Since its opening in 2004, Taipei 101 has unequivocally established itself as an emblematic landmark of Taiwan's capital. Once the world's tallest skyscraper until 2009, when it was overshadowed by Dubai's Burj Khalifa, Taipei 101 remains the tallest building in Taiwan.
This modern architectural marvel, boasting remarkable resilience against earthquakes, strong winds and tropical tempests, owes its structural stability to the massive sphere suspended from the 92nd to the 87th floor by 8 steel cables.
Technically known as "tuned mass damper" (TMD), this mechanism was devised by an international team of engineers from Canada, Taiwan, France and Italy and it is ingeniously designed to diminish structural vibrations and swaying by 40%. The resonant frequency-tuned device considerably reduces oscillation amplitudes, all the while being relatively lightweight.
Taipei 101's TMD is indeed the world's largest wind damper with a diameter reaching 5.5 meters and a weight of 660 tons. It is also the only operational wind damper in the world exposed for public viewing.
The rest of the tower is occupied by office spaces, restaurants, shops, as well as indoor and outdoor observation decks – popular attractions with locals and tourists.
Adjacent to the tower stands a multi-level shopping complex featuring a wide range of stores and boutiques from renowned fashion houses. The lower levels cater to more budget-conscious shoppers, while level B5 leading to the observatory ticket office, features opulent boutiques of prominent luxury houses, including Louis Vuitton, Dior, and Cartier.
The postmodernist architectural style that characterizes the exterior of the tower almost takes a fake postmodernist twist here: the tall columns and architectural features that remind visitors of the engineering prowess that went into the building, seem indeed to evoke a film set, maybe combining the Art Deco grandeur of "Cabiria" with the industrial aesthetics of "Metropolis".
Actually, there is something very similar between these films and the boutiques located at this level: "Cabiria" and "Metropolis" are silent films and, even on a Friday afternoon, while downstairs the mall was rather busy and buzzing with life, boutiques by luxury houses like Vuitton seemed extremely quiet.
The boutique windows at Dior featured artworks by Joana Vasconcelos, the latest Dior collaborator, reaching out to invisible shoppers.
A woman in sporty EVA clogs sandals actually seemed to be dashing into Dior - but did she work there and rushing to her shift or was she a customer?
Next to Dior, Burberry's window showcased whimsically impractical footwear for Taipei's climate - furry sheepskin sandals, a paradoxical choice given the region's humidity and temperature (sure, nobody stops you from wearing these "yeti-gone-chic" sandals indoor where air conditioning is blasted at sub-zero temperatures, or you could buy them here and wear them in another place...).
You may argue that this is fashion allure - kindling desires for the impractical and unnecessary (albeit occasionally verging on the hilariously absurd), nonetheless, the eerie quiet around the luxury boutiques stood in stark contrast to the lively ambiance in the food court, the more affordable shops downstairs and the observatory area, packed as usual with people eagerly snapping photographs against Taipei's panoramic backdrop.
There is a parallelism here between the emptiness of the high-end boutiques and recent news about LVMH. Earlier on this week the French conglomerate boasting ownership of Christian Dior, Louis Vuitton, Moët & Chandon, Stella McCartney, Tag Heuer, Bulgari and Tiffany, reported a 9% organic revenue growth in its fashion and leather goods division. This figure fell short of the 11.2% anticipated by analysts. Meanwhile, the wines and spirits segment, recorded a staggering 14% decline, a far cry from the 17% growth in the preceding quarter, figures that seem to prove that the post-pandemic luxury boom is losing momentum.
Rising inflation, global instability, demand cooling from consumers in markets such as the US and a waning appetite for high-end beverages seem to be blamed for the slowdown in LVMH's luxury goods business. The multinational's shares, which recently ceded their position as Europe's most valuable listed company to Danish anti-obesity drugmaker Novo Nordisk A/S, also plummeted by approximately 6% in early trading, marking their worst performance since March 2020.
Earlier this week European luxury stocks tumbled after LVMH's Q3 revenue miss, down 5.7%. Richemont, Kering, Hermès, and Burberry also saw declines. Last week investment bank RBC Capital Markets warned about the luxury goods sector, suggesting challenging macroeconomic conditions, including inflation and waning consumer interest, stating that Richemont, specializing in fine jewelry, could be the hardest hit of all the major groups.
