In conversation with Coach's Stuart Vevers

How the creative director of Coach has masterfully reinvented the image of the American brand

stuartvevers_coach_theweek_portfolio_teaser.jpg

It may come as little surprise to learn that ‘young money’ is pushing the luxury fashion industry. More interesting is the accelerated pace at which it is doing so. New research carried out by the Boston Consulting Group (BCG) – a leading international management consulting firm – in collaboration with Altagamma, Italy’s luxury industry association, shows that millennials make up 32% of the global personal luxury market and that is set to rise to 50 per cent by 2025. Their offspring, Generation Z – those born from 1995 onwards – are also strengthening their position: BCG estimates that their spending power in luxury retail, which currently stands at four per cent, will double in the next six years.

If you’re a Gen X-er or a baby boomer, you haven’t been forsaken: your pound is still very much prized, but increasingly you’re spending it on a fresh new image geared towards a younger breed of consumer, as marketers focus their attention on the shifting sands of digital consumerism and offline-to-online experiences in high-end retail. In a nutshell, then, luxury brands must be proactive in order to synthesize their name with a sense of creativity and individualism to match modern mindsets, but anything contrived just won’t cut it. As Keith Richards famously said, “If you gotta think about being cool, you ain’t cool.”

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up