Future+ Fridays | Issue22

1. Luxury’s big shake-up: what is going on?

What's happening: The luxury industry is experiencing an unprecedented wave of change and uncertainty as several high-profile creative directors have recently exited their positions. Including iconic names like Chanel, Tom Ford, and Givenchy, all of which are currently without their renowned creative leads. This significant turnover is sparking widespread speculation and anticipation, as the industry eagerly awaits to see who will step into these roles and what new directions these influential brands might take.

TLDR:

• Key creative directors like Peter Hawkings (Tom Ford), Virginie Viard (Chanel), Dries Van Noten, Matthew Williams (Givenchy), and others have recently left their creative director roles. Also Alessandro Michele was quickly snapped up by Valentino after leaving Gucci.

• The luxury market slowdown and shifting consumer preferences are increasing pressure on brands and designers who need to deliver profits.

• The current uncertainty in leadership is unprecedented, but it also offers a chance for brands to innovate also leading companies who have to quickly find replacements to maintain brand momentum.

• Creative directors now often embody the brand's identity, making their departure more impactful as we saw with Karl Lagerfeld who was the representation of Chanel himself or Olivier Rousteing for Balmain.

• Through this uncertain period, companies have to rethink and refresh their strategies and business models.

Why it matters: The luxury fashion sector is at a critical juncture as economic challenges and evolving consumer tastes demand adaptation. The departure of influential creative directors not only disrupts brand continuity but also presents an opportunity for reinvention. Brands must balance the need for immediate financial returns expected by stakeholders and executives with the time needed for new creative visions to take root within the brands. This period of change could lead to a redefinition of brand identities and strategies.

2. Nike’s immersive Olympics exhibition

What's happening: In addition to outfitting many athletes for the Paris Olympics, Nike has partnered with the Centre Pompidou for the "Art of Victory" exhibition, celebrating the legacy of the Nike Air Max and featuring different activations.

TLDR:

• Nike's "Art of Victory" exhibition at Centre Pompidou celebrates the Nike Air Franchise, paying homage to the radical design of the Air Max 1 inspired by the Centre Pompidou architecture, almost 40 years ago.

• The exhibition showcases Nike’s future vision by highlighting the limitless potential of Air and new innovations, top athletes, Nike designers, and cutting-edge technology.

• Daily programs at the Centre Pompidou cover various sports like running, basketball, football, and skateboarding accessible to everyone.

• The exhibition will run until August 11, the last day of the Olympics.

• Beyond the exhibition, Nike supported a public skateable sculpture, "Cyclooid Piazza," created by artist Raphaël Zarka and architect Jean-Benoît Vétillard - commissioned by The Centre Pompidou, it encourages the public to interact with art.

Why it matters: This collaboration between Nike and the Centre Pompidou blends sport and culture, celebrating innovation. The "Art of Victory" honours the history of the Air Max but also invites the public to engage with art and sports in new ways. As the world watches the Olympics, this event offers a unique way to observe the convergence of athletic and artistic achievement.

3. Mastercard joins McLaren Racing 

What's happening: After being courted by multiple teams, Mastercard has signed a multi-year sponsorship deal with the McLaren Formula 1 Team, marking its return to the sport after more than two decades away.

TLDR:

• This deal marks Mastercard's return to Formula 1 after more than 20 years, following previous sponsorships with the Lola team and Allegiance (now Aston Martin) teams in the late 1990s and early 2000s.

• Through this partnership, Mastercard plans to offer exclusive "Priceless" experiences to its cardholders, connecting people through Formula1 which has become a globally popular and exhilarating sport.

• Mastercard's branding will begin to appear later in the 2024 season.

• The partnership is driven by a shared focus on innovation, performance, and creating exceptional experiences for fans and customers.

Why it matters: This partnership is a significant move for Mastercard, re-entering the world of Formula 1, a sport with a massive global following. By aligning with McLaren, a team known for its innovation and dynamic presence, Mastercard aims to deepen its engagement with fans and offer unique experiences through its "Priceless" program. This deal highlights the growing trend of brands using sports sponsorships to enhance customer engagement and brand loyalty.

4. Poodlana: ‘The Hermes of crypto’ takes FashionFi to new heights

What’s happening: The new Solana meme coin ‘Poodlana’, also known as POODL, reached $2.5 million in its first week of presale, quickly becoming one of the hottest tokens in the crypto market.

TLDR:

• Poodlana raised $1 million on day one and $2.5 million in its first week of presale, earning the nickname "Hermes of Crypto." It will be listed on August 16.

• Poodlana combines high-end fashion, meme culture, and poodles, strongly appealing to Asian markets, where poodles are especially popular among affluent owners.

• The token's concept has resonated particularly well in Japan, Korea, and China.

• Dog-themed meme coins, especially on the Solana blockchain, have seen significant gains in 2024, with examples like Myro, Dowifhat, and Bonk achieving over 1000% returns.

• Poodlana is part of the emerging FashionFi trend, which merges digital assets with luxury branding.

• Future plans include exchange listings and potential collaborations with major fashion houses such as Gucci and Dior.

Why it matters: Poodlana's rapid rise highlights the emerging FashionFi trend, blending luxury branding with the digital currency space. By positioning itself at the intersection of high fashion and meme culture, Poodlana pioneers a new niche within the crypto market. As Poodlana gets ready for its first exchange listing and plans collaborations with iconic fashion brands, it shows a new way for how luxury and crypto can intersect, potentially transforming digital assets into status symbols in the Web3 era.

5. Member’s spotlight: SYKY launches Anrealage on the Apple Vision Pro

What's happening: SYKY, a member of Future+, has launched an innovative fashion experience on Apple Vision Pro, featuring an interactive showcase of the Japanese label Anrealage.

TLDR:

• SYKY's new app on Apple Vision Pro focuses on digital fashion, offering a first-of-its-kind experience with an immersive showcase in mixed reality for fashion.

• For this launch, it partnered with avant-garde fashion brand Anrealage, known for tech-driven designs, the brand previously used photochromic fabrics and dressed drones. It gained global attention, with a colour-changing dress worn by Beyoncé.

• It is the first fashion app designed to be exclusively experienced digitally—unlike other brands like Gucci, or Balenciaga, who have retroactively digitised pieces from the physical world.

• The app prioritises storytelling and immersive visuals over direct sales, featuring digital fashion elements like a floating "Pyramid" dress. Users can watch short films featuring the designer and his work, filmed in high-definition 3D specifically formatted for the Apple Vision Pro.

• Software glitches and physical discomfort in VR experiences are barriers to widespread adoption. Enhanced immersive experiences and personalised shopping could increase consumer interest in VR hardware.

Why it matters: SYKY's launch on Apple Vision Pro represents a groundbreaking intersection of fashion and technology, showcasing digital fashion in a native mixed reality environment. This innovation could revolutionise the fashion industry by offering immersive experiences and personalised shopping, making virtual reality (VR) more appealing to consumers. However, issues such as software glitches and physical discomfort currently hinder widespread adoption of VR hardware.