The impact of the red carpet on fashion brands’ bottom line has long been a subject of discussion and debate. Although quantifying the exact sales effects is challenging, luxury brands still view a celebrity wearing their designs on the red carpet as highly valuable in terms of press coverage and brand exposure. As we find ourselves amidst the 2024 red carpet awards season, FashionNetwork.com delves into this phenomenon, focusing on the leading luxury labels and their media impact.
To measure the media value of brands, Launchmetrics, a data and technology company, uses its patented Media Impact Value™ (MIV®) methodology. This unique approach assigns a monetary value to each post or article and provides valuable insights into the most impactful strategies across different media platforms. For instance, at the recent Golden Globe Awards, Dior, Armani, Tiffany & Co., and Christian Louboutin emerged as the top brands in their respective categories. However, establishing a concrete correlation between red carpet appearances and direct sales remains a challenge.
According to Alison Bringé, the Chief Marketing Officer of Launchmetrics, red carpet events primarily serve as opportunities for brands to generate awareness and align with current trends, rather than solely focusing on driving sales. It is worth noting that red carpet appearances attract a younger audience, making it a notable achievement for brands seeking to engage with a new demographic. Although the impact on sales may not be significant, these appearances offer valuable insights into market interest and the resonance of a brand.
While some red carpet placements occur organically and foster genuine relationships between brands and celebrities, these instances are quite rare. Generally, it requires a significant investment to dress a celebrity for an awards show. According to Karen Duffy, a veteran luxury PR professional, the potential costs associated with such an endeavor can range from five to six figures. Despite the expenses, investing in authentic relationships creates memorable moments that can significantly impact sales and elevate brand awareness.
While red carpet events hold undeniable importance, Bringé emphasizes the need for brands to showcase their designs in day-to-day settings and through branded content to build authentic loyalty among consumers. Special events like awards season can also drive interest in evening wear, as highlighted by Tiffany Hsu, the Chief Buying Officer at Mytheresa. The surge in interest aligns with the beginning of wedding season, making it a significant category for high-net-worth clients.
All in all, the red carpet remains an influential platform for fashion brands to generate visibility, align with cultural trends, and create lasting impressions that resonate with consumers. It may be challenging to establish a direct link between red carpet appearances and sales, but the sheer exposure and association with celebrities can have a lasting impact on a brand’s reputation and desirability.
Useful links:
1. Launchmetrics – Launchmetrics is a data and technology company that measures the media impact of brands, providing insights into the most effective strategies across different media platforms.
2. Mytheresa – Mytheresa is an online luxury fashion retailer, offering a curated selection of high-end designer clothing and accessories.
