Nike is officially the hottest brand in the world after topping the quarterly Lyst Index – the first time the accolade hasn’t gone to a luxury fashion house
- Nike reported a 75% increase in digital sales, making them 30% of total revenue
- Beat likes of Off-White, Gucci and Balenciaga, placed second, third and fourth
- Brand saw surge in demand for loungewear and athleisurewear since lockdown
- First time since Lyst Index began in 2017 that luxury fashion brand is not top
Nike is officially the hottest brand on the planet right now after it topped the quarterly Lyst Index.
The sportswear giant climbed two places to beat the likes of Off-White, Gucci and Balenciaga, which were placed second, third and fourth respectively.
It’s the first time a luxury brand hasn’t occupied the number one slot since the global fashion search platform began its index in 2017.
To compile its results, Lyst analyses the online shopping behaviour of more than nine million shoppers a month who are searching, browsing and buying garments across 12,000 designers and stores online.
Nike is officially the hottest brand on the planet right now after it topped the quarterly Lyst Index. Pictured: stock image
The formula behind The Lyst Index takes into account global Lyst and Google search data, conversion rates and sales, as well as brand and product social media mentions and engagement statistics worldwide over a three month period.
According to the report, Nike has recorded a 75 per cent increase in its digital sales since April which accounted for 30 per cent of its total revenue.
With millions of people working from homeand seeking comfy kit and exercise attire during lockdown, it saw a 106 per cent increase in demand for loungewear and athleisure, which gave the brand’s sale figures a boost.
Nike’s response to the killing of George Floyd in the US and the widespread Black Lives Matter protests which followed is also believed to have contributed to its success.
The brand pledged $40 million to organisations furthering social justice and altered its famous slogan to ‘Don’t Do It’ to promote its anti-racism message in a video liked more than five million times on Instagram.
The cancellation of events such as the Met Gala and men’s fashion week is likely to have had an impact on the performance of luxury brands, with some struggling to generate as many impressions as usual. Pictured: Kim Kardashian West at the event in 2019
The Lyst results contradict recent reports which suggested Nike could see a 34 per cent decline and drop more than $5.5 billion in revenue as a result of store closures, issues with supply and this year’s NBA season suspension.
But its commitment to digital commerce has stood it in good stead. Having previously announced its intention to reach 30 per cent digital sales by 2023, Nike has now set a new target of 50 per cent in the near future after already hitting its previous milestone.
The cancellation of events such as the Met Gala and men’s fashion week is likely to have had an impact on the performance of luxury brands, with some struggling to generate as many impressions as usual.
Having enjoyed three successive quarters in the top spot, Off-White slips to second, while Balmain has climbed six places to re-enter the Lyst hottest brands index.
French fashion house Jacquemus has also risen four places to 11th, after a 61 per cent increase in traffic on Lyst.