How Covid Is Transforming the $380 Billion Luxury Fashion Industry | The Business of Fashion Show

Founder and CEO of The Business of Fashion, Imran Amed travels to Paris for the first time since global lockdowns to find designers Demna Gvasalia of Balenciaga and Marine Serre exploring provocative strategies toward building a more socially and environmentally conscious fashion industry.
#BusinessofFashion #Fashion #BloombergQuicktake
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[@angiecho7106]

Where I live, there is a huge homeless population and crimes. My parents bought me a luxury bag but I've never carried it out in public except when I was traveling in Canada. I only buy products based on the design and quality, not the name of the brand. My favorite pair of sandals are those that I purchased on Etsy.

[@russianukrainiandatingfrom1379]

Luxury is about the rich people, so this industry is rather flexible. It will find new ways to adapt to the current storms.

[@angiem1095]

After all, the rich elite has to differentiate themselves from the populo and they only way to do it is with ultra expensive status driven items.

[@bespokeoriginaldesign761]

I switched years ago from fashion to reupholstery. So glad I get to reduce, reuse, upcycle. Last of a dying breed. 2% of the world do what we still do.

[@bespokeoriginaldesign761]

also, if you like that used clothing remade look. and in Toronto. Preloved has been around since the 90's.

[@Vvvvvvv3]

What annoys me the most is that these so called a majority of these high class fashion brands exploit their workers with long hours and little pay even though they are selling products for an extremely high price tag.

[@frostflower5555]

The quality of this clothing is absurd. The material, design and stitching are terrible. I wish we can have the same designers from 40 years ago.

[@ashleylala4293]

Large corporations are inherently sociopathic and evil. The C level executives make all the money and pay the little worker bees the bare minimum they can get away with. I’ve also had it with pandemic profiteers. The CEO of Pfizer made 20% more this year, I think his salary was around 21 million. Why on earth does someone deserve 21 million for one years worth of work? I’m sure he’s not working that much harder than the grunts on the bottom level. The wealth discrepancy is going to continue to escalate until something breaks.

[@_liber777]

Yeah …like those Louis Vuitton Sales Associates working for literally minimum wage and their commissions even more ridiculous - only few cents for selling a canvas bag. Meanwhile prices are going up each quater 😂

[@Marc-uw4lw]

​@@ashleylala4293 Hmm, there is a difference between working for millions, which isn't possible, and being worth millions to the right organisation. You're right that a CEO, for example, doesn't "earn" millions per year. They're compensated for their knowledge and experience and rewarded based on their results. So it's not useful to compare labour value to executive value. We might benefit from switching leading politicians over from a salary to results-based compensation...

[@ByDaniSimone]

@@Marc-uw4lw I 100% agree. These politicians are doing NOTHING

[@meganfrench6882]

Imran interviews the most powerful individuals in the fashion industry; but I truly believe he holds just as much influence. This series is exactly what the industry needs in terms of consumers listening and fellow designers/industry professionals taking note. Imran is the projector of those poignant words and as a collective it holds much greater power.

[@CebiGreen]

I love high fashion, but most of the time I cannot justify to pay the high price tag so just window shopping. Thanks for the virtual elite access.

[@lolomar]

I used to love high fashion, but the more I learn about what goes on in the industry the more I feel like pursuing a different career choice, so much nepotism, elitism, and lack of creativity. it’s almost as if you don’t fit within certain enclaves, you’re not welcomed.

[@doroparker1702]

In high fashion they do the same thing all over again. If you take this career just invent clothes for multi purpose who still look flattering and are sustainable. Beautiful survival clothing is needed. Nobody wants to live like a statue of fashion.

[@jusmecatalina]

@@doroparker1702 quality survival clothing that doesn't end up in landfills

[@worldcitizeng6507]

Start your own brand small, social media marketing helps

[@benevolentrosegirl]

I don't see the fashion industry as a whole changing pandemic or not unless the world was ending , all they care about is $$$

[@anastasiav3766]

High fashion is sometimes very abstract, very elitist, very bizarre and sometimes purely ridiculous. But if you push all of the crazy price tags aside and all the ridiculous celebrity endorsers too, you find artisans, people who study and excel in a craft. They deserve to be highlighted more. Behind that overpriced Chanel bag is a leather/chain/fabric artisan and years of creative thought and passion. Fast fashion is slowly killing our planet (water consumption, landfills, toxic chemical dumped in village waters, people paid pennies etc), haute couture is rare, it’s scarce. I find the luxury scene beyond ridiculous but I love my high end pieces, that have lasted me years and will continue to do so. Behind these fashion shows are artisans, that will always be better than any fast producing machine.

