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From the legendary HermĂšs Birkin to recent sensations like AlaĂŻaâs Teckel, luxury handbags have long held a distinctive power within the fashion world. Blending brand heritage, practicality, and emotional resonance, handbags often become a signature item for brands to capture consumer attention and drive commercial success. But the ongoing challenge for luxury brands is maintaining innovation, managing consumer desire, and navigating a landscape rife with copycats and shifting trends.
On this episode of The Debrief, senior correspondent Sheena Butler-Young speaks with luxury correspondent Simone Stern Carbone about the power of an iconic handbag and the delicate balance brands must achieve to keep them relevant.
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Bags often become the most recognisable symbols of luxury brands, significantly contributing to their financial performance. For instance, AlaĂŻaâs Teckel bag â a playful, wiener dog-shaped design â helped offset the weaker performance of parent company Richemontâs other fashion labels. âThat one bag was able to do so much, not just for the brand but for the larger company that the brand sits under,â says Stern Carbone. âThat just says so much about the impact that a single wiener dog-shaped bag can potentially have.âHandbags are particularly attractive as entry-level luxury items because they are recognisable status symbols. âConsumers might not recognise jeans from Bottega, but they will recognise whether a bag is Louis Vuitton,â explains Stern Carbone. âBags are something that people will purchase time and time again; they will use them daily. And if done right, it really becomes the totemic product for a brand.âSuccessful handbag designs can become immediate targets for imitation due to limited legal protections and the ease of replicating shapes and materials. âOnce the bag gets copied, it's already over,â notes Stern Carbone, underscoring the need for continuous innovation or artificial scarcity, as mastered by HermĂšs with its Birkin and Kelly bags.Brands must innovate thoughtfully, staying true to their heritage and core identity rather than pursuing novelty for noveltyâs sake. âEmpower your creative design teams and give new voices a chance,â advises Stern Carbone. âThe beautiful thing is there's variety for everybody. Brands just need to authentically strike the cord with their loyal consumer base⊠and handbags are a way to do it.âAdditional Resources:
In a Market of Copycats, Handbag Innovators Stand Out | BoF Can Slouchy Work Bags and a Selfie Mirror Grow Delvaux? | BoF How PolĂšne Is Growing French DTC Handbags Into an International Success | BoF On the Wings of CĂ©line | BoFHosted on Acast. See acast.com/privacy for more information.
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In early April, President Donald Trump announced an unprecedented wave of tariffs, imposing duties as high as 145 percent on imports from China. Among the rationales offered were the prospect of a US manufacturing renaissance.
The American fashion sector â heavily reliant on overseas production, particularly in China â now faces significant disruption. Some brands are adapting quickly, leveraging their domestic operations and leaning into a âMade in USAâ identity. Others are reevaluating their reliance on China as their primary sourcing destination. But the prospect of a mass return of garment manufacturing jobs remains a remote possibility, most economists and fashion industry experts say.
In this episode of The Debrief, BoF correspondents Malique Morris and Marc Bain join executive editor Brian Baskin and senior correspondent Sheena Butler-Young to assess whether the dream of American-made fashion is any closer to reality.
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The âMade in USAâ dream remains out of reach due to the lack of US manufacturing infrastructure. "The infrastructure just literally isn't here," says Bain. "Even if you use US grown cotton, most of the time that cotton is shipped out of the US to be spun into yarn and woven into fabric somewhere else. These are all sorts of things that we just don't have here. It's been lost over decades and it would take decades to get it back.âBrands that already manufacture domestically are seeing success from marketing craftsmanship, experience and emotional value. The outdoor clothing company Filson, for example, offers walking tours around their manufacturing facility that shares a space with their Seattle headquarters. âFashion is already an emotional purchase, and consumers do care about the story behind a brand. That's why brand marketing is so important for building the label,â says Morris. âThis is another way to tap into that. It's storytelling, not nationalism.â Whereas the US has a lack of infrastructure for manufacturing, China is in the exact opposite position. Small brands might have their supply chain concentrated in one geographical area and are especially vulnerable to tariff changes. âIf that area happens to be China and suddenly there's this giant more than doubling of tariffs, you are in serious trouble,â says Bain. Although cheap overseas clothing companies like Shein and Quince will now be subject to increased duties, consumers wonât abandon cheap fashion overnight. âEven if [middle-class shoppers] are not going to buy American-made brands that are significantly more expensive, maybe they'll go second-hand, maybe they'll vintage,â says Morris. âI think the hope here is that people will just get conditioned out of the idea that they can get $2 jeans and a $10 dress.âAdditional Resources:
How Made-in-America Brands Turn Tariff Turmoil Into Opportunity | BoFWhy âMade in Americaâ Is Still a Fashion Fantasy | BoFUnravelling the Myth of âMade in Americaâ | BoFHosted on Acast. See acast.com/privacy for more information.
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President Donald Trump announced an unprecedented wave of tariffs on April 2, imposing duties as high as 54 percent on fashion imports from key manufacturing countries, including China and Vietnam, and 20 percent on goods from the EU. These measures immediately sparked panic across global markets, ratcheting up the odds of a US recession and causing sharp stock price declines for major fashion brands such as Nike, Victoria's Secret and VF Corp.
Sustainability correspondent Sarah Kent and luxury correspondent Simone Stern Carbone join executive editor Brian Baskin and senior correspondent Sheena Butler-Young to break down the tariffsâ effects on manufacturing, luxury brands, consumer behaviour and potential future shifts within the industry.
