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Over the summer, BoF editor-in-chief Imran Amed and editor-at-large Tim Blanks both spent time with Valentino’s new creative director Alessandro Michele to learn about his vision for the fabled Roman couture house.
One thing became clear in those conversations. Alessandro was drawn to Valentino in part because it would reunite him with Valentino’s CEO, Jacopo Venturini.
Alessandro and Jacopo first made magic at Gucci, alongside CEO Marco Bizzari, when the luxury megabrand quadrupled its profits after a period of slow growth in the post-Tom Ford era. There is a special symbiosis in their pursuit of creativity and business, based on a strong emotional connection and a shared passion for creating beautiful things together.
In their first-ever joint talk, Alessandro and Jacopo joined Tim Blanks at BoF VOICES 2024 to share their plans for Valentino and go inside their unique creative process.
Key Insights:
Michele describes his approach to Valentino as a blend of honouring its heritage while infusing it with his own perspective. "I try to be gentle … It’s not my place, it’s me working in that place,” he explains. “There is always a conversation [with Valentino].” Michele acknowledges that his work divides opinions, especially online. “Some people feel aggressive in front of the freedom of someone else … I’m happy with myself because I am free.” Finishing the thought, Venturini says Michele’s work embodies “genius creativity that starts with real freedom … He has eyes that open the eyes of someone else.” Venturini further highlights how creativity fuels not just design but the entire business ecosystem. “Our company is really human-centric and creativity-centric,” he says. “The goal is to translate this energy into the real world without losing any of it."Michele embraces the inherent unpredictability of the fashion industry, stating, "I’m understanding that you cannot really plan in fashion." He likens his role at Valentino to cultivating a "beautiful garden" where experimentation and creative freedom allow for growth and innovation.Additional Resources:
Alessandro Michele’s Valentino Vision | BoF The BoF Podcast | Alessandro Michele: ‘There Is Always Mr. Valentino Somewhere With Me.’Alessandro Michele’s Valentino Debut: Lightness, Luxury and ‘Fireflies Seeking Love’ | BoFHosted on Acast. See acast.com/privacy for more information.
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As the year comes to a close, BoF’s 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 “How Nike Ran Off Course” by sports correspondent Daniel-Yaw Miller, Butler-Young’s three-part Black beauty series, “The Fight for Influencer Marketing Dollars Heats Up” by senior news and features editor Diana Pearl and “Inside Luxury’s Italian Sweatshops Problem” by sustainability correspondent Sarah Kent. The conversation wraps up with a set of predictions for what’s to come in 2025.
Key Insights:Miller’s “How Nike Ran Off Course” 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. “This was the year where it really crystallized that there were viable alternatives to Nike in the market,” said Baskin, with competitors encroaching from all sides. Looking ahead, Butler-Young said “Nike is not resting on its laurels” and is doing a lot to try to “turn around a very large ship,” starting with selecting a new CEO, longtime Nike executive Elliott Hill.Sarah Kent’s story, “Inside Luxury’s Italian Sweatshops Problem,” digs into this year’s viral scandal surrounding luxury brands’ labour practices. “It found that luxury brands that manufacture in Italy…routinely turn a blind eye to labour exploitation in their supply chain,” said Butler-Young. “They ignore red flags raised by audits and sustainability teams for the sake of convenience and cost.” Dior in particular faced social media backlash for “the disparity between what people pay for products and then some of the things that happen in the supply chain,” 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 “attempt to continue to take shape in a very hostile political environment,” 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, “My prediction is one of these big struggling brands … is going to successfully pull out of its slump,” he said, pointing to Nike as a potential winner.Hosted on Acast. See acast.com/privacy for more information.
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Background:
In a slowing luxury and fashion market, it’s not just the big brands and e-commerce companies that are being impacted. Independent fashion designers around the world — from China to the US to Europe — are facing a barrage of challenges too. As more multi-brand retailers shut down, this not only puts tremendous cash flow pressure on small fashion businesses, but they are also losing their main channels to reach customers. Alongside other factors like inflation, Brexit and growing geo-political turmoil, it becomes almost impossible to build a sustainable, independent fashion business.
But there is hope. According to London-based designer Roksanda Ilincic, “the beauty of an independent brand is that you can quickly adapt, quickly change. You can try to find a solution, maybe even quicker than a big giant.”
To examine this topic at BoF VOICES 2024, 1 Granary founder Olya Kuryshchuk hosted a panel on independent fashion, with Ilincic, publicist and consultant Bohan Qiu, and the designer and Antwerp Royal Academy director Brandon Wen.
Key Insights:The traditional reliance on multi-brand stores and fashion shows is shifting, with young designers exploring direct-to-consumer models and leveraging emerging technologies. Qui notes that new opportunities are coming from grassroots movements and emerging markets. “I feel like there is going to be this next movement where it’s coming from the streets, it’s coming from the underground, it’s coming from the youth culture that are so sick and tired of the current system. They want to overthrow and build something so strong that our current system can no longer neglect it.”For Wen, fashion education must evolve to prepare students for the realities of a saturated market. While fostering creativity, institutions should also teach practical skills like budgeting and business management to ensure graduates can navigate the industry successfully. “They need a lot more business advice and opportunities … they also should know how to use Excel, make a budget sheet, and … learn how the big machines work so that they’re not struggling with their own machine.”Independent brands must focus on the unique value they bring to the industry, such as craftsmanship, small-scale production, and authentic creativity. Ilincic highlights the importance of educating consumers about these distinctions, explaining, “the quantities that we produce are much smaller than the quantities of the big brands. So just understanding that you’re buying a very unique and specific product. That should be championed.”Hosted on Acast. See acast.com/privacy for more information.