[@TheSummerbeauty23]

Amen! People just see a high price tag and dismiss it as frivolous, but in actuality, the craftsmanship and the man-hours behind a singular piece are reflective of the quality and timelessness of a piece. Especially in the context of haute couture where the ateliers piece together a dress over months, meticulously threading every bead and hem into place.

[@TheSummerbeauty23]

@nameless I couldn't agree more. The thing that people forget is that whilst fast fashion is about keeping up to date and chasing trends, couture and high fashion stand in opposition to that as it's more often than not grounded in quality. Someone who buys a $1,000 jacket is more likely to think about their purchasing decision, hold onto that piece and utilize it for a longer period of time than someone who gets a $20 dress from SHEIN. When you think about it that way I feel like the cost per wear and quality almost justifies the price tag, although that's sadly not how people see it. It's just disappointing that people these days see luxury and high fashion as nothing more than logomania when these beautiful pieces are so much more than just a 'flex'.

[@Rlrlrl1962]

Couldn’t agree more!

[@qijingfan5656]

They hate they can't afford them.

[@eliteinventor]

Technology is killing people one braincell at a time

[@doll305]

people are really stuck on the price tags and not understanding that couture is only made to order by experts in their fields. that's what this video is looking at. These pieces are art, and art is different for everyone. just because you don't like this version of art doesn't make you better than those who do. I could never afford these pieces but that doesn't stop me from really appreciating the vision behind it.

[@jamesslate1026]

Luxury fashion is one of the world's biggest industries. I think this is a great topic for a Bloomberg series. I would be interested is seeing more of this type of content. I am particularly interested in the recent collaboration between Gucci and Balenciaga, especially now that I know they both come under the Kering umbrella. Other recent collaborations include Versace and Fendi, which could be the subject of another video. The more recent video in this series examines the Chinese market, and how fashion brands are now targeting young Asian consumers.

[@tomboymjr]

I would completely buy from her 100% her clothes are just muah. I realized quickly mainstream fashion is eh. But her repurposed stuff is amazing.

[@BySamWithLove]

I love love love the BOF! Great documentary.

[@mizravenkustoms]

I still have clothes I wear from high school…… I’m 45 😂😂😂

[@fatoomgierdien2181]

I love every video of "Business of Fashion". Imran Amed is a breathe of "Inspiration and Newness". Thank you. Cape Town.

[@gwenbates1856]

Great video that is relative to right now in the industry. Thanks!

[@LAGAZETTEmagazine]

Always loved Imran's perspective. So insightful!

[@kevnev342]

we are truely livng in the age of decadence and this video says it all

[@skylarm5422]

loved this! sooo insightful 💯

[@stephanebelizaire3627]

Bravo Mr Amed for your Great Documentaty Series ! Happy New Year 2022 and All The Best for the years to come.

[@AmandaAlexandra47]

I’ll wait until it’s in charity shops ;)

[@lisanadile4688]

Balanciaga says he is all about asking questions. Maria is all about making solutions.

[@kauigirl808]

More people work from home now. I'm shopping way less because of it. I miss dressing up though.

[@uksquall]

I didn’t know Raiden from mortal kombat was in fashion.

[@aspiromy]

🙌🏻

[@daenerystargaryen]

What we wear says nothing about who we are. Clothes are not replacement for personality. Our actions and character says who we are. We need to shift this perspective and make clothes less important. This will reduce consumerism and fast fashion.

[@AmandaAlexandra47]

I wish I could like this comment more than once!!

[@orion8835]

Indeed they are merely costumes with the ability to deceive, promote, beautify. Occasionally a piece brings out a quality that may be within. It’s an art and artifice.

[@stevekima8881]

It is truly a reflection of our personality. Not all, but alot. Whether you like to admit it or not

[@daenerystargaryen]

@@stevekima8881 if you're a shallow vapid person than maybe.

