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Market Health The European luxury fashion segment is projected to reach a value of £31.373 million in 2021, with the apparel segment holding a volume of £21.291 million (Statista, 2021). The top market drivers boosting the growth of the luxury apparel market are social changes, the rise of disposable incomes, a surge in e-commerce sales and growth in new emerging geographical markets. The increase of consumer preference to purchase luxury apparel from online e-commerce channels has encouraged many current brands like Daily Paper, to fully utilise their e-commerce sites. Daily Paper needs to focus on growing direct traffic to their website. This could be done through marketing means such as paid influencers or brand ambassadors to generate more brand recognition and revenue for their business as the “online sales platform is expected to exhibit the highest growth rate by 2023 in the luxury apparels market.” (Loomba, 2017).
Luxury Streetwear market Streetwear has reversed luxury’s trickle-down effect (Parisi, 2018). The streetwear phenonium has influenced many markets, trickling up from the streets. Daily Paper embodies many nuances of streetwear fashion and culture, from their designs to starting as a streetwear blog. Daily Paper specialises “in ‘street-couture’: casual wear that’s influenced by the concept of identity and unique African heritage.” (Daily Paper, n.d.). Streetwear has been appropriated by high-end and luxury fashion brands through collaborations or streetwear influenced collections. Department stores such as Selfridges have also acted in response to the popularity of this trend, housing fashion brands like Daily Paper and other acclaimed luxury fashion brands such as “Gucci, Off-White, Versace, Kenzo and up-and-coming cult labels such as A-Cold-Wall and Stone Island.” (Sender, 2019). Luxury brands are directing their business and marketing focal points on diversity. It has been increasingly important within the fashion industry for retailers to adopt and embrace this social movement. Luxury brands have been exposed and criticised for falling short when representing and promoting people from diverse backgrounds in advertising and marketing features. This is evidenced-based on the Mintel report on the upcoming luxury goods retail which states that “56% of people agree that there isn’t enough diversity in luxury advertising.” (Baram, 2019). Conversely, Daily Paper has stemmed its brands’ ethos and values off of diversity. Their marketing and advertising outlets consistently channel their message to encourage individualism, originality and diversity. Daily Paper differentiates themselves from the unfavourable connotations and narrative, that luxury brands lack diverse representation. Daily Paper implement this notion not just in their marketing, but across all parts of their business. This has assisted Daily Papers aim to connect directly with their consumers, “they are a blackowned, and they post content relating to black culture and I can totally relate with that.” (See appendix 2). Championing the idea of community. Daily Paper continues to inspire youth culture and influences the masses with their outlook on diversity.
