29 May 2023, Mumbai
Streetwear is, in its most basic definition, the casualization of frequently sportswear-inspired clothing, with key fixations like hoodies and graphic logos. When examined more closely, streetwear can be seen as more of a lifestyle orientation of various subcultures, such as hip-hop, DIY punk, graffiti, the skate and surf scene, and, most importantly, the sneaker fandom.
Youth drives streetwear craze Together, these subcultures make up the ecosystem of "streetwear," a youth-oriented lifestyle trend that first gained popularity in California in the 1970s.
Street fashion is youth culture in its purest form, and youth culture sells! It is an international phenomenon that is now nearly 50 years old and highly commercialized. Simply said, the entire fashion system has become democratic as a result of its global popular dominance.
Stepback
When Hypebeast filed for an IPO on the Hong Kong Stock Exchange in 2016, the sneakerhead online media brand and retailer shocked the fashion industry. This led up to the crucial moment in 2017 when streetwear entered the mainstream.
Venture capitalists were in a tizzy hunting for the next billion-dollar brand after the highly anticipated and sought-after Louis Vuitton X Supreme capsule collection debuted and the Carlyle Group purchased a stake in the Streetwear titan, effectively valuing Supreme at $1 billion.
Brands in the nexus of skate and fashion have become more popular as a result of skateboarding's inclusion in the Olympics starting this year. Present market scenario
Today, it is impossible to discuss streetwear without bringing up the rapidly expanding secondary market known as the "Resell Market." The VCs have probably been most titillated by this portion.
The market is dominated by StockX, which counts Mark Wahlberg and Eminem as investors, Goat, which also counts Ashton Kutcher as an investor, Grailed, and Stadium Goods, which received an investment from LVMH for an unknown sum.
Streetwear's top online marketplaces, including StockX, Goat, Grailed, Stadium Goods, and Highsnobiety, received a combined investment of around $179.8 million between 2017 and 2018. This indicates that investors are interested in the industry.
Most people don't really understand what streetwear is. Others believe that all graphic shirts and hoodies are streetwear, while others believe that streetwear is simply clothing that is found on the streets, such as Fashion Street.
Yes, streetwear includes items like t-shirts, hoodies, and sneakers, but as Bobby Hundreds of the original streetwear company The Hundreds puts it, "without community" streetwear is just fashion.
The culture of streetwear and the market trends
Streetwear culture was greatly influenced by utility and small-town life. The streetwear subgenre is frequently credited to Shawn Stussy and the Stussy brand, which is frequently said to as the greatest streetwear company ever. Skate culture has a significant aesthetic impact on streetwear.
Skaters on the west coast were known for having a unique style and for claiming to be outcasts. They showed their loyalty to the culture by wearing graphically printed t-shirts, ripped jeans, and shoelaces as belts.
This community was catered to by companies like Supreme, Vans, HUF, and Thrasher, which gave them t-shirts, jeans, skateboards, accessories, thick rubber-soled footwear, and media.
Since then, streetwear has expanded its influence and sources of inspiration to encompass hip-hop, sneaker culture, street art, the military aesthetic, Euro-street, Japanese fashion, and more. 'Drops' culture is a crucial aspect of streetwear.
"Drops" are product debuts in which, in contrast to the typical spring-summer, autumn-winter fashion seasons, limited edition streetwear and trainers, and occasionally even only one model, are brought to market.
Youth fuel streetwear's soaring popularity
At the very least, 4 to 5 lakh, Gen Z and millennials live in India and make up a substantial portion of the streetwear community.
The uniform of this group of hip people who are a part of India's burgeoning streetwear scene includes oversized fits, logo t-shirts, chunky "dad" sneakers, snapback and bucket hats, long-sleeve tees, coach jackets, tactical clothing, fanny packs (bags meant to be worn around the waist but frequently slung over the shoulder), slides with interesting socks, tracksuits, Yeezy, Jordans, and Nike SBs.
