The Modern Renaissance of the Fashion Industry

The fashion industry is experiencing a new renaissance of change. The 2021 Spring collection from the collaboration between Supreme and The North Face. Maureen Chiquet of the Permira Group appointed as non-executive board chairperson of Golden Goose. Gabriela Hearst joining as the new creative director of Chloé. The 2021 F/W collection of Chloé, the first presented by Gabriela Hearst. The 2021 S/S collection of Jil Sander, which entered into an acquisition agreement with the OTB Group. The image released by the Moncler Group announcing the acquisition of Stone Island.

A considerable amount of time has passed since the global recession caused by the pandemic arrived. Accordingly, fashion brands began raising product prices over several months, and long lines of people were often seen in front of each brand’s stores just before consecutive price hikes. However, temporary measures were insufficient. The fashion industry desperately needed a definitive turning point to realize a new beginning and a bold leap forward that could no longer be postponed. Before long, brands began making bold decisions one by one. They decided to leave their past history behind and take groundbreaking steps that would bring a major transformation to their designs.
At the forefront of the fashion industry’s reform, which could be called a ‘modern renaissance,’ is the merger of Tiffany and the LVMH Group. LVMH, which owns numerous luxury fashion brands, had been striving to acquire Tiffany since last year. However, facing the unexpected pandemic, it proposed a new contract with a lower acquisition price, leading to a year of conflict and negotiation between the two brands. Finally, on January 6 of this year, Tiffany and LVMH completed all acquisition and merger procedures. The world showed keen interest in the fact that America’s representative jewelry maison and the massive French luxury fashion group had become one family. Curiosity also deepened regarding what changes would come to Tiffany’s designs and how far LVMH would expand its domain.

The news about Jil Sander, acquired by another fashion group, Only The Brave (OTB), is also interesting. OTB, which owns brands like Maison Margiela, Diesel, and Marni, embarked on a plan last December to acquire the Italy-based brand Jil Sander to diversify its group. With swift execution, it successfully signed a contract with Jil Sander in March of this year, attracting much attention. Furthermore, cases of brands joining new groups to expect synergistic effects have recently increased, such as Stone Island, which joined the Moncler Group and stepped up as a luxury brand; Golden Goose, which partnered with the global investment firm Permira and appointed Maureen Chiquet (who served as Chanel’s global CEO until 2016) as its non-executive board chairperson; and VF Corporation, which acquired Supreme, representing streetwear, following its acquisition of the outdoor brand The North Face.

On the other hand, cases signaling new beginnings through the replacement of creative directors or designers leading the brands have also followed one after another. Paul Andrew, who has been active as the creative director of Salvatore Ferragamo since 2019, announced he would leave the house at the end of May. The Salvatore Ferragamo in-house team is expected to hold the position, and it was emphasized that the collections embodying creative design would remain unchanged. Similarly, Chloé, which recently parted ways with Natacha Ramsay-Levi, appointed designer Gabriela Hearst as its new creative director. In her completed 2021 F/W collection, the brand’s design philosophy, seemingly representing a powerful modern woman, was fully felt.
Thus, the fashion industry is currently actively creating its own turning points in various ways. The renaissance of brands dreaming of a great leap forward in a new phase is truly a sign of genuine ‘revival’.