Fashion Substacks Are Everywhere. Is the Bubble About to Burst?

Fashion writers, stylists, editors, and influencers are all doing the same thing right now: launching newsletters. Substack has become the go-to platform for independent voices in the fashion space—offering creative freedom, a direct line to readers, and for some, a new source of affiliate income.

But in the past few months, there’s been a noticeable shift. Everyone’s asking the same question: how many fashion Substacks does the world really need?

It’s not just readers feeling the fatigue. Writers are starting to see subscriber growth slow. Engagement is dipping. And newer newsletters are struggling to stand out. If 2023 and 2024 were boom years for fashion newsletters, 2025 might be the year things start to thin out.

Affiliate Gold Rush, Meet Reader Burnout

Substack’s appeal to fashion writers was obvious. No editor. No algorithms. Just a clean platform, a loyal audience, and the chance to finally earn directly from your work.

Many writers leaned on affiliate links to generate income. They published curated edits, trend roundups, shopping diaries. Some drove real revenue. But readers have become savvy. They know when a recommendation is heartfelt—and when it’s just there to drive a commission.

The more newsletters started to look the same, the less trust they earned. And with everyone linking to the same Net-a-Porter trench coat or Khaite cardigan, even the affiliate value started to drop.

Too Many Voices, Not Enough Differentiation

When Substack first exploded, it gave niche writers a chance to build real businesses. If you had a distinct take – sustainability, menswear, vintage, independent designers—you could find your tribe and grow.

But now? Open your inbox and you’ll see the same trends, the same fonts, the same “quiet luxury” musings. It’s not that the writing is bad. It’s that the difference between one fashion Substack and the next is getting harder to see.

And when differentiation drops, so does subscriber growth. Especially paid.

The Algorithm Problem Substack Doesn’t Solve

Substack pitches itself as a place where creators don’t have to fight algorithms. But discovery still matters. And in fashion—where visuals rule—Instagram, TikTok, and Pinterest still outperform email in reaching new audiences.

Plenty of fashion Substack writers rely on social to bring in new readers. But growth there is slowing too. And if you’re not already known, it’s tough to cut through.

Email is intimate. But it’s also limited. A beautiful newsletter that lands in 5,000 inboxes is still just a beautiful email to 5,000 people. Without a consistent funnel of new signups, many newsletters plateau after the first big push.

What’s Next? A Return to Depth

The fashion Substacks that are still growing tend to have one thing in common: depth. They’re not just another list of things to buy. They offer analysis, opinion, history. They write about fashion, not just through it.

Think of newsletters that unpack archival collections, challenge fast fashion norms, or break down pricing strategy. These voices are harder to copy. They don’t rely on affiliate income to survive. And readers come back because they’re learning something—not just shopping.

That kind of content takes longer to build. It doesn’t spike overnight. But it has staying power.

What Affiliate Marketers Should Take From This

If your affiliate strategy depends on fashion Substacks, this is the moment to reassess.

Ask:

• Are your partners writing anything original?
• Do they have a defined point of view?
• Are their audiences still growing—or are they just treading water?

And if you’re building a newsletter yourself, focus less on quick clicks and more on lasting connection. You can still include affiliate links. But they should be part of a bigger story—not the whole thing.

Final Word

Every platform hits saturation eventually. Fashion Substack might be there now. But the writers who survive – and thrive – will be the ones who don’t just recommend what’s trending. They’ll explain why it matters.

That’s what readers will pay for. That’s what earns trust. And in a crowded inbox, trust is the only real currency left.