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The belief that these tariffs could quickly restore US-based fashion manufacturing is unrealistic. "It would take years of investment to build up the infrastructure and skill base within the US to replace manufacturing capacity that has been moving abroad for decades. For the apparel industry, it just does not exist on the scale that would be needed," explains Kent.Luxury brands, traditionally insulated by European-based production, will also face pressure. "Even for luxury brands that pride themselves for their production in countries like mostly France and Italy, they are going to be hit with some tariffs too," Stern Carbone points out.The tariffs introduce a complex challenge for luxury brands, requiring careful balancing of price adjustments, consumer sentiment and creativity amid ongoing economic uncertainty. "It's this mix between pricing, demand, maybe a lack of creativity, and also incentivising customers to actually purchase luxury goods," says Stern Carbone. "You don't know what [Trump] is going to do next, you don't know if this is going to stick, so are you going to spend $10,000 on a handbag - even if you can technically afford it - when you don't know what tomorrow brings?" emphasises Kent.The industry isnât entirely powerless. "Brands have a voice. Brands are part of the global economy. Brands can lobby," says Kent. "They can make it known that they don't like this. If you're not raising your voice and saying, 'hey, this is really hurting big business and it's not making America great again,' then you're not even trying."Additional Resources:
Trumpâs Tariffs Rock Fashionâs Supply Chain | BoFExplainer: How Trumpâs Tariffs Threaten Luxury Fashion | BoFOp-Ed | Fashionâs Reset: What Tariffs Are Forcing Us to Finally Fix | BoF Executive Memo | An Action Plan for Navigating Trumpâs TariffsHosted on Acast. See acast.com/privacy for more information.
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Fast-fashion giant H&M recently announced its plans to deploy AI-generated "digital twins" of real-life models in marketing campaigns. While H&M argues it's proactively managing inevitable industry changes, including by working with models to compensate them for use of their AI versions, the decision has sparked significant backlash. Comments on social media and statements by industry figures highlight deep-seated anxieties around job security, creative integrity and the value of the human element in fashion.
BoF correspondents Marc Bain and Haley Crawford discuss the potential outcomes and tensions arising from AIâs expanding role in fashion marketing.
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H&M is just the tip of the iceberg: Fashion brands are increasingly embracing AI, from fast fashion to luxury. While AI-generated imagery has quietly infiltrated lower-end markets for some time, H&M's public embrace signifies its move out into the open, and into the world of high-profile campaigns. High-end brands like Coach and Estée Lauder have started using AI for product-focused imagery, indicating a cautious yet clear shift. "Coach uses Adobe Firefly to create digital twins of its products⊠to scale marketing content and test designs," says Crawford, highlighting how AI is already reshaping marketing across the fashion spectrum.Transparency around AI use in marketing is still inconsistent, and regulations are lagging behind. "The technology is moving so rapidly, it's making its way out into the world already, and the law is trying to catch up," Bain explains. While the EU is moving toward legislating transparency in AI-generated imagery, the lack of clear rules globally adds complexity for brands and consumers alike, creating uncertainty around ethical marketing standards.The rise of AI-generated imagery raises concerns over the loss of the creative collaboration intrinsic to traditional fashion shoots. "What's really at risk of being lost here is that communal process of creating fashion imagery," says Bain. "Some level of creativity and humanity, in addition to all the jobs themselves, which are also hugely important, will also be lost."As AI image generation continues to be adopted by brands, it is creating increased competition, forcing both digital and traditional creatives to innovate further. "You can't only live in an endlessly self-referential cycle of AI image generation, even if AI is piecing different concepts together to generate newness," Crawford says. "People working on photography, art, whatever the artistic format is, will only get more creative and people are going to experiment more to stand out."Additional Resources:
H&M Knows Its AI Models Will Be Controversial | BoFThe Fake Fashion Campaigns That Show AIâs Future in Marketing | BoFHosted on Acast. See acast.com/privacy for more information.
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Pat McGrath is widely regarded as one of the most influential makeup artists of all time. Known simply as âMotherâ to some in the industry, sheâs been behind some of the most memorable runway beauty moments for decades. In 2015, she launched her namesake brand, Pat McGrath Labs, which quickly became a beauty phenomenon â going viral with its glittering gold pigment and reaching a $1 billion valuation just two years later.
But almost a decade on, the business tells a different story. With its valuation now a fraction of what it once was, high executive turnover, limited product accessibility, and internal challenges, the brandâs future hangs in the balance â even as McGrath's own star continues to rise with a new role as beauty director for Louis Vuitton.
The Business of Beauty editor Brennan Kilbane and executive editor Priya Rao, explore what went wrong and how the business can get back on track.
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In its early years, Pat McGrath Labs thrived as a high-concept beauty brand that translated runway artistry into consumer excitement. The first product, Gold 001, was a multipurpose pressed gold pigment that sold out within minutes and crashed the website. As Kilbane describes, the brand began as âa direct pipeline from her creative brain to the cosmetics market.â The initial success solidified McGrathâs cult status â and set high expectations for what came next.When Pat McGrath's 'glass skin' look went viral after the Maison Margiela couture show, it could have been a pivotal brand moment. But the product inspired by the look â and released more than a year later â failed to maintain momentum. âThey tried to capitalise on it by scheduling a masterclass a week later,â says Kilbane, âbut it wasnât fast enough.â Additionally, according to Rao, the bigger issue with late deployment was product wearability: âItâs not something thatâs everyday or wearable in any capacity.âPat McGrathâs artistry is legendary, however operationally, Pat McGrath Labs fell flat. âPat McGrath Labs was Pat McGrath. She is the CEO, she is the founder, she's the creative director â the buck stops with her,â says Kilbane. With final say on everything from product formulation to packaging, this all-encompassing control created a bottleneck that affected every part of the business. The result was a company where decision-making was slow and fragmented.With valuation plummeting and Sephora shelf space dwindling, both Kilbane and Rao agree that McGrathâs company needs a reset. âDoes it need new investors? Probably,â says Rao. âBut it also needs leadership and operational know-how for it to actually scale. Otherwise, itâs going to be a pet project in comparison with what she does with Louis Vuitton.â Kilbane adds, âFixing the company culture is going to be integral â if not even more impactful than integral â to the brandâs longevity.âAdditional Resources:
What Happened to Pat McGrath Labs? | BoF Louis Vuitton to Launch Makeup Line | BoFHosted on Acast. See acast.com/privacy for more information.
