Looking at the current state of affairs, things are not looking too promising. Let’s cut to the chase: the luxury and the broader fashion market is in a slump. Slower growth, cautious spending, and oversaturation are making it harder to stand out. But even the most daunting challenges can spark innovation and lead to success.
Here are some key strategies to help you save your fashion business in a declining economy.
Image credit: Campbell Addy, Vogue US 2022
1. Be More Than a Trend—Own Your Space.
Trends come and go, but purpose-driven brands are built to last. Consumers want more than just style—they want meaning. Take Skims: it’s not just underwear, it’s a "solutions-oriented" brand that’s reinvented shapewear and loungewear. Skims has carved out a niche, focusing on solving a specific problem and executing.
Although they are more like a fashion brand - and may not seem relatable to you - there are some lessons to take from their approach. Skims has taken the niche of shapewear and innovated in this space, making it their own. It has a strong identity that goes beyond clothing (massively leveraging Kim Kardashian’s personal brand and the aesthetic she has built over the years). Think about how you can use your brand/product to make a statement within the space you operate in and dominate, even if a niche proportion of the market. What is your product solution? What is the top product category customers know they can come to you for because it’s better than what’s already out there?
2. Build community, generate your own hype.
Niche communities and micro-influencers also play a crucial role in shaping culture. UK-based streetwear brand Corteiz serves as a noteworthy example of how community-driven marketing can effectively build a brand from the ground up. By embracing customer connections, utilising social media, and employing innovative guerrilla tactics—such as pop-up car boot sales in Soho and extensive scavenger hunts across London—the brand has cultivated a loyal following that feels genuinely engaged. The result: brand-owned hype. The lessons to draw for this? Talk to and make space for your audience, don’t just sell to them.
Image credit: Bowen Fernie, Inside Corteiz's Frenzied Brooklyn Denim Exchange, GQ
3. E-Commerce Optimisation
Did you know that slow-loading websites are estimated to cost top UK fashion brands a staggering £1 billion (approximately $1.27 billion) every year?
Gone are the days where fashion can get away with minimal, barely functional websites. The pandemic has reshaped the way we shop, placing digital shopping at the forefront of how consumers discover new brands. To elevate your e-commerce experience, it’s essential to deeply understand your customers. What are their pain points, desires, and dreams? Why do they turn to your brand?
Harness technology to collect insights and enhance your solutions. Your website is the core of your brand, and a subpar performance can significantly impact your bottom line. This is especially the case if you are a startup because customers may lack that initial sense of trust if they have only just become aware of your brand - if it’s their first transaction with you, you’ll want to make a good first impression and provide them with an elevated experience.
4. Collaborate Like It’s Your Superpower.
Meaningful collaborations can elevate your brand by introducing you to new audiences, reinforcing your brand values, and generating excitement and interest. The right partnership adds significant value to your brand identity through shared creativity, innovation and novelty.
Take, for instance, the partnership between GANNI and Juicy Couture in 2022. The collection was a perfect embodiment of GANNI’s fun, trendy yet sustainable take on fashion. They capitalised on the Y2K nostalgia trend and collaborated on a collection of items that remind you of Juicy Couture’s peak era, whilst being made from organic, sustainable materials and responsible processes, including certified organic, recycled polyester, and pre-consumer recycled cotton. They also booked trans and plus sized models for the campaign shoot, keeping it in line with GANNI’s values of inclusivity.
What are some brands which are a similar size to you that you would consider collaborating with?
Image credit: Emmie America for Ganni x Juicy Couture
5. Data is Your Brand’s Compass
Data isn’t just numbers—it’s insight, strategy, and direction. By tracking customer behaviour, analysing trends, and uncovering audience preferences, brands can make smarter, more precise decisions that drive growth.
For independent brands, data is the ultimate competitive advantage. It allows you to refine your products to meet real customer needs, tailor marketing strategies to resonate more effectively, and create personalised experiences that foster loyalty and repeat business. Think of it as the key to anticipating what your customers want before they even know it themselves.
From identifying gaps in the market to optimising every touchpoint in the customer journey, leveraging data ensures you stay not just in the game but ahead of it. If your brand isn’t using data to its full potential, you’re leaving opportunities—and revenue—on the table.
Do you need something a bit more detailed and tailored to your business? Our team at THE FASHION BLUEPRINT can help you build a strategy that’ll elevate your brand to the next level! Book a consultation now.
Written by: Kate-Jean Bafundila, Edited by: Giovanna Vieira Co, 2024