If there’s one thing which every fashion enthusiast can agree on, that’d be the fact that streetwear is still one of the biggest parts of the fashion business as a whole. With brands like OFF-White, Gucci and Supreme, who are currently making millions of dollars on the daily, the streetwear phenomenon is yet to be over. Let’s analyse why with some brands and their (potential) future.
Supreme: A Titan Who Still Moves Strong
Supreme is a brand which needs no introductions whatsoever. With hundreds of collections released and with collaborations with Louis Vuitton, Comme Des Garcons and more luxurious brands, the New York-born and raised skatewear brand is the leading force of the streetwear movement. Many think that Supreme’s success is due to their extremely limited supply of goods, which is true indeed. Every year, pieces which “drop” for a mere $100 are instantly being sold with a $500 (at least) price increase on reselling portals like StockX, for example. Supreme is yet again the confirmation of the fact that limited items are the ones which guide the streetwear market.
Gucci: A Rebranding Titan.
Gucci was born as the finest, Italian made high-level tailoring brand but, in the early 2000s, the Italian brand was suffering from high costs of materials and an overall “outdated” design and was indeed looking for a thorough change. With the current creative director Alessandro Michele, the brand was able to embrace (in a very smart way) the streetwear wave which was approaching the mainstream market, becoming, effectively, one of the best selling brands in an extremely competitive market sector.
Gucci’s “Spiritismo” collection, to reference, was able to sell out in its entirety within a couple of minutes, becoming the biggest fashion phenomenon of 2016. Incredible for a collection who was supposed to be made as pure fitness clothing and mens gym t-shirts.
Virgil Abloh and The OFF-White Phenomenon
Virgil Abloh is, currently, the most wanted fashion designer in the whole world. Being Louis Vuitton’s creative director and, most importantly, founder and creator of OFF-White, which collaborated with brands like Nike and IKEA definitely goes in his favour, but his creative approach is the main reason why streetwear is still one of the biggest fashion topics nowadays. As said by Virgil himself, none of his designs are actually original, but they all come from a “custom version” of popular pieces (see the tens, 10 customs he designed together with Nike) of clothing and footwear. Virgil Abloh’s net worth is currently fluctuating around $200 million.
Streetwear is a billion-dollar worth fashion sector. With dozens of small, independent designers being approached by enterprise brands for collaborations, it’s no secret why a lot of investors, completely outside of the fashion segment, decided to invest dozens of millions in this very sector, with substantial and considerably big returns. Streetwear is very likely to keep on growing in 2020 as well, so there’s still room for small, passionate designers who want to establish their brand in a noisy (but still accessible) marketplace.