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Once a dominant player in fast fashion, Forever 21 recently filed for bankruptcy for the second time in six years, marking the likely end of its run as a physical retailer. The chain, known for introducing ultra-affordable, trend-driven clothing to American malls, struggled to remain relevant as competitors like Zara, H&M, and later Shein and Temu offered faster, cheaper, and more digitally-savvy alternatives. After its initial bankruptcy in 2019, Forever 21 was acquired by Authentic Brands Group and mall operator Simon Property Group, but despite various turnaround attempts â including unusual collaborations and international relaunches â it failed to recapture its former success.
Retail editor Cathaleen Chen joins The Debrief to unpack what Forever 21âs fall says about the future of fast fashion.
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Chen argues that Forever 21âs downfall is largely due to its loss of cultural cachet. âYou don't see influencers peddling Forever 21 in the way that you see influencers still promoting Shein, and I think that's a huge factor. You have to spend that money to be relevant,â says Chen.Chen contends that fast fashion retailers like Forever 21 have always struggled with establishing a unique identity, which ultimately made it difficult for them to maintain customer loyalty. âThe problem with Wet Seal, Rue 21, and now Forever 21 is that these retailers never really had any kind of identity,â she explains.The retailerâs failure to evolve beyond chasing transient trends has left it vulnerable to more agile competitors. âIt's not about just chasing fashion, fashion, fashion the way that I think Forever 21 never got out of, the way that Shein dominates. It's about going the other direction and creating products that your customers want at a level of quality,â says Chen.Looking forward, success in fast fashion will require more than affordability. Chen believes future winners must combine low prices with a compelling retail experience: âThere is an element of surprise and delight in that shopping experience. It can't just be cheap, affordable â it needs to offer something more.âAdditional Resources:
The Year Ahead: Deconstructing Fast Fashionâs Future | BoF Why Shein Keeps Buying Its Rivals | BoFHosted on Acast. See acast.com/privacy for more information.
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In the 2010s and early 2020s, a new generation of sexual wellness companies selling sex toys, massage oils and other bedroom aides broke taboos by championing pleasure and redefining sex as wellness. Startups such as Hanx and Playground, often founded by women, introduced sleek products that contrasted sharply with the hyper-sexualised image of legacy players like Trojan and Durex.
However, recent regulatory restrictions, cultural conservatism, and social media censorship have forced these brands to pivot toward a more health-focused approach. In this episode of The Debrief, editorial associate Yola Mzizi explains how these changes are reshaping marketing strategies and consumer perceptions in the sexual wellness market.
Key Insights:
Brands in the sexual wellness category initially reframed sex as a wellness benefit. âThey didnât just focus on pleasure but other health benefits that come from engaging in sex,â says Mzizi. âThis is a big deal because attitudes around sex were changing and therefore we saw all of these brands come up during this time to reflect that change.â However, as cultural conservatism gains ground, with stricter regulatory and social pressures emerging, those once-radical messages are now being muted, forcing brands to temper their bold narratives in favour of more sanitised, health-focused messaging.Despite early success, sexual wellness brands now face significant challenges due to tighter social media censorship and advertising restrictions. âIf you just look at Meta, which owns Instagram, they have very clear policies that their ads cannot promote the sale or use of adult sexual arousal products or services,â says Mzizi. âThat can mean anything from erotica to fan fiction, sex toys, but what they do allow are ads centred on reproductive health and sexual health, but only if they're shown to users 18 years or older.â Sexual wellness brands can continue their mission by staying true to their unique identity. âBy doubling down, brands can rest assured that they're not diluting their message and the customers who are coming to shop with them know exactly who they are, what they stand for, and what they sell,â says Mzizi. âIf you position yourself as a healthcare startup, and then you're selling lube, it may be very difficult to get someone to click purchase because they were duped into getting there.â Abstaining from going overboard with compliance can help preserve brand integrity and keeps loyal consumers engaged even as external pressures push for alternative narratives.Additional Resources:
Can You Sell Sexual Wellness Without Sex? | BoF How Sex Toys Broke Into Beauty Retail | BoFAre Condoms Ready for the DTC Treatment? | BoF
Hosted on Acast. See acast.com/privacy for more information.
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Once hailed as a pioneering platform for online luxury, Farfetch is now undergoing a dramatic operational overhaul. The South Korean e-commerce giant Coupang acquired the luxury marketplace in 2023, rescuing it from near-bankruptcy. Since then, Coupang has implemented sweeping cost-cutting measures that have narrowed losses significantly, but are eroding Farfetchâs footing in the luxury e-commerce space and alienating its core customers.
DTC correspondent Malique Morris joins Executive Editor Brian Baskin and Senior Correspondent Sheena Butler-Young to examine Farfetchâs path to profitability.
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Coupang's relentless drive to push Farfetch toward profitability clashes with the premium expectations of luxury shoppers as cost-cutting is prioritised over customer experience. âCoupang is so hyperâfocused on getting Farfetch to profitability ... and when you're dealing with people who are spending $100,000 a year on the marketplace, it doesn't quite work that way,â explains Morris. âTheyâve also cut teams dedicated to working with Farfetchâs VIP customers, who can make up as much as 30% of the companyâs annual sales.â This tension between operational efficiency and delivering a high-end experience is at the heart of Farfetch's challenges.Farfetchâs âsold by Farfetchâ programme highlights its growing disconnect with luxury brands. As luxury powerhouses like Celine, Alaia and Kering â which includes Gucci, Saint Laurent and Bottega Veneta â pull their collections from the platform, Farfetch has turned to a grey market tactic to maintain its inventory. âInstead of sending the goods straight from the retailers to the customers, the items are now going to a warehouse in Amsterdam to be repackaged,â says Morris. âIt's not only a knock to Farfetch's relationship with top brands, but it also risks deteriorating customer service.â This move, intended to sidestep brand resistance risks undermining transparency and trust among high-end partners.Farfetch's biggest superpower is that many independent boutiques still rely on it. âIf Farfetch can at least do right by those retail partners, then it probably has a shot of stabilising its footing in online luxury,â says Morris. âCoupang will eventually have to allow Farfetch to reinvest in their relationships with customers and brands. That might cost them a couple million, but hopefully with the renewed focus on just the marketplace, Farfetch won't go back into the red in the process.âAdditional Resources:
Inside Coupangâs Tug of War With Farfetch | BoFFarfetch Owner Coupang: Everything You Need to Know | BoFHosted on Acast. See acast.com/privacy for more information.
