There was a time when independent, multi-brand retailers were the go-to place for shoppers looking for the next big designer or trend. That all changed during the pandemic, when online giants such as Matches, Net-a-Porter and Farfetch grew exponentially to become global players with robust sales and impressive valuations to match. In the case of Farfetch, that market value reached a staggering US$24 billion in 2021.
Many industry insiders were lamenting the death of bricks-and-mortar fashion boutiques until the e-commerce bubble burst. In just the past few months we’ve seen pandemic-successful e-tailers struggle, with many in liquidation or on the brink of closing, creating a new opportunity for independent retailers to reclaim their lost territory. “I do believe there’s an important place for independent boutiques in the shifting luxury landscape, particularly among young consumers,” says Doug Stephens, founder of consumer behaviour consultancy Retail Prophet and author of Resurrecting Retail: The Future of Business in a Post-Pandemic World .
“In the West, luxury for young consumers is about the lifestyle, experience and community. In China [they are] looking for brands that are emerging, more exclusive, and perhaps much harder to find. Independent boutiques can really shine in all these cases.
” Many of the world’s most successful independent fashion boutiques predate the e-commerce game and have a strong presence in major capitals around the world, especially .