Forbes conducts an annual list of the most valuable brands, across all spectrums from media to technology to fashion, and as reported, this year, Nike is moving up the list.
As reported, Nike finally has surpassed luxury brand Louis Vuitton and in turn, shows a new leader in the world of the highest-ranking clothing brands.
What this means in regards to the direction that contemporary fashion trends are going is more so reflective of the bigger picture: people’s preferences clothing-wise are shifting to sportswear brands and away from luxury bands. This doesn’t necessarily mean that people are spending less money on what they choose to wear, just that what they are looking for is changing.
“A big part of this is that while millennials were driving this trend initially, it’s now sort of engrained in the culture, regardless of what generation you’re in,” Business Insider retail analyst Cooper Smith told Complex.
“It’s indicative of kind of the broader consumer shopping trend that we’ve been seeing for the past few years,” Smith continued. “I can tell you the transformation on [New York’s] 5th Avenue from high-end luxury brands to these athleisure brands has been incredible.”
The sportswear company has been slowly but surely rising in value, and currently is valued at $27.5 billion.
“People say luxury fitness clothing is a fad, it’s going to go out of style, but it’s something that is really proliferating across the entire retail industry,” Smith said.
Nike’s new milestone is certainly not where it’s going to plateau, if it continues to keep up this momentum.
Check out the full Forbes list of the world’s most valuable brands here.