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The revelation this year of child labour in Indiaâs cotton fields and modern-day slavery in Taiwanese garment factories is the latest scandal concerning worker treatment in fashionâs supply chain. New abuses keep emerging despite efforts by brands, manufacturers, activists, and governments to set clear labour guidelines. Watchdog groups try new tactics to combat the problem, but they face systemic forces far beyond fashion.
Sustainability editor Sarah Kent joins executive editor Brian Baskin and senior correspondent Sheena Butler-Young to discuss the problematic labour dynamics underpinning the fashion system.
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Persistent abuse in fashionâs supply chains is not merely about isolated incidents but reflects deep-rooted socio-economic challenges. In Indiaâs cotton industry, for example, many farmworkers come from extremely marginalised and impoverished communities where exploitation is a norm rather than an exception. Families often work together under hazardous conditions, with little oversight or recourse. âSo you're not just dealing with an issue of exploitation that is coming from the [fashion] industry, you're dealing with a culture that is ingrained in the way that community works â and that is a very difficult, complicated thing to try and manage, â explains Kent. Transparency in supply chains remains critical. Despite decades of advocacy, many brands struggle to verify the origins of their cotton. The global cotton supply chainâs complexityâwhere materials pass through multiple suppliers and tradersâmakes tracing raw cotton back to its source extremely difficult. âThe traders will have been getting the cotton from ginners who will have got raw cotton from ⊠maybe hundreds of thousands of small family farms aggregated it, ginned it, sold it onto a trader who then sells it up through the supply chain. So by the time it even gets to a spinning factory, tracing it back to the farm where it came from is really, really difficult,â says Kent.In Taiwanâs textile industry, systemic issues like excessive recruitment fees burden migrant workers, yet change is stalling. Despite growing awareness and repeated calls for reform, manufacturers have little incentive to alter longstanding practices without coordinated industry action and regulatory intervention. As Kent notes, âWithout other brands operating in Taiwan coming together and trying to do the same thing, the industry as a whole isn't going to move.â And without regulatory shifts, manufacturers have little reason to remove recruitment fee burdens from workers.Consumer trust in ethical claims is vital for brands that present themselves as responsible. However, when ethical certifications and claims are diluted by inconsistent practices and opaque supply chains, consumers quickly lose faith. This erosion of trust can undermine efforts to promote responsible consumption. âIf consumers lose trust in what is meant to be a signifier of doing better, then you risk people not caring at all,â Kent warns. âNo one's going to pay more for a product that promises to be more responsible and more ethical when it's when they don't believe that it is.âAdditional Resources:
âEthicalâ Cotton Is Being Picked by Child Labourers in India, Watchdog Finds | BoFWhy Canât Fashion Eliminate Labour Exploitation From Its Supply Chains? | BoFHosted on Acast. See acast.com/privacy for more information.
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Gucci has long been the shining star of Keringâs luxury portfolio, but the brand's recent struggles have exposed weaknesses in the conglomerateâs position. Gucciâs sales plummeted 24 percent in the fourth quarter of 2024, dragging Keringâs overall performance down by 12 percent. The shock departure of Creative Director Sabato De Sarno after less than two years only deepens the groupâs instability.
Luxury editor Robert Williams joins executive editor Brian Baskin and senior correspondent Sheena Butler-Young to discuss how Gucciâs downturn is affecting Keringâs broader portfolio, why its attempt at a creative reset didnât resonate, and whatâs next for the group as it searches for a new vision.
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Gucci's downturn has been severe, with sales falling by almost a quarter in 2024. This dramatic slide highlights the challenge of reinvigorating the brand. â[Gucci] has had a few really big booms, but then also some pretty big busts afterward. That creates additional complications for the group and how much they're able to invest in acquiring new brands, in developing the brands they have. And honestly, to also just continue to exist,â says Williams.Gucciâs identity has become muddled as it leans too heavily on its heritage, potentially limiting its appeal. âGucci can stand for a lot of things and I think that's where they got a bit confused. It's the biggest Italian luxury brand and maybe they started to think that it was more of a heritage house than it should be,â Williams explains. Williams outlines a protective strategy where the group is preemptively selling off valuable real estate. He cites the sale of luxury jewellery house Boucheron headquarters and flagship store on Place VendĂŽme, stating, "choosing to cash in on the fact that this building is worth a lot of money is a bit worrying that they feel the need to get that treasury right now." Gucciâs potential for a rapid rebound hinges on securing the right creative leadership to tell a compelling story of the brand and leveraging its extensive assets. âI think real potential for the rebound is there if they can get the right person in place just to tell a very convincing fashion story. It can go very high, very fast again,â Williams says. âThey have a lot of real estate, they have a lot of stores in great locations and they have a whole supply chain behind them that's really like rooting for their comeback because it's the biggest client for so many suppliers in the Italian fashion system.âAdditional Resources:
Can Kering Bounce Back From Its âAnnus Horribilisâ? | BoF The Problems with Gucci and Dior | BoFHosted on Acast. See acast.com/privacy for more information.