[@kayaar00]

simplicity is the best fashion statement one can make .....

[@Mashburn007]

Nahhh

[@karenramnath9993]

Which is fine, if that’s what you wish to express. What we wear helps us express part of ourselves to other people.

[@amdl270]

Luxury fashion and trendy fast fashion exists to give flase purpose and affirmation. We need to focus on sustainable ethical clothes.

[@blacklightfreakout825]

There is no such thing as ethical clothes. Clothes in itself has no ethics.

[@katieandjohn8777]

Masterful journalism, wow! Thank you.

[@AdrianJohnson34]

Excellent Story. Brought up things I've been telling folks in the industry for years.

[@SimplySheilaB]

The worst thing to happen to fashion was ‘influencers’ who encourage always wanting the next instead of appreciating the now and the classic. They’re so fickle and encourage everyone else to be the same.

[@Dominikmj]

I think there are big objections - fashion is about big money - and a lot of issues (environmental issues, workers exploitation, social media propaganda, etc) are based on big money. It is equivalent to talk about these issues with a mega-yacht producer. Yes there is the point of talking about inclusion and so on- on the same time we should also talk about marketing brainwash and the whole thing about “luxury brands” which are a problem on itself in our present society and definitely interconnected with all other issues. Alone that the fashion industry pushes yearly updates (…) is harvesting an environmental issue par excellence!

[@nsp477]

Thanks Bloomberg, you have reminded me how little I care for fashion. And why.

[@sharstarg2414]

Wow! 76 ppl watched this video. Looked IN the comments & found THIS comment!! Wow, just shows how much they actually DO care🙃

[@charmedprince]

You're thinking maybe of fast fashion

[@DonLee1980]

if people were really worried about environmentalism, they'd just keep on wearing the same clothes. That's the most environmental friendly choice anyone can make.

[@AlfredHimmelweiss]

"the most environmental friendly choice anyone can make" is killing them self.... ;-)

[@tizzlekizzle]

Environmentalism is largely just virtue signaling.

[@DonLee1980]

@@tizzlekizzle exactly someone who has no concern for the well being of the earth.

[@Jinka1950]

Fashion is dead

[@cris_here]

I agree, it should be normalized

[@creative2716]

Marine Serre has a vision to resolve the over-abundant waste of the fashion industry, which is so necessary at this time. Upcycle people!

[@cymrusek]

Its funny how those big giants emerged stronger than ever yet independent companies and designers went down in blink of an eye. MAKES YOU ASK THE TOUGHT QUESTIONS.

[@MissPerriwinkle]

i wonder if the giants are truly stronger, or if this is just propaganda.

[@Czechbound]

"Luxury is about preserving crafts" - eh, no. Luxury is about rich people wanting an outlet for their wealth and ego. As a **byproduct**, crafts are preserved. But if a robot could do embroidery in any detail, on any scale/ size, for $1, then the big brands would buy the robot.

[@5000IU]

only if the robot is a sign of exclusivity, it depends on what is seen as most valuable. for example "oh did you get your gown from a robot, mine is handmade". What is more exclusive? *Also there is probably levels of luxery.

[@_potatomeister5959]

More exploited than preserved. Especially if the craft comes from developing countries.

[@aperture0]

@@5000IU what if it's made by the hand of robots?

[@5000IU]

@@aperture0 hahah exactly! it's in the eye of the beholder, whatever people find exclusive and interesting will be of luxery.

[@aperture0]

@@5000IU fr!

[@LinLin-fp5dw]

Buying high fashion has made me think more about my choices and when I get the right piece, my hunger is fulfilled. Whilst when I used to buy fast fashion (how could I), I always had crawing for more and later none or very little use for the clothes I bought.

[@THE-tn7om]

EXACTLY YOU DONT NEED IT AT ALL! AS LONG AS WE HAVE A SUPPLY AND DEMAND SYSTEM WE WILL SEE MORE DRAMATIC SNEAKERS AND UNCOMFORTABLE OVERSIZED COATS AND HEELS. SO LET THE CHINESE AND CELEBRITIES BUY AND GET SPONSORED THIS NEW TOMORROW OF COUTURE AND MAKE ADVERTISEMENTS FOR THE BRANDS AT SOCIAL MEDIA! THEIR BODY THEIR CHIOISE . Thanks dear Imran Aziz for this video !❤️

[@goatsandroses4258]

"Fashion" as an avant-garde art form now seems to be completely distinct from providing comfortable, attractive, affordable, and sustainable clothing for real human beings.