In a world rife with geopolitical uncertainties, notably the ongoing conflict in Ukraine and the recent hostilities in the Middle East that erupted last weekend after Hamas militants launched a series of brutal attacks on Israel and Israel retaliated, the fashion industry remains at the mercy of global dynamics, particularly in the luxury sector.
In many ways, though, you do not even need to rely on financial analyses or watch endless runway shows to understand that something is broken in the fashion system and that luxury markets will suffer.
Merely observing the lack of foot traffic outside the Taipei 101 boutiques for a while offers a telling narrative of desire waning, fading away for different reasons. First and foremost, most of us simply can't afford luxury, but there is also a sort of backlash, a will to find different products.
As stated above, shops on other floors of Taipei 101's shopping mall seemed more alive, but in Taipei fashion definitely thrives in other areas of the city such as Ximending.
In various areas and districts you will stumble upon small shops and market stalls selling a variety of clothes and accessories, including faux platform Crocs that look more audacious and extravagant than their genuine counterparts.
Young Taiwanese consumers still favour Uniqlo, as proved by the crowds in and around the Ximending branch of the retailer on a Saturday afternoon. The Japanese fast-fashion brand is indeed considered the most popular affordable clothing brand in Taiwan; collaborative collections like the ones with JW Anderson or Kaws are particularly appreciated locally and, for what regards JW Anderson Taiwanese consumers find the garments more alluring than Anderson's own designs for fit and functionality.
But there are other avenues for fashion cravings, including independent retailers, and small establishments where cosplayers coexist with street fashion.
Inside the Wan Nian Building in the Ximending area, you can get lost in a maze of shops selling Japanese figurines, stuffed animals, clothes and accessories.
Here embroidered sweatshirts or printed T-shirts featuring characters such as Godzilla and Doraemon prove popular with locals and tourists; densely embroidered iconic souvenir jackets featuring dragons, tigers, Hokusai's wave, or characters from One Piece or Ultraman will tempt you (while Hello Kitty's jackets will set you back 9,800 TWD or 13,500 TWD - around €300-400 - depending on the model...).
Some of these items aren't really cheap, but, at the same time, they do not fall into the luxury category, yet they represent an alternative to more conventional luxury products. Besides, at times they seem to be more timeless and desirable than what you see on the runways of luxury houses.
Undoubtedly, there is a sense of detachment at the moment in fashion: recent runways showed a growing schism between consumers and the industry, as if fashion were grappling with a sense of fatigue when it comes to awakening desires or introducing innovations on the market. Quite often everything looks the same and distinguishing between collections of different houses has become a formidable task (Gucci by Sabato De Sarno bore echoes of Prada, where he worked and of Gucci by Tom Ford; while Tom Ford by Peter Hawkings echoed in turn Gucci by Tom Ford - is it even necessary to keep on producing such collections?).
Maybe rather than to instill desire in consumers, we are gradually, yet steadily, approaching a juncture where luxury brands and conglomerates primarily serve the purpose of enriching only a selected few, deepening the divide between those who can afford luxury and those ones who can just dream about it.
Later on in October Kering will unveil its earnings this quarter, so analysts are curious to see if it did better than LVMH. Will consumers be excited to hear about the results?
Not really, as they won't change the lives of consumers: in these tumultuous times, it is clear that there are more pressing issues than fashion in the world and while consumers are obviously still buying clothes and accessories, they are also gravitating towards other fashion alternatives, from the ultra fast and super affordable items found on market stalls and online, to more sustainable or to equally expensive yet more independent and authentic fashion alternatives.
Unlike Taipei 101, which employs a "tuned mass damper" to stabilize and protect itself amidst external forces, the luxury industry lacks a comparable mechanism to navigate the tumultuous waters of the current climate. Yet, to find a new balance, the luxury sector will have to reassess its purpose, role and impact. A recalibration of strategies is definitely necessary, and one potential avenue will involve redirecting the industry's attention towards the core concept of desirability.
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