July 29, 2020
High-end streetwear label Off-White has slipped from its top spot on the Lyst Index of hottest fashion brands while a mass market brand topped the list for the first time.
NIke, the lone non-luxury brand in the Index’s top 10, rose two spots to take first place on the Lyst Index for the second quarter of 2020. According to the global fashion search platform, Nike’s ascendence is reflective of changing shopping trends amid the coronavirus pandemic and renewed attention on social movements.
“As we move past the pandemic’s initial shock, we are seeing consumer confidence begin to return, with many customers now shopping online for the first time,” said Chris Morton, cofounder/CEO at Lyst, in a statement. “Customers are coming to Lyst looking for powerful brands with a clear identity and purpose.
“In this new phase, brands will win by reaffirming their core values, and by investing in their online channels to effectively reach, engage and serve their customers,” he said.
The Lyst Index is based on global Lyst and Google search data, conversion rates and sales, as well as brand and product social media mentions and engagement statistics worldwide over a three month period.
COVID impact continues
Loungewear and activewear remain in high demand as most consumers continue to spend extended time at home or opt for more exercise and outdoor activities.
While all fashion brands have faced challenges with temporary, yet long-lasting, bricks-and-mortar closures and dwindling wholesale orders, digital sales have grown rapidly.
For Nike in particular, online sales have jumped 75 percent and now account for 30 percent of the brand’s total revenue.
After three consecutive quarters in the top spot (see story), Off-White slipped to second place. Gucci, Balenciaga and Prada round out the remainder of the top five brands.
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Demand is up for designer face masks
In another reflection of the current climate, global demand for fashion face masks grew a staggering 441 percent quarter-over-quarter. Off-White’s arrow logo face mask was named the hottest men’s product of Q2.
Other popular products included slip-on sandals — from the classic Birkenstock brand as well as designer counterparts — as well as sneakers and Prada’s nylon shorts.
According to Lyst, many trends have been inspired by consumers’ increasing screen time. The Index correlates the growing popularity of designer baseball caps and earrings to constant Zoom calls, while searches for Nike Air Jordan sneakers spiked after “The Last Dance” documentary premiered.
Finally, many fashion brands publicly backed growing social justice movements in the United States and elsewhere as anti-racism protests persisted for weeks on end. This public support for Black Lives Matter in the United States came after the death of George Floyd in Minneapolis police custody (see story).
Nike pledged $40 million to organizations further social justice, while an auction of Off-White x Nike sneakers signed by Virgil Abloh raised $187,000 for Black Lives Matter. Alexander McQueen and Balmain pledged to the NAACP, with Balenciaga making an annual commitment to the organization.