The significance of diversity in the luxury industry goes beyond personal preference and is also a response to economic factors. According to Bain & Company, non-white ethnic groups in the US luxury market are expected to make up 30% of consumers in 2025, compared to 19% in 2019. This trend is particularly noticeable within the African-American community, but it extends to other demographics as well.
The emergence of “Black Luxury,” spearheaded by individuals like Thomas Mondo, has become a dominant force in the American luxury sector, especially since the onset of the Covid crisis. Influential figures such as power couple Beyoncé and Jay Z in their partnership with Tiffany, Rihanna, Telfar Clemens of Telfar, Jerry Lorenzo of Fear of God, Jean-Raymond Kerby of Pyer Moss, and the legendary Dapper Dan, along with Pharrell Williams’ recent affiliation with Louis Vuitton, all represent the impact of this movement.
Even established American luxury brands like Calvin Klein and Ralph Lauren have embraced a new cinematic icon, “Adonis Creed,” who succeeds Sylvester Stallone’s iconic Italian-American character, “Rocky Balboa.” This portrayal of masculinity, created by Michael B Jordan, embodies characteristics such as inclusion, strength, elegance, beauty, and tenderness – a departure from the traditional image of Rocky Balboa. This representation aligns with the values of progressive institutions like the New York Times and appeals to a wider American audience.
Ralph Lauren, known for its classic luxury, is venturing into uncharted territory by launching an entire collection inspired by the film “Adonis Creed.” The “Adonis Creed for Ralph Lauren” collection consists of six pieces, priced from $650 to $9,000, and will be exclusively available at select Ralph Lauren boutiques and online.
In 2023, the collaboration between the worlds of cinema and luxury will take on a new dimension through product placements and partnerships. This strategic move perfectly aligns with the cultural aspirations of luxury brands to establish themselves as cultural institutions. It not only increases brand visibility and attracts diverse consumers but also adds to the broader cultural landscape.
As the luxury industry continues to evolve, embracing diversity and cultural collaborations is not just a moral obligation but also a business imperative. By acknowledging and celebrating different cultures, luxury brands can tap into new markets, foster inclusivity, and elevate their position as creators and patrons of culture. Ultimately, the increasing importance of diversity in the luxury industry is not just a matter of personal preference but a strategic decision that brings both economic and cultural benefits.
Useful links related to the article:
1. Bain & Company
2. The New York Times
