Luxury is over its streetwear obsession.

This season, sneakers and hoodies rarely graced the fashion week shows of megabrands in Milan and Paris as they did in previous years, while luxury-streetwear tie-ups such as Air Jordan and Dior or Supreme and Louis Vuitton have become less frequent.

Balenciaga, which under creative director Demna made hoodies and chunky sneakers luxury essentials, has since widened its focus to couture and red carpet dressing. Off-White, too, has recently pursued a style closer to traditional luxury than streetwear, incorporating tailored suiting and launching an haute couture line. Boots and loafers far outnumbered sneakers during the label’s Spring/Summer show in Paris on Thursday, its first under the artistic direction of Ib Kamara.

There’s a reason so many brands are pivoting. After dominating fashion for the better part of the last decade, streetwear is finally falling out of style. It’s partly down to the natural ebb and flow of fashion trends: retailers note that hoodies and sneakers, while still popular, now face competition from loafers and oxford shirts as the menswear silhouette evolves in a more preppy direction. (Men currently make up the majority of streetwear consumers.)

Meanwhile, many consumers see pure streetwear brands as having become overly commercialised and having lost connection with their roots in 1980s street culture, hip-hop and skateboarding.

“Streetwear has switched from being what people on the street are wearing,…