Once again, Miu Miu is the hottest brand on the planet, according to The Lyst Index for the third quarter of 2024. The latest quarterly ranking of the hottest brands and products in fashion, compiled by the Lyst fashion shopping platform, has provided some head-turning findings, including the emergence of a fresh roster of contemporary and premium brands. 

Lyst stated that on a quarter-on-quarter basis, searches for Miu Miu had gone up by 30%, while the label’s $3,050 Arcadie bag was the fourth hottest product during the three months. 

The leading brands on the Lyst Index are still luxury ones, but they face competition 

Although the luxury sector still accounts for the highest-ranked brands on The Lyst Index, the report stated that premium and contemporary labels were gaining ground. This raised the question, in the eyes of the authors, of whether luxury was “losing its chokehold on The Lyst Index.” 

The previous quarter’s top-ranked brand, the LVMH-owned Loewe, fell to second place this time around. Prada, meanwhile, kept hold of its third position from the last quarter, and Saint Laurent remained one place behind – it, too, retaining its ranking for the second quarter in a row. 

Alaïa, on the other hand, made big progress, climbing 12 spots to fifth place in the latest Index. In fact, the brand’s fishnet ballet flats were the hottest product for the three-month period, and there was a 51% increase in overall demand for Alaïa. 

Further down the rankings, however, four newcomer fashion brands made appearances – namely Ralph Lauren, Toteme, Victoria Beckham, and Chloé, which entered in 14^th, 16^th, 19^th, and 20^th positions respectively in the Q3 Lyst Index. 

Among these fresh entrants, Toteme is a particularly eye-catching inclusion, given that it belongs to the contemporary category rather than the luxury one. 

The report said that the presence in these rankings of nonluxury brands sent “shock waves through the table as the playing field continues to open up to premium and contemporary labels.” 

Indications of a drift towards accessible fashion – but what is contributing to this? 

September’s fashion month might have fuelled the trend towards nonluxury brands, Lyst suggested. 

The fashion technology company stated that this time of year was usually a “peak inspiration moment for luxury fashion shoppers”. This time around, however, the season had “failed to galvanise demand from customers faced with soaring prices, global economic instability, and a darkening geopolitical climate.” 

For Lyst, the Q3 Index data indicated that while the aspirational fashion enthusiast was continuing to shop, they were “thoughtful and open-minded when it comes to discovering, or rediscovering, the brands worth investing in now.” 

The company went on to predict further “turbulence” in the next quarter’s Index, a time when the fashion sector’s “power brands” will be determined to capture the expenditure of holiday-season shoppers. 

Is your high-end, fashion, or lifestyle brand in the optimal position to succeed? 

These are fast-evolving times on a tricky backdrop, necessitating your brand being as well-equipped as possible to plot a path to sustained growth, online and offline. 

To learn more about how our renowned marketing agency for luxury brands here at Skywire London can help you set the highest standards of digital excellence – resonating with the right audiences, while supporting your growth ambitions – please don’t hesitate to contact us.

Photo by Birgith Roosipuu on Unsplash