Remember The Devil Wears Prada" In the 2006 movie, an eager Anne Hathaway?s dream is to work for high-fashion magazine Runway?despite having to answer to its tyrannical editor.
If the film were written today, it?d be very different.
Print magazines long told readers what was hot, what they should buy and what they should wear. They were the authoritative tastemakers and had the ultimate say in what was ?in.? Readers blindly followed their pages? directives.
But those days are over. Print has lost its luster. Magazines are expensive to produce, while sales of both ads and issues are on the decline. And media consumption habits have changed; digital is the clear winner.
Social media has given rise to influencers plugged in to what today?s fashion watchers want, when they want it. Today, The Devil Wears Prada would depict an eager fashionista blazing her own trail to exert influence via social media on YouTube, Instagram or Snapchat. A new reign
Traditional publishers need to rethink their revenue models–fast. According to a joint report by Fashion & Beauty Monitor and Econsultancy earlier this year, The Rise of Influencers, almost 60 percent of fashion and beauty brands have an influencer marketing strategy in place, while a further 21 percent plan to invest in it over the next 12 months.
Disdain remains
This is a sea change. While global fashion houses from Louis Vuitton to Gucci increasingly embrace influencers as their ambassadors, fashion editors from eli...