, Yves Saint Laurent and Walter Albini, at a more affordable price point. Giorgetti is well known for his competitive entrepreneurial spirit and unique take on design that combines his love of contemporary art with his passion for indie music. MSGM offers the fashion-forward a hodge-podge of vibrant prints, eclectic designs and innovative silhouettes.