At a time when the internet moves at lightning speed and trends come and go just as fast, brands and luxury labels are doing what they can to stay relevant.
Luxury brands are always looking for new ways to capture our attention; over the past decade, high-end fashion labels have worked overtime to seek new opportunities to expand their core businesses, from drinks to winter sports items.
Balenciaga launched Objects in Nov. 2020, a collection of designer homeware and decor, including coffee cups, cushions, sculptures, and wine glasses. Meanwhile, Celine took a splash into the sports world in Dec. 2021 when it made its first electric surfboard, exclusively available in France. It has since continued to expand its surf and outdoor recreational collection. Louis Vuitton also ventured into the realm of sports with bicycles, snowboards, foosball tables, and soccer balls; Louis Vuitton is a one-stop-shop for luxury sports items. But, be assured that even though Vuitton is creating these ordinary sports activities, it still comes with the luxury manufacturing, which means the luxury price tag. A Louis Vuitton sporting activity can cost you upwards of $150,000.
While some luxury labels are gearing up for a game, others are embracing a more leisurely activity by producing custom cocktails. Bulgari expanded into hotels and resorts in 2004 and soon ventured into the alcohol industry, releasing a custom cocktail to be served exclusively at its hotels and resorts worldwide.
On June 16, Gucci followed Bulgari’s lead and created its first signature drink, a collectible pre-mixed cocktail. But the cocktail wasn’t the first time Gucci expanded beyond its core business. Entering the restaurant industry in 2018, Gucci opened Gucci Osteria da Massimo Bottura, a Michelin star restaurant. And just last week, the Italian fashion house launched a collection of pet clothes.
Similarly, Trussardi will expand into the restaurant industry next fall by partnering with Michelin star chef Giancarlo Perbellini in Milan, Italy, in the same building as its flagship.
The alcoholic beverages market is expected to reach $1,684 billion by 2025, and everyone is ready to snag a profit, including celebrities. Connor McGregor, an Irish mixed martial artist, partnered with Eire Born Spirits in 2021 to launch his whiskey label Proper No. Twelve, a six-month supply that sold out in just ten days. Ryan Reynolds purchased an ownership interest in Aviation Gin in 2018 and received great praise and reviews from his fans, showing that some celebrity ventures into the alcohol industry can be extremely lucrative.
More and more fashion labels are building up their business beyond their core products to reach customers in unique ways, whether through a coffee cup, surfboard, or cocktail. Expansions like those into the beverage and sports markets can boost relevancy and profits. The luxury industry has seen a sharp rebound since the pandemic, with the global market for luxury goods estimated to reach $296.9 billion by 2026, so it makes sense that brands would take advantage of this turnaround.
Homepage image courtesy of Celine. Inside image courtesy of Bulgari
