The Top 10 Stories that Shaped Fashion in 2024 BoF

Luxury e-commerce, too, had a major year of upheaval, as several of the one-time retailers of tomorrow found new owners, including Farfetch and Net-a-Porter, or shuttered altogether, as was the fate for Matchesfashion. Plus, they specialise in reselling fashion products, while other platforms work across categories and have less of an expertise in reselling apparel and other fashion products specifically. These companies are still small — Bazar, for example, is generating over $1 million, while Revive estimates revenue will hit north of $3 million this year — but they’re growing quickly. Bazar plans to triple revenue year over year in 2024; Revive expects the volume of goods it refurbishes by the end of the year to jump 25x from January. Traditional retailers including department stores and even big box chains have become new champions of luxury resale in recent years, said Charles Gorra, founder and chief executive of Rebag.

H&M’s partnership with Martens comes as Ervér oversees a major revamp that includes refreshed collections, renovations to 250 stores and large-scale events in key markets with the likes of Charlie XCX, Troye Sivan and Yseult. Monet named Brown Sugar Babe, a US-based brand with gourmand scents starting as low as $15, as one that’s gaining speed. With cheekily named fragrances like Kris P. Kreem (stylised with a shot of glazed doughnuts) the brand reportedly projected $10 million in sales for 2024.

Estée Lauder Companies’ Makeover Begins

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Nike slowed down, suffering from a lack of innovation in product and marketing, culminating in the departure of CEO John Donahoe in September. At the lowest end of the pricing spectrum, competition has ramped up with the advances of Temu and TikTok Shop, while Shein continues to fight for its initial public offering in London. As luxury consumers steadily gravitated away from streetwear, Our Legacy’s minimalist assortment of denim, soft tailoring and knitwear was a major beneficiary of the “quiet luxury” trend where shoppers valued a more elevated, logo-free style of dressing. Top-selling SKUs today include its $600 Camion leather boot, along with its trompe l’oiel distressed jeans made with its signature “digital denim” print technique. The brand also has a nascent womenswear business, which launched back in 2018. The luxury conglomerate’s venture arm—dedicated to investing in small creative companies—has taken an undisclosed minority stake in the brand, The Business of Fashion can reveal.

The newer platforms aren’t yet a major growth driver for all of their brand partners. Halara, for example, sells on Bazar to meet internal sustainability goals instead of meaningfully increasing sales. Still, the startups are launching services to make it easier for labels to maximise their sales growth potential from reselling returned wares. Brands should see increased resale revenue as a result, while Revive can move closer to its goal of generating nine figures in revenue in the next five years. In addition to being a marketplace, Bazar lets brands send customer returns directly to its network of warehouse partners where data is pulled about those items’ condition and then listed onto Bazar’s site. It currently has two stores in Stockholm, one in London and Berlin, and three in South Korea operated by local distribution partner Handsome Corp.

• Arkansas-based department store chain Dillard’s has been offering secondhand bags from brands like Chanel and Prada since at least 2017 through a partnership with What Goes Around Comes Around, a stalwart in the luxury consignment space.
• Off-price retailers have continued to grow revenues and improve profitability despite broader market turbulence, this year’s McKinsey Global Fashion Index (MGFI) analysis shows.
• The company forecasted lower-than-expected operating profit for 2025, citing slower sales growth and increased volatility due to US tariffs.
• US President Donald Trump declared there is no chance of preventing the 25 percent tariffs on Mexico and Canada from taking effect on Tuesday.

Today, a successful store doesn’t only convey legitimacy for an online operation or serve as a billboard for a brand; it’s a crucial way to differentiate a business in a market with many players with similar value propositions. “Estée Lauder Companies’s lack of speed happened as prestige beauty became nimbler,” he said, adding that the entry of so many new indie brands and “faster-moving” consumers had created downward pressure. Increasing the pace of innovation, and adding new initiatives like a dedicated fragrance lab in Paris slated to open later this year, as well as increasing clinical credentials for its skincare brands are valuable and tangible. High-end retailers including Printemps are expressing interest in crypto payments as they search for new pockets of wealth to combat a sector slowdown. If implemented, a TikTok ban will have far-reaching consequences for the many fashion brands who rely on the TikTok to do marketing — and, since the roll-out of its now-popular TikTok Shop — even generate sales. Department stores joined forces and faced existential threats in an increasingly challenged environment.

Those talks ended in July, with Macy’s board unanimously voting to terminate discussions with the two parties. But it was only a few months before hedge fund Barington Capital and real estate private equity Thor Equities emerged in December, calling for the retailer to cut costs and create an entity to monetise its real estate assets. The Business of Fashion is recognised as a website providing daily updates on fashion for fashion creators, executives and entrepreneurs.

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Viral microtrends have mostly become a useful tool to help brands and retailers market to younger shoppers. But with the apparent slowdown underway and TikTok’s fate in question, Herren has been encouraging brands to test more on Instagram and focus on longer-term strategies, rather than going viral. It’s also likely because people are increasingly aware that these microtrends don’t usually last. Microtrends have become “meme-like abstractions,” said Michael Appler, communications director at analytics firm Trendalytics.

Understand and identify existing data handovers and potential translation issues between systems or teams. Endorse a mindset shift from a static (i.e. six- to nine-month lead) to dynamic buying approach that is always on and involves the whole business. Align on organisation-wide goals, establishing inventory KPIs such as carrying cost, turnover, tracking and sell-through with accountability that is shared across the business and endorsed by leadership. The root causes of stock-outs are more varied than ever and cut across functions, making them difficult to identify and address.

Its products are now sold in German department store Galeria Karstadt Kaufhof, for instance. But to kickstart its next stage of growth, Fashionphile is now investing in a physical retail footprint, including its own stores as well as selling wholesale to other retailers such as Saks Off Fifth and duty free shops. In 2025, Fashionphile will open new brick-and-mortar locations in San Francisco, Dallas, Atlanta, Boca Raton and Philadelphia. By the end of the year, it will have a footprint of 14 outposts in various formats.

LA-based fashion label Clare V. closed not only its store in the Brentwood Country Mart shopping centre, which is now within the Palisades Fire evacuation warning border, but all its shops across the city. Veronica Beard, which has a store in the Palisades Village mall that is now surrounded by destruction, has also closed its Melrose and Beverly Hills stores and donated to the Red Cross. Warehouses, e-commerce and corporate operations are also being halted by local businesses. Fashion brand Donni closed its warehouse and paused e-commerce shipments, while Dôen closed both its location in the Brentwood Country Mart and its corporate office. The Business of Fashion is a cutting-edge fashion media company conceived for today’s global hyper-connected world. Founded in 2007 by Imran Amed, BoF is known for its authoritative, agenda-setting point of view on the global fashion industry and is an indispensable resource for fashion executives, creatives, fashion students and entrepreneurs in over two hundred countries.

Soon, a community of like-minded people started gathering together around this content. And as he travelled the world to meet them, he learned first-hand how fashion impacted everyone, everywhere, and how so few of their stories were being shared with like-minded people. View our branded range of ergonomic seating solutions, suitable for a variety of workplace environments. Take a look through our furniture portfolio, and you’ll find inspiring furniture solutions that are agile, innovative and sustainable.