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In the late 2010s, and particularly after George Floyd’s 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).
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Diversity and inclusion in fashion was built on already fragile foundations. “Most companies didn’t have a DEI department before George Floyd,” Butler-Young points out. She explains that these departments were often created hastily and emotionally, which left them vulnerable to becoming performative. “We never moved beyond that conversation into ‘how is this good for business? Why does this matter for a company beyond social good?’”"The acronym DEI has become so politicised,’” 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. “What we’ve 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,” says Kent. This includes “the restructuring of sustainability teams, significant layoffs, and a shifting focus.” Although sustainability efforts are losing traction in the US, Kent points out that European regulations will keep the pressure on global brands. “From an investor standpoint, this is a compliance issue - companies need to meet laws or face significant penalties, which is obviously not good for business.”Additional Resources:
What Fashion’s Advocacy Will Look Like in the Trump EraTrump’s Impact on Fashion Takes Shape | BoFHosted on Acast. See acast.com/privacy for more information.
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Many fashion brands are realising that operating across multiple cultural sectors is a business necessity. In our social feeds, fashion competes with music, film, and sports for our attention.
Learning how to tap into other cultural sectors is something that many fashion brands are trying to do, but few have done it better than this week’s guests.
At BoF VOICES 2024, BoF founder and CEO Imran AmedI spoke with Jens Grede, co-founder and CEO of Kim Kardashian’s Skims, the shapewear brand and David Allemann, co-founder and executive co-chairman of the Swiss sportswear company On, to learn how they’ve tapped into the cultural zeitgeist, especially at the growing intersection of sports and fashion.
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For both Grede and Allemann, the foundation of a successful brand lies in creating exceptional products. Grede emphasises the critical importance of innovation, crediting Skims’ success to years of fabric development before launching the brand. “Before a brand, there are products, and you can’t build a great brand without a great product,” he explains. Similarly, Allemann shared On’s origins, which began with a makeshift prototype crafted from a garden hose to test their signature “cloud tech” soles. Sports and fashion have become deeply interconnected, reflecting how cultural and personal identity have evolved. Allemann notes that, over the past 15 years, sportswear has transitioned from functional equipment to an extension of one’s personality, becoming a new uniform. “Because it becomes part of our personality, it’s elevated to a whole different level, and so in a sense, [sport] becomes fashion.” Athletes now use fashion as a platform to build their personal brands, with Grede describing it as “a superpower” that amplifies their influence beyond their sport. Tapping into culture is essential for brands looking to stay relevant and expand their influence. Grede describes building a brand as finding “a little part in this moment in popular culture,” which requires an understanding of the zeitgeist. For Skims, partnerships like their recent collaboration with Dolce & Gabbana push the brand into uncharted aesthetic territory while providing customers with something entirely new. On takes a similarly thoughtful approach, having turned Roger Federer from an ambassador into an investor. As brands grow, the decision to go public can be a significant milestone, but timing is critical. Grede acknowledges that Skims will eventually become a public company but stressed the importance of focusing on expansion and building away from the scrutiny of the public eye. Allemann shared advice from On’s IPO journey, describing the need to stay close to the customer: “On really tries to be very close to the consumer and be the brand that helps the explorers and the dreamers and probably even the rebels to ignite their spirit. I think that's what's really important right now.”Additional Resources:
BoF VOICES 2024: Global Culture and Creativity The BoF Podcast | Jens Grede on Building Skims, Frame and the Future of FashionWhy On Running Could Be Worth $6 Billion | 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 brands’ 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.
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The destigmatization of secondhand fashion is closely tied to convenience. “A large part of the equation is how easy it is to shop and sell secondhand,” explains Chen. “There 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.”But establishing a leading position in the market has proven difficult, despite rapid adoption. “The learning for operators of these platforms is that there’s very little consumer loyalty in this space,” says Chen. “When I consider selling something, I’m going to look at every single platform - whichever one gives me the quickest sale, the easiest sale, and the most money.” 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. “Bazar doesn’t go through the trouble of necessarily fixing items. It’s kind of listed as is, and customers get a ‘what you see is what you get’ experience,” says Morris. Additionally, Bazar allows fast fashion brands like Cider to offload inventory, which many traditional resale platforms avoid. “There 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.”As 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. “If 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:
Fashion’s 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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In 2024, luxury e-commerce faced a harsh reckoning. A pandemic-era boom gave way to a bruising downturn that exposed deep-seated weaknesses, as rising marketing costs, excessive discounting, outdated technology management and intensifying competition hit profitability.
MatchesFashion went into administration at the start of the year, shortly after it was sold off in a fire sale to Frasers Group. Farfetch’s share price plummeted by 98 percent, bringing the company to the brink of bankruptcy, only for it to be rescued by South Korea’s Coupang. Richemont sold off Yoox Net-a-Porter to rival luxury e-tailer Mytheresa in October, ending a years-long effort to offload the struggling business.
