Jung bought six pieces from the last Fear of God Essentials drop for him and his friends. In his enthusiasm for the brand, he’s even paid up to $400, more than three times the retail price, for Fear of God hoodies on StockX.
“For young entrepreneurs, the sky’s the limit today,” say sneaker enthusiast sisters Ariana (27), Dresden (25) and Dakota (21) Peters (@TheChicksWithKicks), who have a sneaker collection worth around $6 million. Their last auction on Ebay featured over 2,000 pairs of sneakers. Current listings on the platform range from $350 to $2,000.
“The idea of a business person has completely changed — they can look like anyone,” say the Peters sisters. When they’re not wearing sneakers, they prefer brands with individuality, buying dresses from US label Zimmermann and colourful luxury heels from shoe names Amina Muaddi and Mach & Mach. “Sometimes it’s fun to engage in a few trendy [luxury] pieces for the moment but overall when we invest in our wardrobe and accessories we like to keep it timeless.”
The Los Angeles vibe
Los Angeles is a thriving center of activity for a hustle culture that blends crypto activity, streetwear, social media and Gen Z energy. LA-based labels Fear of God, Amiri and Rhude have strong appeal to young investors and entrepreneurs, experts say, because their founders understand the new consumers who have made money via non-traditional routes.
Amiri creates tailoring, denim and streetwear for affluent young consumers who want quality without formality. Its recent Autumn/Winter 2022 show created a buzz at New York Fashion Week, despite being shown in LA. “Amiri does not fit into a traditional box. We challenge the notion of a luxury house perched upon a marble pedestal,” says founder Mike Amiri, who sold a minority stake in the business to Italy’s OTB in 2019. “The Gen Z customer is looking for something more personal, and prioritises their own needs, rather than fitting into what they are told are their needs… They are used to having access to the world at their fingertips.”
Rhude founder Rhuigi Villaseñor considers himself a member of the new generation of entrepreneurs and investors. “I’m well within the age range of that current. I have a direct understanding of the consumer and their thought process. The clothes are reactionary to the thought,” he says. New luxury should be “something real”, he suggests. “What people want to wear on a day-to-day — real working people.”
Gen Zs with money don’t necessarily splash the cash. Lea Thompson, a crypto investor who founded @GirlGoneCrypto, says she enjoys exploring luxury brands. “But, I think that the frugal side of me will never totally die,” she says, explaining that she still enjoys finding Gucci or Prada pieces on luxury resale sites such as Poshmark alongside her shopping trips to Nordstrom or Neiman Marcus.