Fashion REINVENTING The Traditional Business Model Innovative partnerships might be the solution brands need to stay relevant By Ai Lim F doubt, thanks in part to sky-rocketing advancements in technology. So how do brands keep up with this demanding pursuit of newness without losing their brand identity and ethos? Collaborations might just be the answer to this conundrum. After all, maintaining public and industry interest in the brand is key to survival. In fact, collaborations are not at all uncommon within the industry. From Louis Vuitton’s extensive range of one-off exclusive collections featuring industry supers such as Karl Lagerfeld, Christian Louboutin and worldrenowned artist Yayoi Kusama, to Dior’s intricate collection of Dior Lady Art collaborations with female artists from all over the world, collaborations have cemented their distinctive place within the industry as a flowering branch that is ripe and ready for the picking. ashion’s never-ending quest for newness and relevance is a feature we are all familiar with. This pressing journey within the industry is further heightened in a modern, fast-paced world, where the need to stay current and engaging is more omnipotent than ever. The roots of these changes stem from the rapid growth of online shopping and social media, which in turn, have also brought about an immediate change in fashion consumerism. In a bid to keep up with the demand, boost their brand presence and sales, brands extend their reach by way of extensive social media marketing with enticing digital content – feeding into this vicious loop of existential dependency. This prevailing attitude towards the consumer’s newly acquired habit is a sign of the times, no 36 MARIECLAIRE.COM.MY May2020
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