This week on the podcast, Mytheresa CEO Michael Kliger and Lauren Santo Domingo, co-founder and chief brand officer of Moda Operandi, join BoF Founder and CEO Imran Amed on stage at BoF VOICES 2024. Together, they explore what went wrong in the luxury e-commerce sector, how they are navigating the ongoing luxury slowdown, and what comes next for the industry.
“We didn’t know that this big slowdown in aspirational demand would happen, but we were well prepared,” Kliger said.
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What separates the winners and the losers in the luxury e-commerce reckoning comes down to preparedness, said Kliger. Mytheresa also “felt the pressures,” but the business was better suited to handle an environment laden with high inflation, high interest rates and middle-income shoppers retreating. Kliger added that he still believes in the viability of the luxury e-commerce model because “there is a consumer that wants to shop like that.” “Rumours of our demise have been greatly exaggerated,” added Santo Domingo. Despite the challenging market environment, some customers are still spending. E-tailers need to create desirability and find ways to attract shoppers to their platforms through curation, storytelling and other forms of differentiation. “They want from us more experience than just access to product,” said Kliger. “That’s why the brands want to be with us. We are brand enhancing,” echoed Santo Domingo. Mytheresa has also invested in optimising its marketing funnel to identify customers who are more likely to remain loyal over the long-term. “We’re not bidding for traffic. We’re not bidding for revenue. We’re bidding for customers,” said Kliger. The business built an algorithm to predict based on past purchases, addresses, types of payment, and time of purchase, whether a customer is likely to return, and they focus their marketing efforts accordingly.Additional Resources:
BoF VOICES 2024: Fashion's Next Moves: Industry insiders including designers Simon Porte Jacquemus and Glenn Martens, H&M CEO Daniel Ervér, e-commerce executives Lauren Santo Domingo and Michael Kliger and more spoke about key challenges and opportunities for their businesses and fashion at large. Meanwhile, McKinsey provided an outlook for 2025.
Hosted on Acast. See acast.com/privacy for more information.
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When Simon Porte Jacquemus came on to the scene in 2009, he did so with a bang. The French designer’s playful take on Parisian fashion draws inspiration from 20th century sculpture, the French New Wave, and sunny afternoons in Marseille. His creations have catapulted him and his label into stardom, with the brand’s campaigns often going viral on social media.
“It’s [all about] having fun,” said Jacquemus. “Having fun is being creative, it's going one step aside and it's playing with the system.”
Jacquemus has been able to build on the social media buzz and create an independent label garnering more than 200 million euros ($210 million) in annual turnover. His fashion shows have been staged in picturesque locations across France, including the Chateau Versailles. In October, he opened his first store in New York City, drawing crowds akin to those mostly reserved for movie stars. This month, he opened another location in London, part of the designer’s plans for a global retail expansion.
At VOICES 2024, BoF founder and CEO Imran Amed sits down with Jacquemus to discuss how the designer has been able to build a successful independent business in the competitive luxury sector and amidst a consumer downturn.
Key Insights:
Jacquemus credited creating attention and buzz in unconventional ways for the success of his brand and his ability to remain independent for 15 years. The designer recalled staging his debut runway show disguised as a fake protest outside of a Dior boutique on Avenue Montaigne as a media stunt that gained him notoriety early in his career. “I only had one rule when I [started]. I need to be visible,” he said. Jacquemus said his love for imagery and the hit TV show “Sex and the City” inspired to go into fashion. “I wanted to build images and create the sensation of a young boy looking at magazines,” the designer said. This fascination with imagery has translated to the brand’s social campaigns, namely the CGI versions of the label’s signature purse Le Bambino roaming through the streets of Paris. The brand’s design codes deviate from traditional luxury fashion, in that Jacquemus wanted his designs to appeal to ultra-luxury shoppers as well as mass consumers. “I [wanted] to do something everyone can understand – the post guy, my grandmother. And references to niche things.”Now, the designer wants to transport his feelings of familial bliss and his childhood in the south of France to his retail locations around the world. “I want them to feel like home,” he said. The design elements of the brick-and-mortar stores call back to Provence with soft linens, high windows and traditional furniture. As the CEO of the brand, Jacquemus said he finds he may often lean more toward the business side than the creative side. This is something he wants to balance in the near future. “I’m interested in everything,” he said. “I wake up every morning looking at the sales, not because I love money but because I want my work [to become] something real.”Additional Resources:
Jacquemus: A Fashion Star's Business VisionJacquemus Is Seeking a Minority InvestorThe Debrief | What Makes Jacquemus So Successful?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, “The 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.” In today’s crowded market, sustainable growth and a deliberate strategy are essential for standing out.