[@whynot2644]

Having great taste doesn't mean spending big money. Shopping vintage and buying resale is a great inexpensive way of looking like a million bucks and saving landfills.

[@khrapov]

Luxury is not about craftsmanship. It's about selfaffirmation. "Look, I have Gucci, but you don't. You are loser, I am winner. Live with that". This is what luxury is.

[@whynot2644]

Its the have and the have not way of the world. But that's becoming a thing of the past. People aren't impressed anymore like they were 20yrs ago. New generation of views.

[@khrapov]

@@whynot2644 I hope so

[@moonshineyogi933]

Mmm...you have no idea

[@mint3]

@@whynot2644 id argue it’s the complete opposite

[@melodium5566]

Incredible commentary

[@Chosengirl1]

I love the new sustainability efforts, excited to see new changes!

[@picklep9812]

Nothing changes.

[@caitlin9411]

Excellent interviewing

[@cngreen2950]

Tesekkurler!

[@iceleb452]

wow! Very educational!

[@blue3381]

5:08 Fashion dude pouring onto the tray - lol

[@saraswatisky3119]

This is a very interesting conversation.

[@Mia.12479]

This was refreshing 🌱

[@elitebureauclubvipcdunn5004]

We love you! You are right ! Avoid consumption! Provide only Quality! Quality will always sell

[@weird-guy]

High fashion is when rich people want to impress other rich people . The big winner is Bernard arnault .

[@Czechbound]

Marine Serre has a great idea. And such stylish clothes. I wish her success. And she's a pretty one 😃And shout out to the Balenciaga guy : he's really pushing new ideas of shape and volume. Imagine a world where everyone was walking around in that stuff. It would look FANTASTIC !

[@gracie99999]

well where I’m at it seems the new look is the being outside in pajama 👀 😐

[@sarapereira3856]

Amazing what Marine is doing.

[@DomTheK9]

Thanks

[@Nclk619]

My mom would take us to the neighborhood seamstress every time we had an event like wedding, baptism… I miss that

[@GHE_05]

Honestly this video kinda made me want to start making my own clothes for some reason

[@stevekima8881]

High fashion isn't killing the planet. Fast fashion is.

[@krishnakanthcake]

He is awesome

[@anushkapradhan4398]

Luxury wears lasts for years and years but I cannot wear same thing again and again for many years and neither can I afford those luxury brands......

[@ellentomy8044]

My grandma would love his sweater.

[@kiloton1920]

The role of luxury is to sell the dream of luxury to the middle and lower classes who will never experience true luxury.

[@Mansikkacake]

This is the industry that we realized during pandemic that they produce so much of materials and especially harming animal for leather skins then go to waste.

[@randomx404]

I love fashion❤

[@andrewt9434]

bring back Italian knitwear and 90s Tom Ford Gucci wnergy!! ….refreshing to see the black gentlemans outfit it was very nice….so sick of the garbage streetwear trend everywhere these days

[@Moribus_Artibus]

As long as it doesn't get too ridiculous, I think it should be fine

[@robertobarasa4095]

First episode to what can become a huge series ! Proud of you Imran

[@PHlophe]

Mashallah! so true.

[@cato451]

Love that picture. It perfectly captures the idiotic state of high fashion.

[@pluto8404]

So should I or should I not wear a salad bowl on head?

[@stannisstewart4879]

the collection is clearly a reference to 1940-50s balenciaga so your problem is with high fashion specifically couture of then.

[@existentialcrisis8902]

-someone who know nothing of high fashion

[@basileldose1719]

@@existentialcrisis8902 ...is that a bad thing thou 😂

[@okebangchannel]

Wow, cool....👌😇😇

[@danielfrancis3660]

In the 1960s and 1970s there was a luxury fashion industry except the general public didnt know about it and didnt need to know about it.

[@lazaromurad322]

he reminds me of Nicholas gesquiere for LV

[@bruintoo]

These haute couture houses should use more recycled fabrics. Recycling itself is inherently EXPENSIVE. Why not embrace it fully and charge for it? Like 18:00.

