Gap, M&S, Topshop and Asos are adopting luxury brand strategies to compete for younger shoppers who have abandoned high-street retailers over the past decade.
Gap launched a collection with Victoria Beckham. M&S held a catwalk show at London Fashion Week with celebrities including Joan Collins and members of the Gallagher family, pricing half the pieces under £50. Topshop relaunched last year and now operates in 30 John Lewis stores and at Liberty.
M&S reported a 16% year-on-year increase in under-35 shoppers after introducing "more fashion-informed seasonal collections," according to Lisa Illis, the retailer's head of design.
Asos appointed Hollywood stylist Law Roach, who works with Zendaya, as stylist-in-residence. The platform added AI stylists, virtual try-on tools and a "Buy the Look" feature allowing customers to purchase complete outfits at once. Vanessa Spence, Asos's executive vice-president of brand, said research found 68% of consumers want to know how to wear items.
Asos also expanded its adaptive collection for disabled customers, developed with consultancy Tilting the Lens. Founder Sinéad Burke noted items cost no more than £65, important given that 46% of disabled people in the UK are not in work.
Asos sales fell 12% last August but the company announced 50% profit growth in March after implementing cost cuts including charging for returns. A cyber-attack in early October may affect future results.
Fashion commentator Andrea Cheong noted that high-street brands increasingly use synthetic fabrics rather than materials used by luxury labels like Dior. Cheong estimates 70 to 80% of her audience, aged 25 to 35, shop secondhand, with resale app Vinted now the UK's third-largest retailer.