The pangs of global turmoil touching every industry;the designer apparels sector is not alone immunized. Recession scarredretailers are now opting for designer clothing that look stylish and are alsoless expensive.
With the credit crunch in full swing, retailers all acrossthe globe are slashing prices and shuttering their shops. As the tsunami of financialcrisis; which initially sprang up in the US started swallowing the economies ofother countries gradually, every single day brings more dismal news on theeconomic front. This applies for luxury clothing sector as well. Conventionalknowledge states that affluent market will remain unaffected by the economicups and downs that normally take the middle class consumer as a prey. But thecurrent market situation being more diverse and stratified, has proved this tobe a wrong notion. This means a more challenging period for the luxury brands. Theaspirational upper, and upper middle class customers who were the main reasonsfor the double digit growth of designer wears are now shifting their focustowards a less expensive way of shopping.
Luxury Recession - Inexpensive designer wears:
Until the recent past, designer expensive outfits by topfashion designers were in vogue. Stylish, chic clothing and accessories wereseen on store racks until the advent of recession. Presently, many fast fashionretailers expect the fashion designers to create collections that areinexpensive. They urge the designers to go for patterns that will satisfy theconsumers who, at present want to keep their clothing budget under control.
Wal-Mart has caught on to the designer collaborations. It hasintroduced a new line of clothing designed by the renowned fashion designer NormaKamali featuring jersey wrap apparels for $20. JCPenney has introduced a newcollection of affordable and exclusive designer brands from its portfolio ofauthentic designers. Retail giants like H&M and Target are also gearing upto jump into competition. H&M, defying tough times has proposed to launchits latest high profile design collaboration with cutting edge fashion.Normally, the company showcases it collections only during November. But now,it is rolling out its collections of designer Matthew Williamson during thespring. Target has also introduced a line of designer clothing with low pricetags. Fashion accessories like totes, handbags and jewellery will also becomplementing their clothing line.
Does inexpensive clothing make a class?
Now, what about the quality, style and construction? Do theconsumers have to compromise on these aspects? While some companies attempt todo a good job staying true to the designer's vision, few others using materialswhich; though not up to the standards; help to keep the costs down. Efforts aremade to achieve outfits with high end quality, without making much sacrifice. Withmaterials that will make up the consumers budget, retailers try their levelbest to bring out outfits that give an 'expensive look'. It is a crystal clearfact that, though inexpensive designer clothing will not withstand the marketas long as its original counterparts, it will definitely be available in themass market.
Inexpensive designer wears are now flooding the markettrying to 'cut corners', elevating fashion in merchandise assortment. Luxuryretailers need to stay focused on their customers so as to get a feel of theirpreferences and inevitable shifts in the luxury market. Retailers who arewilling to make adjustments to go with the conservative luxury mindset of theconsumer will reap gains.
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