Key Insights:
Slower growth in a crowded market can ensure longevity. “It’s the ones that are maybe growing a little bit slower, not having this initial huge rush and then a massive drop-off,” says Morosini. While brands can gain a critical mass of fans and build an aesthetic quickly, sustaining that momentum is much harder in today’s saturated market. “You go on TikTok, and there are 50 brands fighting for your attention. You go to Sephora, there's another 50,” 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. “Brands 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,” says Morosini. These founders often bring a personal approach to their brand, which resonates with consumers.Glossier’s success shows the value of balancing adaptation with staying true to a brand’s core mission. Despite being digital-first, the brand quickly established a physical presence, which “helped 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,” explains Morosini. By moving away from an exclusively direct-to-consumer model, Glossier also refocused on its product assortment and customer needs. “Giving 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,” Morosini adds.A key lesson for emerging beauty brands is to prepare for both boom and bust cycles. As Morosini explains, “You’re 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.” She emphasises the importance of hedging strategies, noting, “No matter how well things are going, there will be a competitor snapping at your heels around the corner. Making sure that you’re keeping your strategy and product assortment broad enough to weather that.” Flexibility and foresight are essential to navigating inevitable market shifts.Additional Resources:
How Anastasia Beverly Hills Lost Its Footing | BoFUrban Decay’s ‘Naked’ Relaunch Is a Hit. Now Comes the Hard Part. | BoFHosted on Acast. See acast.com/privacy for more information.
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Tina Brown is a force of nature in the world of journalism, offering unflinching and sometimes provocative glimpses into the lives of the world's most famous figures.
Born in England and educated at Oxford, she stormed the traditionally male bastions of print media, becoming editor-in-chief of Tatler at just 25. A few years later, she ushered in a new era as editor-in-chief of Vanity Fair, which was tens of millions of dollars in debt when she took over. Her unique formula of seductive storytelling, combined with hard-hitting journalism, increased the magazine’s monthly circulation from 200,000 to 1.2 million.
As an editor, Tina has never been afraid to push boundaries or challenge the orthodoxy, and she has not lost her magic touch. Last month she launched a weekly Substack newsletter, “Fresh Hell: Tina Brown’s Diary.” where she has already opined on trending topics from the Menendez Brothers to the re-election of Donald Trump. Right now, one of her main pre-occupations is around the future of journalism.
“More serious than anything is the death of truth and what that can do to a society,” she warns. “The resistance is going to have to come from the media.’
At VOICES 2024, Brown reflects on the seismic shifts in media, what this means for truth and democracy, and the role of journalism in the age of Donald Trump.
Key Insights:
“I love the art of magazines … but I don’t read them anymore,” Brown admitted, echoing the sentiments of a changing audience. She argues that while print media might be fading, the real battle is to sustain investigative journalism, which remains critical to democracy. “What matters is that we have thoughtful, curious, truth-telling journalists in the roles that matter.”Brown criticises tech companies for profiting from journalism’s decline. “Twenty years ago, traditional media was too passive in the face of digital disruption,” she explains. “Content was taken for free and monetised by tech platforms, and we’re seeing it happen again with AI.” Highlighting the existential threat posed by the erosion of public trust in journalism, Brown calls for tech companies to take responsibility and invest meaningfully in journalism. On the battle between creativity and technology, Brown lamented the undervaluation of human creativity in an increasingly algorithm-driven world. “I do not know why writing sentences is not valued more than writing code, because they last longer, that's for sure. One Shakespeare sonnet - beat that algorithm.”
Reflecting on Trump’s influence on both media and politics, Brown describes him as “the world’s great showman”. “He ran a campaign that was just endlessly watchable and was so extraordinarily sort of resourceful on improvising all the time,” she notes. However, Brown questions this approach to politics as entertainment. “We've become so debased by entertainment values that we now require our politicians to be entertainment,” she argued. “I actually question whether the old style politician will ever be in favour again.”Additional Resources:
BoF VOICES 2024: Confronting an Age of UncertaintyHosted on Acast. See acast.com/privacy for more information.
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For nearly a decade, the luxury sector has experienced what seemed like limitless growth, with brands like Louis Vuitton, Gucci, and Chanel pushing product prices higher — and seeing consumers pay up. However, recent quarterly reports have marked a sudden shift, with even industry giants reporting disappointing revenue. As luxury editor Robert Willliams explains, “These brands are omnipresent and people are seeing them everywhere. Whether consumers finally pull the trigger is so much about their economic confidence, this feel-good factor. Are things going to be better for me next month than they are today?”
This week, BoF executive editor Brian Baskin and luxury editor Robert Williams discuss the forces contributing to this downturn, the implications for top brands and potential strategies luxury players are exploring to reignite growth.
