Need to Know
06 : 09 : 22

Detroit – As global wealth capitals continue to shift amid ongoing economic flux, luxury retailers are opening new retail destinations that cater for emerging markets. In the US, luxury fashion brand Gucci has opened a store in downtown Detroit, making it the first high-end brand to have a presence on Library Street.

The boutique spans more than 3,500 square feet and features a large selection of ready-to-wear clothing for men and women, accessories, jewellery and watches, as well as the exclusive Gucci Décor range. Rather than demolishing the old site, the company has restored the historic building's original glass tiles and geometric metal façade.

Although this is the luxury brand's first location in the city, it's not the first time it's paid homage to the urban metropolis. In 2019, the luxury brand collaborated with artist Jenn Nkiru on the film Black to Techno, which shines a light on the origin of the electronic genre in the American city.

With global uncertainty about the position of the Chinese luxury market, the US Luxury Market is growing in importance. In addition, as work-from-home regulations allow luxurians to lead nomadic lifestyles, cities such as Detroit are emerging as significant hubs of growth.

The Netherlands – First used in a burial two years ago, the innovative Living Cocoon mycelium coffin is now covered by Dela, the largest burial insurer in The Netherlands. Developed by Dutch start-up Loop Biotech, the coffins take just a week to grow using local waste products and are absorbed back into nature in 30–45 days.

As well as being quicker to break down, mycelium also brings other environmental benefits, converting toxic substances found in the human body including metals and microplastics back into nutrients, improving the quality of the soil. ‘The Living Cocoon enables people to become at one with nature again and to enrich the soil, instead of polluting it,’ says Bob Hendrikx, Loop’s founder.

The process of developing the Living Cocoon was informed by extensive talks with funeral directors, who were able to advise on putting the innovation into practice, considering family choices and creating more sustainable funeral services.

As we explored in the Death Positivity Market, companies in this space are bringing more positive approaches and factoring in consumers’ sustainability concerns to end-of-life planning.

Vintage fashion sales continue to rise as consumers embrace the second-hand economy and younger generations look to vintage as an alternative to fast fashion. Within the category, collectible clothing from the archives is performing better than any other category, with sales up 439% year on year, according to a new study by resale platform TheRealReal.

Designers attracting special attention include Roberto Cavalli, Thierry Mugler and John Galliano-era Dior, which have all been spotted worn by celebrities over the last year. Gen Z engagement with the platform was up 35% year on year, the largest rise of any demographic, and this younger base continues to drive luxury fashion resale as they hunt down collectible bargains before selling them for a profit.

With their savvy sense of brand selection and research-led approach to hunting down grail items, resale looks set to play a major role in the development of the Gen Z Luxury Market.