Fashion's Digital Acceleration in 2020: From TikTok to Virtual Runways
The fashion industry experienced a swift digital shift in 2020, hosting more than 1,000 shows, with the initial 250 held in person prior to the pandemic. Social media took precedence over traditional outlets, boosting voices for plus-size representation and sustainability. Engaging Millennials and Gen Z became reliant on short-form videos. Brands transitioned from being labeled 'designers' to 'aggregators' as they emphasized content. E-commerce skyrocketed to over $60 billion, a rise from $39 billion in 2019, accounting for 23% of global fashion sales. A competitive landscape formed between Amazon's Luxury Stores and Alibaba's T Mall Luxury Pavilion. Mytheresa's net revenue reached €450 million, marking a 19% increase. The Met's exhibition 'About Time: Fashion and Duration' debuted in October 2020. By 2025, Gen Z is projected to account for 15% of the luxury market.
Key facts
- Over 1,000 fashion shows in 2020, first 250 in person
- Social media eclipsed traditional media in fashion
- Short-form video became primary marketing tool for Millennials and Gen Z
- E-commerce sales reached $60 billion, up from $39 billion in 2019
- Mytheresa net revenue €450 million, up 19%
- Nick Knight's Margiela film had 121,000 YouTube views
- GucciFest featured mini-series by Gus Van Sant
- Balenciaga's video game allowed direct purchase of 50% of looks
- Met exhibition 'About Time' runs Oct 2020–Feb 7, 2021
- Resale market grew 69% between 2019 and 2020
- Gen Z to be 15% of luxury market by 2025, with Millennials 60%
Entities
Artists
- Nick Knight
- Olivier Rousteing
- Jeremy Scott
- Jim Henson
- Andrew Bolton
- Alessandro Michele
- Gus Van Sant
- Demna Gvasalia
- Virgil Abloh
- Pier Paolo Piccioli
- Hillary Taymour
- John Galliano
- Duran Lantink
- Cate Blanchett
- Baudelaire
- Bergson
- Nietzsche
Institutions
- Balmain
- Moschino
- Maison Margiela
- Gucci
- Balenciaga
- Prada
- Celine
- Levi's
- Richard Mille
- The RealReal
- Mytheresa
- MatchesFashion
- Lyst
- Collina Strada
- SHOWstudio
- Metropolitan Museum of Art
- London Fashion Week
- TikTok
- YouTube
- Amazon Luxury Stores
- Alibaba T Mall Luxury Pavilion
- LVMH
- Kering
- Richemont
- H&M
- Browns
- Joyce
- H Lorenzo
- Nintendo
- Netflix
- NASA
- PlayStation 5
- Artribune
Locations
- New York
- United States
- China
- Tokyo
- Japan
- Singapore
- London
- United Kingdom
- Ginza
- Ngee Ann City
- Mayfair
- Venice
- Italy
- Cernobbio
- Sicily