Luxury brands are finding success with streetwear among Chinese consumers — a move that has enabled them to charge higher prices.
Louis Vuitton, Chanel, Hermès and Dior were among the top five brands listed under the "sneaker" hashtag on popular Chinese shopping app RED, according to Gartner L2's "Luxury China: Streetwear Insight" report last month. The only other brand among the top five was Nike.
Luxury brands have also borrowed a pricing and distribution strategy from the streetwear culture: the drop model. This means they release a limited number of items over a short time period, which creates scarcity and allows them to charge high prices. The streetwear culture — popularized by designers such as Virgil Abloh and Kanye West — gained popularity in 2017 and has been seeping into the luxury industry. China is a crucial market for both luxury and streetwear and in 2018, Chinese consumers — enticed by streetwear — at home and abroad spent $115 billion on luxury items, according to a report from McKinsey and Company.
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