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Estée Lauder was long celebrated as a pioneer in prestige beauty, building a global empire on the strength of family legacy, innovative product lines, smart acquisitions and a high-touch in-store experience. However in recent years, the company has lost its wat on each of those strategies, leaving it poorly equipped to stay on top of rapidly shifting consumer tastes.
In its latest earnings call, new CEO StĂ©phane de La Faverie candidly acknowledged that the company had âlost its agility,â and promised to quickly implement an ambitious modernisation plan. The Debrief explores how EstĂ©e Lauderâs legacy is now proving to be a burden, and how it can still overcome its challenges.
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Holding around 86% of the voting rights, EstĂ©e Lauderâs tight family control helped maintain a tight focus on prestige beauty, but has contributed to a risk-averse culture that caused the company to miss out on important trends. âA lot of their beliefs are around beauty being a prestige category and a prestige experience and that being the way to win,â says Morosini. âThat message in the wider beauty consumer base has been diluted a little bit. People are much more open to shopping for products in different ways and from different kinds of founders. They didn't really let go of their values.â EstĂ©e Lauder also made a big bet on China, at one point deriving 25 percent of its sales from the market. However, when demand cooled post-COVID, it exposed weaknesses in its home market strategy. "Not only did the China business really, really sharply decline, but when the Chinese market took a really big hit, it exposed just how much they had neglected their home market of the US and just how much market share they had ceded without anyone really realising,â says Morosini.The companyâs new CEO, StĂ©phane de La Faverie, is spearheading a major strategic overhaul with his "Beauty Reimagined" plan. This vision aims to reinvigorate the brand by streamlining the corporate structure, tripling the pace of innovation, and placing an obsessive focus on the consumer. "They've created more of a skincare brand cluster, a makeup brand cluster, and they've also really simplified the geographic way that they're dividing up the markets and who's overseeing them. I think that could lead to greater agility and better sort of more targeted marketing for each region," says Morosini.EstĂ©e Lauderâs model of fuelling growth through brand acquisitions is increasingly unsustainable in todayâs volatile market. The company's ability to innovate and adapt has been hampered by heightened domestic competition and an unpredictable economic climate. "I think as time has gone on, it's just got harder and harder because the competition, especially in the US in their domestic market has really, really ramped up. And they don't seem able to accurately forecast what's gonna happen next,â says Morosini. âIt's really hard to convince people that something that's been around for a long time is actually cool."Additional Resources:
EstĂ©e Lauder Knows How to Cut Costs. Can It Also Rebuild Growth? A First-Day Agenda for EstĂ©e Lauderâs New CEOHosted on Acast. See acast.com/privacy for more information.
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After a prolonged slowdown, fashionâs M&A market is springing back to life. A combination of falling interest rates, shifting investor sentiment and optimism around economic policy has fuelled a wave of early 2025 deals. Within the first few weeks of the year, brands like True Religion and Kapital were acquired by private equity firms and holding companies, signalling renewed confidence in fashion investments.
However, not all acquisitions are about aggressive growth. Some buyers specialise in âmanaged decline,â acquiring struggling brands to extend their lifespan through licensing or cost-cutting. Others, including private equity firms and strategic buyers, see opportunities to scale promising brands by injecting capital and expertise.
âThe key for a lot of these companies in finding buyers is proving that their brands are still worth it and can weather these economic cycles and lulls in the market,â shared e-commerce correspondent Malique Morris.
Executive editor Brian Baskin and senior correspondent Sheena Butler-Young sat down with Morris to break down the latest deals, the brands poised for sale, and what it all means for fashion in 2025 and beyond.
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A number of converging factors are driving a new wave of fashion mergers and acquisitions in 2025. Falling interest rates, Trumpâs re-election driving investor optimism, and shifting regulations have all played a part in fuelling new acquisitions. âRetailers reported strong holiday sales in 2024, and even though much of that was driven by discounting, it signalled that consumers were still spending,â says Morris. âThat kind of activity gives investors more confidence in backing fashion businesses.âBuyers are looking for brands with strong customer loyalty, an engaged audience, and clear growth potential that can weather the ebb and flow of the market. Brands need âgood stewards to help them find the best resources to expand without hurting their legacy, whether that be money, retail networks, or supplier relationships,â explains Morris. âIt's important to have the resources you need to maintain relevance and compete for consumer attention.âBeauty remains a hotbed for M&A activity. âUnlike fashion, beauty hasnât faced the same investor hesitancy,â says Morris. âBrands like Merit, Westman Atelier, and Makeup by Mario are seen as prime acquisition targets, while Rare Beauty could be the defining beauty deal of the decade.âOverall, buyers are prioritising brands with strong customer loyalty and cultural relevance. âThey're seeking brands with ample customer loyalty and a passionate consumer base that will keep their names in the public consciousness, irrespective of what recent sales growth will look like,â says Morris. He adds, âThe thing that is top of mind is, what is the value of your brand? Thatâs an honest conversation that Iâm not sure all companies have with themselves, let alone with buyers.âAdditional Resources:
Whatâs Behind the 2025 M&A Wave | BoF Fashionâs Most Anticipated M&A Hot Spots in 2025 | BoFHosted on Acast. See acast.com/privacy for more information.
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The fashion workplace is evolving, shaped by a wave of technological advancements, leadership changes, and cultural dynamics. For many employees, adapting to these changes has become a challenge, while employers must navigate how to foster connection, retain talent, and drive innovation.
Executive editor Brian Baskin sits with commercial features editorial director Sophie Soar and senior correspondent Sheena Butler-Young to unpack how businesses can create thriving workplaces in 2025, the role of soft skills in a tech-driven era, and what it takes to re-engage an increasingly disconnected workforce.