It has been observed that an eclectic mix of buyers, including Gen Z buyers adore luxury inspired by streetwear, sometimes known as street-luxe. There are also some who enjoy the "hype," or the newest, most valuable drop, treating streetwear almost like an asset class.
Products that are hyped up tend to be celebrity-driven, the result of collaborations, or available in incredibly small numbers and impossible to 'cop' at retail.
There are also some who avoid the hype yet fall for the love tales that streetwear companies propagate. There are also fashion enthusiasts in India who follow international trends and love the silhouettes and styles of streetwear.
Streetwear's Multifaceted Growth in Luxury Fashion The Fusion of Streetwear and Metaverse
The global luxury fashion industry is undergoing a transformation as it embraces streetwear and invests in the metaverse.
According to a report by Edited, the streetwear-inspired luxury market is projected to reach $382.6 billion by 2025, growing at a CAGR of 5.4 percent. Key categories experiencing substantial growth include sweatpants (59 percent), sweatshirts (26 percent), and T-shirts (14 percent).
A resurgence of Workwear and Extended Sizes
The pandemic has fueled increased investments in traditional workwear, while luxury brands are witnessing a surge in demand for extended sizes, with a 130 percent YoY increase.
However, the availability of extended sizes is still limited, comprising only 7 percent of luxury apparel sold online. Efforts are needed to extend size offerings to offline retailers as well.
Additionally, the demand for animal furs and exotic skins has declined, leading to a 27 percent and 42 percent YoY drop, respectively. The industry is shifting towards animal-free alternatives like vegan leather, which has seen a 20 percent YoY increase in demand.
Streetwear Staples and Evolving Accessories
Hoodies, sweatpants, sneakers, and T-shirts remain quintessential streetwear items that luxury brands continue to incorporate into their collections. However, there has been a shift away from bumbags to crossbody bags or duffels in the luxury market.
Brands like Fear of God and Stone Island have made investments in third-party luxury sites, acquiring stakes of 680 percent and 81 percent, respectively.
Brighter Luxury Collections and New Shades
Luxury assortments are expected to become more vibrant with the introduction of new shades. The percentage of pink in women's wardrobes declined to 37 percent in 2021, while green, yellow, and purple saw the increased representation. The luxury market needs to cater to this changing color preference.
The Rise of Genderless Styles and Metaverse Integration
Customers seeking non-binary styles are driving the streetwear market, followed by those specifically seeking male and female styles. Genderless or unisex fashion is gaining traction, with brands like Telfar, Cold Laundry, and Rastah launching genderless styles.
The integration of metaverse technology and NFTs is helping luxury brands push boundaries, with 42 percent of brands adopting these technologies on their home pages. Collaboration with metaverse experts can further enhance their presence in this digital space.
Women's Streetwear Market Grows
Women's streetwear is experiencing faster growth than men's, with new product categories launching and selling 47 percent faster than in 2019. Brands like Goat and StockX are witnessing a significant rise in female customers. However, men's streetwear still dominates the market, occupying a larger share of retail space.
Popular Streetwear Styles and Quality Concerns
Streetwear styles like colored soles, smiley designs, relaxed denim, puffer jackets, and coordinated sets are highly sought after. However, concerns regarding the quality of streetwear products have emerged as more brands enter the market, with questions raised about the actual quality and durability of these products.
The Future of Streetwear
Streetwear has become a dominant force in the fashion industry, appealing to people of all ages. The global streetwear market is projected to reach $193,217.4 million by 2027, growing at a CAGR of 1.82 percent.
With the return to normalcy post-pandemic, winter streetwear trends like oversized outerwear, pleated skirts, and balloon cargo pants are gaining popularity.
Winter 2022 Trends and Tailoring's Dramatic Evolution Cargo pants, moto jackets, varsity bomber jackets, football jerseys, and fuzzy fleece.
