Global Fashion Houses are Cutting Marketing Budgets for Print Media
The days when glossy magazines began with advertisement spreads for Cartier jewelry, Fendi bags, and Versace dresses are a thing of the past. BoF, citing Digital Luxury Group, spoke about reducing advertising budgets of major fashion industry players from 30 to 80%.
“Nobody knows if luxury brands will go back to investing in print ads as much as before the pandemic,” said Digital Luxury Group Chief Executive David Sadigh. “We’re already seeing more flows into digital as it reduces costs. That’s set to continue the more brands build up e-commerce and as they seek more direct return and measurable results from media.”
So, in the June issue of the French Elle among a small number of luxury advertisers - Chanel, Lancôme and Yves Saint Laurent. For comparison, the issue, released in early March, included at least 26 pages of commercial photoshoots of brands owned by Richemont, LVMH, and Kering.
Although some brands are ready to buy print ads again after opening stores, funding problems will not go away shortly. “The print media sector was already struggling before Covid-19, and they’re going to struggle more now,” said Brian Wieser, global president of business intelligence at WPP Plc-owned media agency GroupM.