âIn the face of AI and more technology coming in, it is more important to have a human element. What does a human do well? Thatâs why soft skills are a huge focus,â says Butler-Young. Meanwhile, Soar highlights the growing challenges of employee disengagement, stating, âWe are incredibly disengaged as a workforce. Trying to get employees to buy back into what theyâre doing and be part of the workplace is going to be really challenging.â
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The turnover of leadership in fashion is reshaping workplace dynamics. âNew leadership means change, even if they're using the same playbook,â explains Butler-Young. âHaving someone new at the top of your company tends to affect morale for better or worse, or just makes people feel uncertain.â She adds, âFashion workplaces are in this perpetual transition this year, which will inevitably shape culture.âIn the wake of President Donald Trumpâs executive orders targeting corporate DEI programmes, successful DEI strategies in 2025 will integrate horizontally across all business functions, rather than thinking about it as a vertical. âIf something is horizontally integrated across the business and is a fundamental aspect of every single core pillar that this business touches upon, it's harder to roll back on those initiatives as a result,â says Soar. Butler-Young adds, âIf you as a leader of any kind of organisation appear to flip-flop on your values based on the way the political winds blow, I think that's going to have a harmful effect on your workplace in the long term.âAs AI becomes more prevalent, employers are placing greater emphasis on human-centric skills. âIn the face of AI and more technology coming in, it is more important to have a human element to it. What does a human do really well? Thatâs why soft skills are a huge focus,â says Butler-Young. Soar adds, âItâs about engaging a workforce who are constantly striving to think about how they can take this particular tool or opportunity to the next stage and do so with that can-do, positive approach and attitude.âThe impact of the attention economy has spread into our work lives. âWe are incredibly disengaged as a workforce,â says Soar. âTrying to get employees to buy back into what it is that they're doing and be a part of the workplace is going to be really challenging, especially as they're navigating a hybrid or remote working environment.â Employers, Soar argues, need to address this to optimise their workforce for the future: âIt is fundamentally changing the way that we are operating as people as well as employees.âAdditional Resources:
How to Future-Proof Your Fashion Career in 2025From Trump to Gen-Z, Fashion Faces a Culture QuakeBoF CareersHosted on Acast. See acast.com/privacy for more information.
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Brand collaborations were once rare, highly anticipated events that generated significant buzz. But as they have become more frequent, the challenge lies in creating partnerships that genuinely resonate with consumers and cut through the noise.
This week, executive editor Brian Baskin and senior correspondent Sheena Butler-Young sit down with BoF correspondent Lei Takanashi and editorial fellow Julia LebossĂ© to explore the state of brand collaborations, what makes them succeed or fail, and where theyâre headed next.
To work, collaborations need to feel authentic. For brands, âletting their collaborators take the wheel and just do what they want to do is really key,â says Takanashi. âWhen brands collaborate successfully, itâs often because they give creative freedom to the collaborator, allowing them to use the materials they want and tell a story that feels true to their audience,â adds LebossĂ©.
Key Insights:
Poorly thought-out collaborations often fail to connect with audiences and just wonât cut it anymore. âWhen it's done lazily, consumers can tellâ, explains LebossĂ©. âWe're becoming much smarter, really looking into brands and what they're doing and what makes sense. ⊠That's why brands really have to step up in terms of what they're doing.âItâs not just big brands that can make waves with collaborations. LebossĂ© pointed to a sneaker collaboration between Bimma Williams and Saucony as an example where a smaller brand excelled. âTheyâre showing that, hey, we can do innovation,â explains LebossĂ©.Brands are finding even greater value in creating physical experiences around collaborations. Takanashi points to the Corteiz x Nike collaboration, where prospective buyers participated in scavenger hunts to buy the shoes. âIf someone told me that kids would be lining up to buy Huaraches in 2025, I would not believe them at all,â he says. âBut thatâs the thing. This brand got kids waiting for hours in the freezing cold to buy their sneakers. Itâs really that IRL experience that consumers are looking for when it comes to releases these days.âAdditional Resources:
Why Fashion Needs the Art World More Than Ever | BoFWhy Are Sneaker Collaborations So Boring?Hosted on Acast. See acast.com/privacy for more information.
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Public relations in fashion has transformed drastically from securing magazine features to managing 360-degree brand storytelling. PR agencies now navigate everything from influencer partnerships to event management, social media strategies, and beyond. However, choosing the right PR agency is no small feat, especially for smaller brands or those at critical growth stages.
âHaving a PR agency that really feels like a genuine organic extension of your team ⊠is what's going to enable you to plan together and collaboratively work on goals that you're super aligned on,â shared marketing correspondent Haley Crawford.
Executive editor Brian Baskin and senior correspondent Sheena Butler-Young sit down with Crawford to discuss how brands can evaluate potential PR partners, the challenges and opportunities in the modern PR space, and how to ensure a successful collaboration.
Key Insights:
The PR industry has evolved significantly. In the past, PR agencies focused on securing mentions in traditional editorial formats, with the ultimate goal being a feature in Vogue or Harperâs Bazaar. Today, their capabilities have expanded. As Crawford explains, âthis allows them to represent brands across the full spectrum of physical and digital spaces where shoppers are really interfacing with them and discovering them. ⊠The agency's role is to facilitate telling a cohesive story across all these facets.âBuilding relationships remains central to PR success. âThe ability to build and maintain relationships has always been such a central skill in PR, but it looks totally different today than it did a couple of years ago,â says Crawford. âToday, publicists really have to go above and beyond to use those relationship building skills to build communities around the brand. And I think what really helps is being passionate about the brands that you choose to work with as well.âAs artificial intelligence increasingly influences brand strategies, PR agencies must adopt innovative, human-centric approaches to distinguish themselves. This involves âfacilitating an unexpected partnership ⊠bringing events to life that really bring consumers that much closer to the brands they loveâ and helping brands â to get in front of new audiences that might be unexpected.âWhen you're meeting with a potential PR partner, Crawford advises to think of it as a job interview. âCould you see them being part of your in-house team? Are they clearly passionate about developing your brand story and taking it to the next level?âAdditional Resources:
How to Choose a PR Agency | BoFWhat Fashion PR & Communications Professionals Need to Know Today | BoF
Hosted on Acast. See acast.com/privacy for more information.
