The global pandemic has truly accelerated pre-existing retail trends. The retail industry today changes almost as quickly as its consumers change their clothes.
So many more people are now comfortable shopping online for things they swore they’d never buy electronically and that changes what physical stores need to be. But we are doing more than just shopping online, we are paying our bills with our phones and using VR apps to redesign our homes.
Let's take a look at the new retail trends of this week.
What’s new in the digital retail world
New shoe ordeal: Brothers Alex and Christian Birkenstock are worth an estimated $1.7 billion each based on the $4.87 billion value implied by the sale of up to 70% of the business to L Catterton, a firm backed by the billionaire chief executive of LVMH, Bernard Arnault, and his family’s holding company, Financière Agache. (Forbes)
TikTok-ing for fashion: Social media platforms have the power to either make you or break you. Most recently TikTik has proven itself as some sort of fashion authority among the young generation, which is browsing the app for fashion inspiration. According to Google Trends, global searches for the keyword ‘TikTok fashion’ have tripled since January 2020, up 195 percent. (FashionUnited)
Raising unicorns: Hong Kong-based Fintech unicorn We Lab, which was founded in 2013 raised 75 million dollars in their latest funding C1 round led by Allianz. We Lab is set out on building a digital bank for the new generation. (TechCrunch)
Clear skin: It was announced that Estée Lauder Companies Inc. increased their investment in skincare company Deciem Beauty Group Inc., which holds popular skincare brands like The Ordinary and NIOD, from 29% to 76%. (Forbes)
Plant-based leather: Swedish fashion giant H&M announced they will be the first retailer in the world to feature cactus leather of Mexican company Desserto. Their cactus-based leather will be highlighted as a fabric of the future in H&M's new collection. (Ecotextille)