Diversify - Diversify - Diversify

Diversifying is no longer a financial term. It can be applied to many avenues. However, it seems so relevant in the fashion world today. Brands are beginning to extend their reach. They are no longer focusing on designing one or two kinds of items. The mission of many brands is to become a lifestyle brand.
Gwen Stefani, a noted celebrity and musician, started her brand called L.A.M.B. At first, the line was clothing only-the usual sweaters, tops, dresses, skirts, and pants. Then she jumped into footwear. This past season L.A.M.B launched a line of handbags. Just recently it was reported that the brand inked a deal with Coty Inc. to put out a signature fragrance as well. The trend appears to be first to understand and master an area of fashion and then expand the offerings in your portfolio.
Many denim companies have gotten the memo as well. Seven for All Mankind at LA Fashion Week showed capes, handbags, and footwear. Union, a high quality denim brand will produce wool, leather, and velvet jackets for this coming Fall season. They also plan to put out wool pants, cashmere sweaters, and tops. Union and Seven will continue to design denim however; their focus has shifted to become more of a lifestyle brand.
Expansion is nothing new to Hugo Boss who already has deals with Movado for watches, P & G for fragrance and cosmetics, and Safilo SpA for eyewear. In the Spring ’08 Boss will bring about a new venture. The brand will partner with Swarovski for jewelry and cufflinks. The partnership will carry 3 collections: Boss Black, Boss Orange, and Boss Selection. Boss Black will offer chic items while Boss Orange will fair on the unique side. Boss Selection will present lavish cufflinks.
Becoming a lifestyle brand is often a high feat. The brand must first be established. There must already be a cherished item that consumers love. For instance, Juicy Couture first began with terry cloth and velour pieces. These were highly sought after items. From there came denim, tee shirts, handbags, accessories, fragrance, outerwear, and even a flagship store.