Key Insights:
Global economic uncertainty has hit U.S. and European luxury spending hard. “Whether they finally pull the trigger [on a big purchase] is about economic confidence,” explains Williams, noting that factors like inflation, wage stagnation, and election cycles have consumers second-guessing expensive purchases. There are similar issues in Europe, with proximity to conflicts in the Middle East, Ukraine and Russia additionally impacting consumer sentiment and spending power.However, according to Williams, the biggest issue is China pulling back on this type of spending. China’s luxury market has always been a growth engine, but changing economic sentiments and less travel due to COVID are affecting luxury sales. “[Chinese consumers] are really holding out for when they feel better about the economy. … They’re holding out for when they can feel like they can get a deal because prices are higher in China than most of the world for luxury brands,” says Williams. Many consumers are frustrated with steep price increases, as seen with Dior’s Lady Dior bag, which has jumped 76% in price since 2019. “Customers are quite fed up with how dramatic the price increases have been often for like for like products,” Williams states, adding that consumers often feel they’re “spending a lot more for something that’s not necessarily as good.” Even if quality hasn’t declined, the perception has, especially with social media spotlighting any issues. “With the way our Internet culture works, if someone has an issue with the product, they can make that so public in a way and really disenchant a lot of people and their audience and make them question, is this high price worth it?”Facing a saturated market after years of rapid growth and price hikes, many forecast that 2025 and 2026 are to be similarly stagnant or negative periods for sales.” Even if it wasn't just a question of the prices or if there weren't these other macroeconomic factors, there could be a sense of having saturated the market, of people needing to be bored with fashion a bit so that then they can rediscover it. I'm not sure that it's the right time to introduce the next big idea if you were the one who had it,” says Williams. “Because if you're among the brands whose sales are quite negative … then how much can you really invest in telling the world that you're the one who has the next big idea?”.Additional Resources:
Inside Luxury’s Slowdown | BoFWhy Some Luxury Groups Are Doing Better Than Others | BoFHosted on Acast. See acast.com/privacy for more information.
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Sammy Basso left an indelible mark on our community last year at BoF VOICES 2023. Sammy had a rare genetic condition called Progeria that accelerates ageing, affecting only one in 20 million people, with an average life expectancy of 13-and-a-half years. Last year at VOICES, Sammy celebrated his 28th birthday with us, and shared his extraordinary resilience and passion, for life and for research.
“To be a patient and scientist is beautiful for me because it is a great antidote against fear,” he reflected. “Never think you are not enough to make a difference ... So many people said it’s impossible to do research into such a rare disease. But now thanks to that, we are opening ways to treat so many others. We are making a difference.”
This week on The BoF Podcast, Basso in conversation with friend Annastasia Seebohm Giacomini about the importance of his research and his philosophy of how to live a full life.
Key Insights:
When asked how he maintains such a positive outlook despite the daily challenges of his condition, Basso explains, “I must be positive, because if I won’t be, I would limit my life more than progeria itself. My life is worth living, progeria or not. I love my life …This is the only possibility for the universe to be myself. And you are the only possibility for the universe to be in the stars. So we can’t waste this great opportunity. We need to be the best copy of ourselves.”Reflecting on his outlook toward life, Basso shares the importance of gratitude in his daily routine: “Progeria taught me not to believe anything to be granted. I’ve risked my life so many times, I’ve wished to die several times, so now every day for me is a gift. When I wake up in the morning, I have to be grateful for that day. I must be grateful for that day.” Basso finds strength in community and expresses his deep gratitude for the role of his family and friends in his life. “They are the reason why I wake up every morning. Sometimes when I’m too tired, I remember that my life is not only mine. So if I can’t do it for myself, I must wake up for them and do it.”Additional Resources:
BoF VOICES 2023: Finding Hope in the DarkRegister now to join us at BoF Voices 2024, our annual gathering for big thinkers, streaming live from November 12 to 14
Hosted on Acast. See acast.com/privacy for more information.
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In recent years, sports has provided a rich ground for fashion partnerships. Where even three years ago Dior’s tie-up with Paris Saint-Germain was relatively novel, today it’s harder to find luxury brands that aren’t at least dabbling in football, Formula 1 or other sports. These deals are also getting increasingly elaborate, with brands outfitting athletes, teams and even entire leagues on and off the field.
This new wave of partnerships is about more than just looks or finding new audiences — it’s about cultural relevance.
“Fashion brands have looked to [sports] to market their products to groups of consumers who maybe weren’t targeted by these brands previously, and athletes themselves have become major brands and media businesses in their own right,” says BoF sports correspondent Daniel-Yaw Miller.
This week on The Debrief, Executive Editor Brian Baskin and Senior Correspondent Sheena Butler-Young sit down with Daniel-Yaw Miller to explore how the worlds of fashion and sports are colliding like never before.
Key Insights:
For a partnership to be successful, it must feel authentic. Arsenal's collaboration with London-based brand Labrum, which presented a runway show at Arsenal's stadium is a prime example. The jersey colours draw influence from the Pan-African flag and hint to the histories of the players and the club. "That partnership makes sense on a cultural level and fans can buy into that authentic messaging rather than just a logo swap,” he says.As individual athletes gain larger followings, brands see more appeal in creating tailored partnerships with rising stars like Coco Gauff and Angel Reese. “Athletes now have a direct bond with fans that the previous generation of stars never had,” Miller notes. “Sports fans have had insights into Coco Gauff and Naomi Osaka’s lives since they were teenagers. They’ve grown with them, and that’s at the very essence of their appeal to these brands.”The rise of women’s sports has opened doors for fashion brands that previously overlooked the sector. "And that's really opened up the sports industry, which has traditionally been extremely male dominated. So a whole range of luxury womenswear brands that previously never really had an entry point into the sports industry,” Miller explains. Some sports struggle to find traction in the fashion world. While Formula 1 has embraced luxury, baseball remains on the sidelines. “Baseball has never quite broken out to have true global appeal in a sense that fashion could leverage,” Miller says. “I think baseball is very similar to where Formula One was before the Liberty Media acquisition, where there was a strict atmosphere around showing an interest in things that are outside the direct line of business for a baseball organisation that's hampered how much the sport and the athletes have been able to be in fashion.”Additional Resources:
Fashion’s Sports Obsession Is No Accident | BoF How Athletes Became Fashion Week Royalty | BoF.Inside the Big Business of Styling Athletes | BoFHosted on Acast. See acast.com/privacy for more information.