[@StevenSparrow99]

the smugness just exudes from all of these interviewees

[@Mashburn007]

🤣🤣🤣🤣🤣

[@Stephan5150]

Let's be honest, fashion is a major player in the industries that should go the way of the dodo if we have any hope of changing things around. This video bragging that it was almost killed but making a come back is just so off the mark. Fingers crossed that real change does happen and luxury brands never ever come back.

[@amgm1996]

Luxury for the sake of Luxury isone thing. Art that costs what is fair to costs is another. Youre mistaking high fashion for fast fashion.....

[@amgm1996]

You cant get rid of art. It reivents itself, always

[@redsmith9953]

After billions, now you can dress like a lamp!, amazing.

[@hankhill6469]

Looks like torture to me

[@redsmith9953]

@@hankhill6469 , and or like a shame!

[@anushkapradhan4398]

🤣🤣

[@igotbit9454]

that hat in the thumbnail is dope.

[@MAG320]

If fashion actually listened to the public, some of those fabrics would stay around a few more years.

[@Ironpyrites]

To be completely accurate we are not "destroying the planet", the planet will be fine, it's been through far worse than anything we can throw at it, it also has time on its side which we do not.

[@garethbell9937]

Very well said. A way of looking at it that gives a completely new perspective of what we are doing.

[@davidyomi7692]

So this is what sparked controversy lol. I agree with gvasalia 15:00

[@aaaaea9268]

Ok so dressing like a Toad is luxury fashion now

[@stannisstewart4879]

its haute couture to be precise.

[@aaaaea9268]

@@stannisstewart4879 I don’t care lol Looks like a Toad from Super Mario

[@mayo4507]

@@stannisstewart4879 looks like an upside down sombrero

[@iryna_u4]

High fashion is an art with high prices.

[@georginamckinley4702]

fashion is a trend

[@shelleyharris2850]

See this on a chart

[@shelleyharris2850]

Amen sister

[@SOS-ct9mv]

if you learn to sew, it takes the mystery out of clothes, you see these designers aren't doing anything new and you can make it yourself with a pattern from a shop. Then you find yourself walking through shops thinking that skirt is two seams and a piece of elastic why would anyone pay $1,000 dollars for that??:)

[@purpurina5663]

I appreciate all forms of art, and fashion -or rather clothesmaking- can really be one, but we have to admit these people behave like they're curing cancer. It IS important for these things to have a place in society, but I see that because of the surge of social media and conspicuous billionaires fashion is now overvalued relative to other disciplines. Which ironically leads to it ultimately being devalued. Too much hot air has been blown into it.

[@kiloton1920]

I would pay a million bucks to see these two men in a boxing match.

[@shelleyharris2850]

Look at those numbers.

[@MrFilipFabulous]

So basically this was just one big Balenciaga commercial....

[@davidcurrie7572]

Welcome to the post-COVID renaissance! Art, science, technology, simultaneously-like a perfect (creative) storm-breaking loose. We’re in it! It’s here.

[@shelleyharris2850]

Historical

[@ing9545]

It has already changed . Now luxurious brands sell things not worth the money . I think great quality in luxury ended long ago . Now people pay more than needed for brands

[@rxlfe5391]

i'd love to wear those Balenciaga Couture heels with a bootleg. yes please

[@suziecreamcheese211]

When they discuss fashion they sound like politicians.

[@dianagr4992]

Lots of people realised that if nobody sees your clothes, labels don't make sanse. When people don't put the effort to impress others with clothes, they focus on how the garment feels.

[@Jane-nb5gd]

Shorts video world is perfect for fashion world

[@officialsukh99]

nic

[@tomvalveede6808]

From the comments here it's clear that many confuse Couture with Fashion. I Loved the so-called Lamp silhouette, it's Classic Couture. Thank God for French fashion houses. Even though Most step out and don't bother to look at themselves in the mirror before they do so, it's good to know that there is still a great Market for what these designers produce, for those who Still Care about how others perceive them! ♥️♥️♥️♥️♥️

[@rozsakyshki1930]

loved the Kanye shots... excuse me, Ye shots

[@maywalker997]

There needs to be less use of plastic-based materials in fashion such as polyesters, polyurethane and nylon.

[@babdullah5025]

I have stopped shoping 😊