Ciao, millennials!
I just came back from a whirlwind trip to Milan and Florence, Italy, where my team and I met with some of the biggest names in the luxury clothing industry: Loro Piana, Kiton and Luciano Barbera, to name a few.
While we were there, we were working with these vendors on new items for us to bring to our clients back in the States and were given unfettered access to industry insiders from around the world. It’s amazing what you can learn about what is going to be in style for the next several seasons … and not just with clothing, but with cars, travel and even food.
However, one of the more intriguing takeaways from the trip had less to do with the next season’s fashions, than the commitment that luxury brands are making to bring in the next generation of shoppers.
In the luxury menswear business, much like other luxury-focused industries, products are geared to a certain economic and sociologic demographic. For example, the traditional Mercedes-Benz owner, someone who is able to spend $125,000 on a luxury vehicle, would typically be older, well-traveled and most likely own a vacation home. However, in recent years, the brand has started targeting a younger demographic with a line of vehicles that won’t break the bank. The C-Class is marketed to a younger driver and offers the Mercedes name, craftsmanship and reputation at a more entry-level price. By offering this line of cars, Mercedes is able to expose a younger buyer to its product and hopefully convert the buyer into a brand loyalist.
Historically, this philosophy has not really translated into the luxury menswear business, but we’re starting to see some changes, and a lot has to do with technology altering the luxury landscape by creating more affordable options for younger buyers. Millennials are interested in the finer things in life, but they want and need a good price, good quality and a good experience.
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NEW DEMOGRAPHIC: The luxury menswear business is starting to take advantage of advances in technology to cater toward millennial shoppers by creating more affordable options for younger buyers. / COURTESY MARC ALLEN FINE CLOTHIERS[/caption]
We have just brought in a new software program that allows us to take three measurements, send it off to our factory and in 10 days produce a proper fitted dress or sport shirt. As technology improves, it offers ways to provide efficiencies and the ability to offer younger consumers an entry point into luxury clothing.
This age demographic is one that so many brands try to capture yet continues to elude most. Everyone – even the millennial – wants to look good, but perhaps not go to the lengths we’re used to. Technology is the way to their hearts, however, and if we work to speak their language and adapt to their needs, we can all be successful for generations to come.
Marc A. Streisand is the owner of Marc Allen Fine Clothiers in Providence and Newport.