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Khalid Al Tayer, Managing Director of Al Tayer Insignia and CEO of the luxury e-commerce platform Ounass, leads one of the Middle East’s most powerful retail networks. In his first public interview at Oud Fashion Talks, Al Tayer shares insights into the rapid evolution of the Middle Eastern luxury market, the region's growing influence on global trends, and how his business approaches e-commerce with a customer-first mindset. He also discusses the strategic importance of respecting and investing in the Middle Eastern customer while creating opportunities for regional talent to flourish in the luxury landscape.
“The brands that have taken [the Middle Eastern] customer as a very important customer and respect them are seeing benefit. The ones that approach this customer as, ‘They’re just going to buy what we make, and we’re going to do … a good enough job because we’re busy somewhere else,’ are not benefiting. Respect the Middle Eastern customer,” shares Al Tayer.
This week on The BoF Podcast, BoF founder and editor-in-chief Imran Amed sits down with Al Tayer to discuss the growing influence of the Middle Eastern luxury market and how businesses can succeed by prioritising the evolving needs of the regional customer.
Key Insights:
Despite challenges in global luxury, Al Tayer points to the Middle East as a resilient outlier in the industry, especially post-Covid. Brand investment in top-tier store experiences, thoughtful activations, and tailored assortments have fostered a deeper connection with the local customer. “The Middle East … has been a shining candle in the industry generally because of the resilience and the growing sophistication of the Middle Eastern customer,” Al Tayer notes, attributing this shift to brands recognising the importance of this loyal market.Al Tayer forecasts that e-commerce will soon make up half of all luxury retail in the region, with Ounass already pushing double-digit growth in this area. “In the next few years … 50 percent of the sales of retail will be online,” he says, describing an evolving model he calls “luxury convenience.” While physical stores will still offer unparalleled experiences, online platforms like Ounass meet the growing demand for digital access and seamless customer journeys.Al Tayer attributes his company’s success to “fanatical focus” and the dedication of his team. “First and foremost, it's all about team and surrounding yourself with the right people,” he says. “I try to build trust by allowing them to have ownership. When they have ownership, they really drive the business like it's their own.” In an industry that requires high levels of execution, he recommends patience and focusing on the details that matter. “Focus on what you’re doing and get it right,” he advises, urging new entrepreneurs to remain committed and data-driven.Additional Resources:
BoF Insights | Fashion in the Middle East: Optimism and Transformation What Escalation in the Middle East War Means for the Industry | BoFHosted on Acast. See acast.com/privacy for more information.
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Online shopping promises convenience, but finding the right product among thousands – or hundreds of thousands – of options can often feel like a chore. To address this, retailers are experimenting with AI tools that aim to cut through the clutter with improved search capabilities and personalised shopping experiences. These models don’t just match keywords; they understand user intent and interpret complex search terms, moving closer to a more personal shopping experience online.
“Search works really well when you know specifically what you're looking for,” senior technology correspondent Marc Bain notes, “but there’s potential for AI to bridge that gap when you don’t.”
This week on The Debrief, BoF executive editor Brian Baskin and senior correspondent Sheena Butler-Young sit down with Bain to explore how AI is transforming e-commerce.
Key Insights:
New AI search tools are evolving past traditional keyword searches, enhancing users’ ability to find what they’re looking for online with greater ease. “These large language models could change search in a way that you can interact with it more naturally,” explains Bain. With AI’s advanced understanding of nuanced searches like “what should I wear to Burning Man?”, these systems can now deliver results based on context, location, and style preferences, making online shopping a more seamless, intuitive experience.AI in e-commerce aims to serve as an attentive, personalised assistant, but brands face the challenge of enhancing the customer experience while maintaining a respectful distance in the digital space. AI must fall on “the right side of the line between concierge and creepy,” Baskin explains. "The ideal is having an online sales associate … where it doesn’t feel like … it’s just throwing products at you to see what sticks,” continues Bain. The goal of AI in e-commerce is to make shopping more intuitive by simplifying search. As Bain notes, “search is notoriously terrible on retail e-commerce sites,” highlighting the need for improvement. However, despite these advancements, consumers may remain hesitant to fully trust AI-driven recommendations. Bain reflects this sentiment, adding, “I would probably look at what it says and then still go do my own research because I don’t fully trust it.”Additional Resources:
The E-Commerce Search Bar Gets an AI Makeover | BoF How AI Could Change Online Product Search and Discovery | BoFCase Study | How to Create the Perfect E-Commerce Site | BoFHosted on Acast. See acast.com/privacy for more information.
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Growing up in Hamburg with a photographer father and a stepmother who ran a vintage boutique, Robert Geller was immersed in the world of fashion, art and creativity from a young age. His journey from Marc Jacobs intern to co-founder of cult New York fashion label Cloak to creative director at Rag & Bone is the result of his personal philosophy of saying yes to new opportunities.