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Background:
As the year comes to a close, BoFâs executive editor Brian Baskin and senior correspondent Sheena Butler-Young look back on some of their favourite articles from 2024. The stories include topics that dominated industry conversations throughout the year, as well as some that have had key updates since publication.
The four articles they discuss are âHow Nike Ran Off Courseâ by sports correspondent Daniel-Yaw Miller, Butler-Youngâs three-part Black beauty series, âThe Fight for Influencer Marketing Dollars Heats Upâ by senior news and features editor Diana Pearl and âInside Luxuryâs Italian Sweatshops Problemâ by sustainability correspondent Sarah Kent. The conversation wraps up with a set of predictions for whatâs to come in 2025.
Key Insights:Millerâs âHow Nike Ran Off Courseâ topped the list of key stories from 2024. It was a trying year for the brand, marred by declining sales quarter after quarter. Many pointed to former CEO John Donahoe as the source, with marketing and product feeling stale since he joined in 2020. âThis was the year where it really crystallized that there were viable alternatives to Nike in the market,â said Baskin, with competitors encroaching from all sides. Looking ahead, Butler-Young said âNike is not resting on its laurelsâ and is doing a lot to try to âturn around a very large ship,â starting with selecting a new CEO, longtime Nike executive Elliott Hill.Sarah Kentâs story, âInside Luxuryâs Italian Sweatshops Problem,â digs into this yearâs viral scandal surrounding luxury brandsâ labour practices. âIt found that luxury brands that manufacture in ItalyâŠroutinely turn a blind eye to labour exploitation in their supply chain,â said Butler-Young. âThey ignore red flags raised by audits and sustainability teams for the sake of convenience and cost.â Dior in particular faced social media backlash for âthe disparity between what people pay for products and then some of the things that happen in the supply chain,â said Butler-Young. Next year, brands will face penalties for failing to comply with new European due diligence regulations.Baskin and Butler-Young shared predictions for the industry in 2025. For Butler-Young, ESG and DEI will be key to watch as they âattempt to continue to take shape in a very hostile political environment,â said Butler-Young. Early adopters of DEI who stick with it despite ebbs and flows might benefit by being the most innovative in the space down the line. For Baskin, âMy prediction is one of these big struggling brands ⊠is going to successfully pull out of its slump,â he said, pointing to Nike as a potential winner.Hosted on Acast. See acast.com/privacy for more information.
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In the late 2010s, and particularly after George Floydâs murder in 2020, the fashion industry appeared to embrace a progressive awakening on issues like racial justice and climate change. Diversity, equity, and inclusion (DEI) departments were established, and companies announced ambitious sustainability targets. Yet, from the outset, critics - often from the same communities these initiatives aimed to support - questioned the authenticity of this activism, suggesting it was more about marketing than meaningful change.
Now, those sceptics may have been proven right. Following the 2023 Supreme Court ruling against affirmative action, companies have begun scaling back hiring initiatives, grants for Black founders, and other DEI efforts. Sustainability commitments are also under scrutiny, with the industry far behind its climate goals and facing a hostile political environment in the US.
Executive editor Brian Baskin is joined by sustainability correspondent Sarah Kent and senior correspondent Sheena Butler-Young to untangle the future of DEI and ESG (environmental, social, and governance).
Key Insights:
Diversity and inclusion in fashion was built on already fragile foundations. âMost companies didnât have a DEI department before George Floyd,â Butler-Young points out. She explains that these departments were often created hastily and emotionally, which left them vulnerable to becoming performative. âWe never moved beyond that conversation into âhow is this good for business? Why does this matter for a company beyond social good?ââ"The acronym DEI has become so politicised,ââ continues Butler-Young. "Something that started off as having some good intentions and some really value-driven tenets, and suddenly it's co-opted and becomes something almost derogatory." Companies are now moving away from the language, but that often means moving away from the work as well. The story in the world of sustainability contains some parallels. âWhat weâve begun to see in a handful of cases is a quiet reframing of sustainability commitments, making them less ambitious and, in some ways, more realistic,â says Kent. This includes âthe restructuring of sustainability teams, significant layoffs, and a shifting focus.â Although sustainability efforts are losing traction in the US, Kent points out that European regulations will keep the pressure on global brands. âFrom an investor standpoint, this is a compliance issue - companies need to meet laws or face significant penalties, which is obviously not good for business.âAdditional Resources:
What Fashionâs Advocacy Will Look Like in the Trump EraTrumpâs Impact on Fashion Takes Shape | BoFHosted on Acast. See acast.com/privacy for more information.
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Resale is no longer confined to thrift stores or niche platforms; it has grown into a roughly $50 billion industry in the U.S. alone, by some measures. Platforms like Poshmark, The RealReal and Vestiaire Collective have transformed the experience, making it more accessible and attractive to consumers at every price point. At the same time, brands are increasingly stepping into the space, with some launching their own programs to resell returned or used merchandise, transforming what was once a reactive practice into a strategic business opportunity. And new start-ups hope to create a new secondhand market out of brandsâ returned merchandise.
Retail editor Cat Chen and e-commerce correspondent Malique Morris join senior correspondent Sheena Butler-Young and executive editor Brian Baskin to unpack the evolving resale landscape.
