The devil may wear Prada, but at least this year, rich people sure didn’t.
According to Bloomberg, 2015 marks the year that Prada reached a record low in sales, which is indicative of a larger trend in the luxury fashion world (other brands, such as Burberry and Louis Vuitton suffered too).
All is not lost, however; Bloomberg highlights five ways luxury brand firms are trying to deal with with the supposed decline. Brand consolidation, growing their online sales areas, downsizing retail outposts, concentrating on incorporating technology into their brands and introducing looser-fitting (read: bye, bye skinny jeans) apparel styles such as car wash skirts, are all tactics retailers are trying to stay afloat.
And speaking of “staying afloat,” let’s not forget some other truly unique tactics handbag sellers are employing that seem to be working: such as the first-ever yacht pop-up shop that recently offered $2 million in Hermès for sale.
Not everyone seems to have been affected by the slowdown, and indeed 2015 was a year of some truly outstanding records for luxury purchases; particularly the Birkin bag in fuchsia crocodile that sold at Christie’s in Hong Kong for $223,000 — making it the most expensive bag ever sold at auction.
And while Burberry’s sales data may indicate a lackluster 2015, it has (maybe counterintuitively) opened a new outpost in Soho earlier this year to much fanfare.