The fashion industry has a unique ability to identify and target new opportunities to move into different markets. The athleisure and beauty industries are prime examples of where fashion has pivoted to explore an emerging market. Homewares is a relatively new revenue stream that many fashion brands have been exploring.
Capitalising on the fabric innovation occurring in the fashion industry, homewares products such as soft furnishings can utilise fabric that has been completely transformed and redefined, largely due to technology.
The move by both fast fashion brands such as H&M (an early entrant to the homewares market in 2009) and premium brands such as Net-a-Porter indicate a deep understanding of their customer base. For many consumers, purchasing smaller homewares items such as candles and cushions allow them to experience the brand without having to commit to larger clothing purchases such as dresses and tops, consumer behaviour akin to the ‘lipstick effect’.
Coined by Market Research body Mintel, ‘generation rent’ don’t have the discretionary spend for big ticket homewares purchases. However, an on-trend vase, cushion or lamp is achievable. “Like fashion, interiors are a way to express personality and style. Customers are looking for inspiration, modern design and a diversity of styles.” says Camilla Henriksson, Head of Marketing and Communication at H&M Home.
The ethos behind fashion’s move into home decor is about promoting a ‘lifestyle’ which extends far beyond what people wear. It also enables retailers to become a ‘one stop shop’ for all their clothes and lifestyle purchases, increasing their product lines and customer engagement. It could be an opportunity for fashion businesses whose companies have been affected by COVID to look for opportunities to pivot into other revenue streams. Businesses are encouraged to uncover growth opportunities and understand which markets are the best fit for their businesses moving forward.
Fashion talent has skills which pivot across broad industries like the homewares example above. Our designers, graphic artists, visual merchandisers, textile designers, production managers and quality control candidates usually have formal arts degrese and savvy traction on current lifestyle trends.
Please contact Janine, Amy or Natalie on 03 9654 5988 for a discussion around homewares and fashion roles we can assist with.