Key Insights:
The destigmatisation of secondhand fashion is closely tied to convenience. âA large part of the equation is how easy it is to shop and sell secondhand,â explains Chen. âThere are dozens of platforms that do peer-to-peer shopping options where you can buy something secondhand for, you know, at a fraction of the cost of retail where you can sell something that you've had for a while.⊠When resale is top of mind like that, I think the market adapts to that acceptance mentality.âBut establishing a leading position in the market has proven difficult, despite rapid adoption. âThe learning for operators of these platforms is that thereâs very little consumer loyalty in this space,â says Chen. âWhen I consider selling something, Iâm going to look at every single platform - whichever one gives me the quickest sale, the easiest sale, and the most money.â This dynamic has created a fiercely competitive landscape, with platforms racing to attract sellers by offering the best incentives. Bazar is taking a different approach to resale, stocking its marketplace with returned, goods brands would struggle to restock without refurbishment, including some fast fashion. âBazar doesnât go through the trouble of necessarily fixing items. Itâs kind of listed as is, and customers get a âwhat you see is what you getâ experience,â says Morris. Additionally, Bazar allows fast fashion brands like Cider to offload inventory, which many traditional resale platforms avoid. âThere is a level of transparency there which is supposed to be a part of the proposition of sustainability and a part of the proposition of resale as well.âAs the industry develops, Morris envisions brands taking more ownership of resale, as platforms like Revive are already helping brands create their own resale programs to handle returned merchandise. Such efforts could turn resale into a sustainable, profitable venture, making it a key part of brand operations. âIf resale can prove that it is an avenue for [brands] to achieve profitability ⊠I can see it becoming a bigger priority brands which will make the shopping experience all the better for consumers."Additional Resources:
Fashionâs Big Opportunity in Reselling the Unsellable | BoFShould Brands Stop Offering Free Returns? | BoFHosted on Acast. See acast.com/privacy for more information.
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Background:
Over the past year, the pristine image luxury brands have built on their links to artisanal craft, ethical manufacturing and quality has begun to crumble, buffeted by a scandal that has linked labels including Dior and Armani to sweatshops in Italy.
According to investigators in Milan, factories producing for the brands were operating illegally and exploiting workers. Dior and Armani have said the allegations donât reflect their commitment to ethical practices, but prosecutors say the issues uncovered by the probe are systemic and entrenched. Around a dozen more brands could still be implicated, with further cases expected in the coming months.
This week, BoF senior correspondent Sheena Butler-Young and chief sustainability correspondent Sarah Kent discuss the findings of BoFâs own investigation into how exploitative practices persist in luxuryâs supply chains and what the scandal means for the industry.
Key Insights:
Luxury brands use their high prices and Italian manufacturing to sidestep concerns over labour practices frequently levelled against lower-priced labels. But the problems pervade even Italyâs most exclusive supply chains. âThis may seem shocking and surprising to those outside this part of the industry, but in Italian manufacturing, everyone knows,â said Kent. âIt's an open secret.âBoFâs investigation found brands routinely turn a blind eye to labour exploitation, ignoring red flags raised by audits and sustainability teams in the interest of convenience and cost. New regulations mean the risks associated with such scandals will soon be much more severe. Under incoming European due-diligence rules, brands could be subject to penalties of up to five percent of global revenue if they fail to adequately monitor and prevent labour abuses in their supply chains. âThere are still a lot of questions around how that's going to be enforced and what that might actually mean,â said Kent. âBut that is a chunky piece of change for any big company.âAdditional Resources:
Inside Luxuryâs Italian Sweatshops ProblemIs Luxury Finally Set for a Sustainability Reckoning?Are Luxury Brands Still Worth It?Hosted on Acast. See acast.com/privacy for more information.
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The beauty industry has witnessed a wave of disruptors rise and fall. Brands like Anastasia Beverly Hills, Glossier and Morphe leveraged social media and influencer marketing to achieve rapid success and unicorn valuations. But maintaining momentum has proven challenging, and some of these disruptor brands have seen sales fall and financial hurdles mount.
As Glossier proves, there is the possibility of a second chance, but it requires radical changes to the business to pull off. As beauty correspondent Daniela Morosini points out, âThe barriers to entry have been removed. You can get a critical mass of fans and build an aesthetic for your brand quite quickly. Making it stick is more difficult.â In todayâs crowded market, sustainable growth and a deliberate strategy are essential for standing out.
Key Insights:
Slower growth in a crowded market can ensure longevity. âItâs the ones that are maybe growing a little bit slower, not having this initial huge rush and then a massive drop-off,â says Morosini. While brands can gain a critical mass of fans and build an aesthetic quickly, sustaining that momentum is much harder in todayâs saturated market. âYou go on TikTok, and there are 50 brands fighting for your attention. You go to Sephora, there's another 50,â Morosini adds. By focusing on steady, intentional growth, brands are better equipped to stand out and thrive in an environment where consumer choices are overwhelmingly abundant.In a saturated market, having a knowledgeable and authentic founder can differentiate a brand and build trust with consumers. âBrands that had a founder with expertise as a makeup artist or some other kind of professional qualifications helped bear out the brand and add a little bit more credence to it,â says Morosini. These founders often bring a personal approach to their brand, which resonates with consumers.Glossierâs success shows the value of balancing adaptation with staying true to a brandâs core mission. Despite being digital-first, the brand quickly established a physical presence, which âhelped enmesh them and establish themselves with more the kind of quote unquote, middle-American consumer, just like a general shopper versus someone who is like a die-hard beauty fan,â explains Morosini. By moving away from an exclusively direct-to-consumer model, Glossier also refocused on its product assortment and customer needs. âGiving up on the DTC-only thing probably allowed them to take a hard look at their product assortment and build out more products that people were really interested in,â Morosini adds.A key lesson for emerging beauty brands is to prepare for both boom and bust cycles. As Morosini explains, âYouâre probably going to be getting your most attention both from consumers and investors or acquirers during your fat years. And you need to be ready for the lean years because they're going to come.â She emphasises the importance of hedging strategies, noting, âNo matter how well things are going, there will be a competitor snapping at your heels around the corner. Making sure that youâre keeping your strategy and product assortment broad enough to weather that.â Flexibility and foresight are essential to navigating inevitable market shifts.Additional Resources:
How Anastasia Beverly Hills Lost Its Footing | BoFUrban Decayâs âNakedâ Relaunch Is a Hit. Now Comes the Hard Part. | BoFHosted on Acast. See acast.com/privacy for more information.
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