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Read the Vogue Business Index: H2 2024
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Key takeaways:
- Digital engagement begins to shift. Louis Vuitton overtakes Dior in digital engagement by leveraging its global ambassadors. As TikTok’s rise democratises the social media landscape, smaller brands like Loewe and Marc Jacobs continue to gain traction, signalling changes in digital strategy for luxury brands. Meanwhile, Chloé and Stella McCartney excel in their Autumn/Winter 2024 collections.
- The lo-fi/high-quality balance. Luxury brands are navigating the balance between engaging with social media trends and maintaining their high-fashion status. Marc Jacobs and Loewe exemplify this balance, with viral internet content driving engagement alongside more traditional brand-building efforts. However, while lo-fi social content gains ground, celebrity-driven campaigns still dominate luxury brand engagement across social media platforms.
- Social commerce gains traction. As social commerce emerges in Western markets, luxury brands face pressure to adapt. Despite relatively low adoption rates in the UK and US, platforms like TikTok Shop boost opportunities for resale. With social commerce projected to grow, luxury brands should explore this space to maintain competitiveness without compromising their integrity.
The changing face of digital engagement
For the first time since H1 2021, Dior has been knocked off its top spot at the helm of the digital pillar, as Louis Vuitton jumps two positions to claim the lead. Dior’s historic success is categorised by its ambitious global ambassador strategy, high post frequency and variety of content. For Louis Vuitton, it’s the same story, with posts utilising ambassadors such as Stray Kids’s Felix, Deepika Padukone, Rafael Nadal and Roger Federer garnering the most attention.
