Plus, Kanye West on his billion-dollar Yeezy empire.
These are the stories making headlines in fashion on Wednesday.
Women are having an increasing impact on streetwear
Streetwear has long catered to men. But the influence women are having on the category is on the rise as more female creatives and consumers show greater interest in it. Their growing involvement is sparking interesting conversations around inclusivity, body issues and politics, and is also creating new economic opportunities. {Vogue Business}
Amazon Prime Day benefits everyone
Retail analysts say the opportunity to compete with Amazon on Prime Day is enormous. Last year, 40% of shoppers who spent money at Amazon on Prime Day also made purchases at competing retailers, according to management consulting firm A.T. Kearny. Retailers have picked up on this message: The number of stores competing on Prime Day jumped from seven in 2015 to 194 last year. What’s more, brands have seen growth when they offer promotions on Prime Day. In 2018, Target sold 156% more product on Prime Day than any other day in June; Macy’s sold 99% more products, and Best Buy sold 66% more. {Business of Fashion}
Kanye West on his billion-dollar Yeezy empire
Kanye West comes in at number three on Forbes‘ Celebrity 100 list, which made him the subject of the magazine’s latest cover story. In an accompanying interview, West breaks down his religiously-motivated creative process and discusses his Yeezy empire. His shoe line, which launched with Nike in 2009 and then moved to Adidas in 2013, is catching up to the decades-old Jordan line in terms of both cultural clout and commercial prowess. The Jordan footwear range does about $3 billion in annual sales; West’s sneaker line is expected to top $1.5 billion in 2019 and is still growing. {Forbes}
Off-White hit with trademark lawsuit
Advertising and creative agency OffWhite Co. is suing Virgil Abloh’s Off-White for allegedly stealing its name. OffWhite Co. claims that it has used its name since the late ’90s, and registered the “OffWhite” trademark with the U.S. Patent and Trademark Office in 2014. According to the suit filed Sunday in New York federal court, the fashion brand’s meteoric fame has made it so the agency can’t even rely on the #OffWhite hashtag to advertise its own work on social media. {WWD}
Influencer engagement rates are at all-time lows
Instagram influencers have seen their engagement rates hover near all-time lows as the Facebook-owned app becomes over-crowded with sponsored posts, according to a study that analytics firm InfluencerDB shared with Mobile Marketer. The company observed declines for influencers in beauty, fashion, food, lifestyle and sports and fitness. The engagement rate for sponsored posts fell to 2.4% in the first quarter of 2019 from 4% three years earlier, while the rate for non-sponsored posts fell to 1.9% from 4.5% for the comparable periods. {Mobile Marketer}
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Source: Fashionista.com
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