“The key thing is saying yes. Just do it and try it. It's always better to do something than not to do it,” shared Geller. “Even if it doesn't go right, you learn a ton from it. You're always better off going out and trying something."
This week on the BoF Podcast, founder and CEO Imran Amed sits down with Geller to explore his journey, learn about the ups and downs of building an independent fashion label, and why he’s taken on his new role as creative director at Rag & Bone.
Key Insights:
Growing up, Geller was deeply influenced by his creative surroundings and his stepmother played a pivotal role in shaping his fashion sensibilities. “She owned a second-hand store in Hamburg, but she only sold Japanese fashion labels,” he recalls, pointing to brands like Comme des Garçons and Yohji Yamamoto. Trips with her to Paris, where she would take him to “beautiful boutiques,” ignited his passion for fashion. “At a very young age, I really enjoyed it. I sort of found the magic of fashion in these places and in these clothes.”Geller’s first major venture in fashion, Cloak, became a cult label in New York in the early 2000s. Geller left Cloak after the A/W 2004 collection, with the brand finally closing down in 2007. As Geller candidly explains, “We were not really focusing on making money. We didn’t know how to do it, but we knew how to make great clothes and how to put on fun shows.” The purity of vision behind Cloak was undeniable, but it ultimately lacked the business foundation needed for sustainability. While Geller has always embraced creativity, he also understands the importance of balancing it with the practicalities of running a business. “I respect the need for the sales and need for the business, that’s the fuel,” he says. “One cannot exist without the other. You can’t have a collection without getting the business right and having sales,” Geller adds.After years of running his own label, Geller made the leap to become creative director at Rag & Bone in 2023. Reflecting on his approach, he says, “It just needed another layer of excitement... I felt like it was lacking conversations, the exciting pieces, the layer on top that really exemplified the peak of the brand.” Geller’s vision involves integrating the brand's core strengths, like denim, with modern elements to create a cohesive, elevated collection. “It’s not a revolution... we're just trying to layer something on top that’s exciting.”Additional Resources:
Groundhog Day at Rag & Bone | BoFMarcus Wainwright on Rag & Bone and Going It Alone | BoF A Different Kind of Dream at Rag & Bone | BoFHosted on Acast. See acast.com/privacy for more information.
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A growing number of direct-to-consumer brands are disrupting the luxury market by offering high-quality alternatives at more affordable prices. As traditional luxury brands focus on the ultra-wealthy and fast fashion dominates the budget market, these “dupe” brands cater to middle-class consumers who feel priced out of luxury but still want value for their money. Through transparent pricing and savvy use of social media, they are reshaping how consumers think about value and quality.
“The term dupe stems from duplication, but it also does speak to consumer sentiment around pricing today - they do feel duped,” says e-commerce correspondent Malique Morris. “Luxury brands have exponentially raised their prices for hip products in a way that is locking out middle class shoppers who typically could splurge on a few nice bags or a few nice sweaters a year.”
Key insights:
As luxury brands continue to hike prices for their most popular products, middle-class consumers are feeling increasingly excluded from the luxury market. This sentiment is fueling the rise of brands like Quince and Italic. “Luxury brands have exponentially raised their prices for hip products in a way that is locking out middle class shoppers who typically could splurge on a few nice bags or a few nice sweaters a year,” says Morris. “The check is going to come due for luxury brands to explain why their prices are so high.”Dupe brands take advantage of this dynamic by being open about their costs, breaking down exactly how much it takes to produce their items and what they’re selling them for. “Dupe brands are almost annoyingly transparent about pricing in terms of breaking down,” Morris explains. “That’s refreshing for middle-class shoppers who are seeing the prices of things like milk and eggs rise inexplicably. Outside of this vague bogeyman of inflation, their dreams of owning a Chanel bag is moving further away with no real explanation on that front either.” Platforms like TikTok and Instagram have been instrumental in the rise of dupe brands, where influencers showcase cheaper alternatives to high-end products. However, the sustainability of this trend is uncertain. “If consumers stop caring about dupes and engagement goes down, then social media leverage on this front will die out for these brands, but right now, it really is a boon for them,” says Morris.While price is the main draw for dupe brands now, they will need to evolve beyond being simply the cheaper alternative. “What is our differentiator beyond offering good prices now? What is our storytelling? What are our products that are unique to us? If dupe brands can answer those questions, they’ll stop being seen as just cheaper versions,” says Morris.Additional Resources:
What Luxury ‘Dupe’ Brands Get Right About Shoppers | BoF Is Dupe Culture Out of Control? | BoFHosted on Acast. See acast.com/privacy for more information.
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Michelle Yeoh has captivated audiences for decades, from her iconic role in Crouching Tiger, Hidden Dragon to her Oscar-winning performance in Everything Everywhere All at Once. Over her storied career, she has consistently pushed boundaries, proving her versatility both on and off the screen, breaking paths as an Asian woman on the global stage.
Now, at the age of 62 Michelle has scored coveted global ambassador roles at not one, but two of fashion’s top luxury brands — Balenciaga and Bottega Veneta.
