3 biggest luxury fashion retail trends for 2023

07-01-23

• Rolex just launched its pre-owned programme and basics will beat out OTT designs but the ultra-rich will continue shopping on Chanel and Dior

We chatted with four experts, from former merchandisers to retail analysts, to understand how the luxury retail market is bound to change in 2023. Here are the top three trends they expect to see:

1. Resale will be bigger than ever

Luxury resale has long fallen under the domain of vintage boutiques, thrift stores and, more recently, online marketplaces like The RealReal and Vestiaire Collective.

This new year, experts expect to see more luxury brands taking control of their own second-hand markets. Rolex, for example, already launched a certified pre-owned programme for its watches in early December 2022.

Olivia Steele, the CEO of a virtual retail sales company called Conversation Couture, linked the interest in resale to a growing focus on sustainability among luxury brands.

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Two experts predicted that in the coming years, designer boutiques will be outfitted with their own resale section.

2. Customers want to return to basics

Over the past year, luxury fashion has revolved around “Zoom tops” – professional shirts suitable for remote work meetings – ruffles and over-the-top designs, said Brooke Cundiff, a former buyer for Saks Fifth Avenue who’s a co-founder of the e-commerce platform Cortina.

Cundiff contended that customers have grown tired of walking into a luxury department store and seeing extravagant items, like a sweatshirt, for US$1,000.

Alessandro Michele’s November departure from Gucci was evidence of that, Cundiff said. In his seven years as the brand’s creative director, Michele had made a name for himself through maximalist designs.

Now, customers – even the most high-flying ones – are looking for simpler, more tailored pieces they can wear repeatedly.

3. Mid-tier luxury might take a hit

Three experts noted that designers at the high end of the price spectrum will continue to see strong demand, especially from the 1 per cent. These are brands like Hermès – known for its Birkin bags that range in price from tens of thousands to hundreds of thousands of dollars. Or Chanel, where a pair of ballerina flats retails for more than US$1,000.