Is Lifestyle the Way of the Future?

Over the years Donna Karan has managed to make her way into the fashion industry as a women’s clothing brand that flatters the modern day, ambition-filled woman. Karan’s launch of her namesake brand was perfectly timed when it opened in 1985. The 1980s marked a period where the generation of the female executive emerged, with these women immediately connecting with Karan: a loving mother and wife whose talent and commitment drove her career.

Karan’s recent move from her position at Donna Karan International to lifestyle brand, Urban Zen, marks and end of an era for DKI; however, Karan along with several industry professionals describe this as a smart move claiming, “lifestyle is the way of the future”. Although a bold statement, there are several industry facts that support this future shift.

The idea of high fashion brands evolving into lifestyle brands is supported by the notion made from luxury expert, Jean-Noël Kapferer, who theorizes that luxury-mature markets are moving closer to valuing experiential luxury. This offers up a popular alternative to spending hundreds or thousands of dollars on a designer jacket or handbag. With this theory, luxury or high-end fashion brands can capitalize on this shift by expanding into lifestyle products and experiences to reach more areas of their target consumers’ lives.

The large group of high fashion brands already making the leap also exemplifies the idea of lifestyle becoming the way of the future. Notable brands such as Givenchy and Roberto Cavalli have “moved beyond the realm of products” by creating extensions of their brand through hotels, restaurants, spas, etc. The study by Mckinsey acknowledges famed fashion brand, Armani, as some type of a leader in this sector in that the brand has hospitality extensions in two restaurants, about 12 cafés, and various hotels. Lastly premium fashion brand, Michael Kors, markets itself as a lifestyle brand with many of its advertisements alluding to what the brand refers to as a “jet-set” luxury lifestyle; however it has not yet made the shift into creating non-fashion-oriented products just yet.

Finally, a fashion brand shifting to marketing itself as a lifestyle one can lead consumers to become more involved and relate better to the brand. Forbes explains that lifestyle brands are labeled this way because they “associate themselves firmly with a way of life”. This firm association highly attracts aligning consumers, which can lead to a strong, loyal customer base.

With this information, along with the numerous supportive claims from people within the industry, it seems as though Donna Karan’s assertion could be right. The future of fashion just may be in lifestyle after all.

Sources

http://www.forbes.com/sites/onmarketing/2013/10/11/a-survival-guide-for-symbolic-and-lifestyle-brands/2/#12dc87ed739b

http://www.mckinsey.com/~/media/McKinsey/dotcom/client_service/Retail/Articles/Perspectives%20book/10%20Luxury%20Lifestyle.ashx

http://www.michaelkors.com/