Dive Brief:
- Miu Miu has reclaimed its position as the world’s hottest brand, according to the third quarter Lyst Index of 2024, released on Wednesday. Searches for the Miu Miu were up 30% quarter on quarter, and the label’s $3,050 Arcadie bag was the period’s fourth hottest product, per Lyst.
- LVMH-owned Loewe dropped from the top spot last quarter to second place in Q3, and Prada’s namesake brand remained in third place for the second quarter in a row. Saint Laurent stayed in fourth place for the second straight quarter and Alaïa rose 12 spots to fifth place. The brand’s fishnet ballet flats were the quarter’s hottest product, and overall demand for Alaïa was up 51%.
- The top-ranked brands on the Lyst Index continue to fall squarely in the luxury sector. However, the report said premium and contemporary labels are gaining ground, and authors questioned whether luxury was “losing its chokehold on The Lyst Index.”
Dive Insight:
Four new fashion brands — Ralph Lauren, Toteme, Victoria Beckham and Chloé — entered the Lyst Q3 rankings in 14th, 16th, 19th and 20th place, respectively. Toteme in particular sits in the contemporary category rather than luxury, and the report said the appearance of nonluxury labels in its rankings sent “shock waves through the table as the playing field continues to open up to premium and contemporary labels.”
The move toward more accessible fashion may be a result of September’s fashion month, said Lyst. While normally a “peak inspiration moment for luxury fashion shoppers… [it] failed to galvanize demand from customers faced with soaring prices, global economic instability, and a darkening geo-political climate.”
Lyst added that the Q3 data “suggests the aspirational fashion fan is still shopping, but is thoughtful and open-minded when it comes to discovering, or re-discovering, the brands worth investing in now.”
That sentiment was especially noticeable in the report’s top brand rankings.
The $495 suede Brooklyn Shoulder Bag from affordable luxury brand Coach was the quarter’s second most-popular product, followed by Puma’s $100 Speedcat sneaker, which claimed the third spot, with demand for the shoe spiking 532% in August. Also on the list in ninth place was the $150 Original Wallabee shoe from Clarks.
“Looking ahead to fashion’s golden quarter, we predict more turbulence in the Index as fashion’s power brands compete to capture Holiday spending,” Lyst said.
Shopping platform Lyst has been reporting on fashion brand and product trends since 2018. Its quarterly Lyst Index ranks the sector’s top 20 performers over a three month period based on shopping behavior. Factors that determine positioning include social media mentions, consumer searches, product views and sales, and global activity and engagement statistics.
