Image courtesy of newyorktimes.com
On April 11, Nike launched its collection of 2024 Paris Olympic uniforms for Team USA. There was much criticism of the Olympic uniforms, particularly from the women’s track team because of the high-cut brief style suit. The track uniforms were initially shown on mannequins and track athletes Sha’Carri Richardson and Athing Mu.
As many fans and athletes felt that the women’s track suit was too feeling, Nike has stated that they have other options for women and men athletes to choose from. “I think it’s really important that everybody understands that we offer a spectrum of styles for what athletes will feel most comfortable in, from least coverage all the way to very full coverage, and that everybody gets to choose what they want to wear,” Jordana Katcher, Nike’s vice president for global sports apparel, tells PEOPLE magazine. “Everyone has choice.”
When US athletes qualify for their respective Olympic events, they will have access to a form where they can fill out their size and uniform choice. “It’s important to know that some athletes do choose something that is slightly less covered and that is what they are most comfortable in, and that’s good for them to do what they feel comfortable in and for others to not have any judgment about that,” Katcher says.
“It’s really important for us to understand what are the barriers to sport? What are the things that are bothering these women and are there ways that we can innovate to design for their bodies and things that are preventing them from maybe moving as freely as they want to and deliver that in an end product.”
Image courtesy of youtube.com
Gucci says arrivederci to discount outlets
Everyone loves a discount. But in case you haven’t noticed luxury brands rarely discount high-end luxury clothing, particularly if those garments are from European luxury houses.
That has not been the case for Gucci. With a sharp decline in Kering’s revenue—the holding company that owns Gucci—compared to LVMH which has doubled its profits in the last few years, Gucci, with its dysfunctional management strategy, started retailing some of its product at discount outlets.
In the first quarter of this year, Gucci revenues were down by 40 percent. With Gucci being Kering’s cash cow, its other luxury brands, Balenciaga, Alexander McQueen, Valentino, and Bottega Veneta, cannot make up the lost in venue from Gucci. “Gucci is a story of turnarounds and re-branding, but the one it’s in the midst of now could be one of its toughest because they have to fix the corporate side as well as the brand,”says Stefania Saviolo, a lecturer in fashion and luxury management at Bocconi University, in a recent fashionnetwork.com article.
That said, luxury brands have been an experiencing a downturn in the market since aspirational shoppers have cut down on spending since the global health pandemic. Because of this spending retraction, Gucci is no longer at the top of the list of desirable luxury brands. “When you’re exposed to fashion, it’s intrinsically more volatile because fashion waves come and go. You can ride the wave for a while, but it won’t last forever,” said Mario Ortelli, founding partner of industry consultancy Ortelli & Co. in London, as reported in fashionnetwork.com, explaining Gucci’s current economic woes.
Other fashion insiders contend that Gucci made its fashion and beauty products too available to consumers. Insiders detail that Gucci could have created scarcity, forcing luxury consumers to get a waitlist for product, and not allowed the brand to be sold at discount outlets. Though this strategy worked to Gucci’s advantage in the short term, in the longer term, Gucci lost some its exclusivity, which is so important to luxury product.
With sales flagging, Gucci is looking to reduce its presence at discount outlet stores, in an effort to create more brand desirability. Hmm, good luck!!
Image courtesy of people.com
Nicki Minaj’s sneaker collab
Though there has been much excitement over the Nicki Minaj x LØCI sneaker collab, the verdict was still out if the collaboration would be successful. Well, the verdict is now in, the Nick Minaj x LØCI sneaker collab is a winner, exceeding normal e-commerce conversion rates. “Smashed normal e-commerce conversion rates with a massive 8.7% conversion rate in the first hour the shoes went live while holding at 7.8% in the following 12 hours, explained community commerce platform Uppfirst.”
“Knowing the hype that Nicki would bring, we needed a tech partner that could power the release and sale of our sneakers with an easy-to-use checkout experience so they could secure their purchase as quickly as possible. The conversion rate is testament to Uppfirst delivering on that demand,” detailed LØCI founder and CEO Emmanuel Eribo.
—William S. Gooch
