In Milan, the German online fashion retailer Zalando, the Camera Nazionale della Moda Italiana, the magazine Highsnobiety and representatives of Italian luxury fashion houses discussed the expectations of future consumers of luxury fashion.
The reason for the event was the question of how to inspire and address younger generations in the future in order to inspire them for the luxury market and what role innovation, experiences and new technologies could play in this. Because: From Millennials to Gen Z to Gen Alpha, the younger generations are increasingly becoming the driving force behind luxury consumption. According to US management consultancy Bain & Company, the luxury industry has grown over the past year solely on the back of spending by Gen Z and Millennials. Gen Z and even younger Gen Alpha spending is expected to account for a third of the market volume by 2030.
The event was hosted by Carlo Capasa, President of Camera Nazionale della Moda Italiana (CNMI), David Schneider, Co-CEO of Zalando, and David Fischer, Founder and CEO of streetwear magazine Highsnobiety.
The result was that the strategies of the individual luxury brands are very different. While Bottega Veneta and its CEO Leo Rangone see the key to future success in the areas of authenticity and craftsmanship “Made in Italy”, Remo Ruffini, CEO and Chairman of Moncler, is committed to constantly reinventing itself as a brand, to find meaningful and relevant ways to engage with customers. Alessandro Sartori, Zegna’s creative director, on the other hand, emphasized the value of authenticity and sustainability. At Zegna, you have the unique opportunity to be able to accompany the creation of fabrics from weaving to finishing, and this also gives you more influence on innovation and sustainability.
Zalando wants to double the number of luxury brands
But it was actually about something else: Zalando has set itself the goal of “being the first choice for discerning, modern luxury customers”, according to the company, meaning customers who do not want luxury from head to toe shop, but mix and match across different styles, categories and price ranges. To achieve this, Zalando is building a sophisticated and differentiated designer customer experience and a protected environment in the Zalando Fashion Store for luxury partners.
In the next few years, the number of designer brands on Zalando is to be doubled. The range currently includes Missoni, Aspesi, Erdem, GCDS, Cult Gaia, AWAKEMode, 032C, AGR, MM6, Victoria Beckham, Proenza Schouler and Roksanda.