"Fashion has changed, and it’s not just about dressing younger people," Yeoh says. "You have to find representation across different generations, and I think what I represent is being proud that you are different, that you are older — and there’s nothing wrong with that. Just before the Oscars a silly television commentator said, ‘You’re past your prime because you’re 50-something.’ How dare you? How dare anybody tell you what you are capable of?”
This week on The BoF Podcast, BoF founder and editor-in-chief Imran Amed sits down with Yeoh to discuss her winding journey to the big screen and why fashion is finally embracing older women.
Key Insights:
Yeoh’s path to stardom began with her early passion for dance, which she began as a child in Malaysia before travelling to England to study further. When she had to set her dance dreams aside due to injury, the shift opened the door to acting in action and martial arts films alongside actors like Jackie Chan, Sammo Hung and Jet Li. “I watched [Hung] do the choreography and the fighting, and I thought, ‘this is exactly like dance,’” she says. “This is choreography. We all know what we are doing, it's about how you transfer the energy and the speed of the rhythm.”
On success and failures, Yeoh embraces the lows moment as opportunities to transform. “Failures are what make you learn. If you're only successful, how do you know that's the way? ... It's the journey, not just the destination," says Yeoh. "And in that journey, that's where you learn. That's where you grow, where you meet, where you engage, and that's where you have a full life.”
Yeoh places a deep emphasis on trust and collaboration when choosing her creative partners. “Once I choose to work with you, then I have to trust you. I have to believe that you have the right vision,” she shares. “If I don’t trust you, then I don’t think I’ll be able to give you my best. I have to believe in your vision, that you know what you’re doing, and that we’re in this together."Additional Resources:
How Michelle Yeoh Conquered Fashion | BoFHosted on Acast. See acast.com/privacy for more information.
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The beauty industry thrives on virality, but in the age of social media, that can be a double-edged sword. One viral TikTok video can catapult a brand to success — or bring it to its knees. From Youthforia’s foundation shade controversy to Huda Beauty’s mislabeling error, brands are discovering that managing customer expectations and addressing backlash swiftly is critical to their survival.
“It happens pretty fast when it does happen. … Sometimes it’s an unknown creator who can make [a product] go viral for all the wrong reasons,” says beauty correspondent Daniela Morosini. “You have to be willing to listen when they tell you that you got it wrong.”
Key Insights
Building a strong brand community involves more than just creating a product; it means engaging with your customers and allowing them to have a meaningful role in your brand’s development. “If you're going to create a community to help your brand grow, you need to understand that those customers want a seat at the table,” says Morosini. Listening to customer feedback, especially when things go wrong, is crucial. Being proactive in addressing customer complaints is crucial. As demonstrated by Huda Beauty’s mislabeling issue, taking responsibility early on and offering solutions can stop a backlash from spiralling. Morosini notes, “She took full accountability and offered to make everybody whole if they’d bought the wrong shade.”Hair care products, especially those tied to hair loss, tend to evoke emotional responses and intense scrutiny. The stakes are high as hair loss is a sensitive, deeply personal issue. As Morosini points out, “There are so many factors that can cause hair loss… people don't want to roll the dice if there's even a 1% chance a product could be the cause.”Complexion product mishaps can be particularly damaging for beauty brands, as they quickly highlight inclusivity gaps. “It’s just so obvious when a brand has missed the mark with complexion,” says Morosini. “Oftentimes the scandals that seem to cause a lot of blowback, they come back to that exclusionary point,” she adds. “Nobody likes to feel left out.”Additional Resources:
What to Do When a Beauty Product Launch Goes Wrong | BoFWhy Beauty Brands Keep Getting Accused of Causing Hair Loss — and What They Can Do About It-
Editor's Note: This podcast was amended on Oct. 17 2024 to clarify YSL as the maker of the blush product.
Hosted on Acast. See acast.com/privacy for more information.
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Zac Posen burst onto the fashion scene in the early 2000s, gaining acclaim for his glamorous designs and dressing Hollywood's elite. After nearly two decades, Posen closed his label in 2019, finding himself at a crossroads that eventually led to a meeting with Richard Dickson, the new CEO of Gap Inc., and the chance to join the company as creative director. Now, he's on a mission to bring cultural relevance and excitement back to brands like Gap, Old Navy, Banana Republic, and Athleta.
“Within five minutes [of meeting Dickson], I knew that there was something very special. It was a cosmic moment where there was like a magic connection, where I saw that I had met my dreamer,” Posen says.
This week on The BoF Podcast, BoF founder and editor-in-chief Imran Amed sits down with Posen to explore his journey of redefining success, his transformative role at Gap Inc., and his vision for the future of fashion.
Key Insights
Closing his eponymous fashion label forced Posen to reevaluate how he defined success, shifting his focus from external achievements to personal fulfilment and creative expression. "Success for me is about being able to inspire a larger public, to be able to work within my own creativity and to use that and what I represent to help a larger public be in touch with their own creativity” he says. “To me, creativity is as essential as sleeping and eating and everything else wonderful in life." Posen found new creative inspiration through returning to his roots of draping and garment creation. “I was back on a mannequin … and just expressing and sculpting in space, it felt exciting,” he shares, describing the joy of reconnecting with hands-on creative work in his father’s studio, the same place where his journey in fashion began. “It felt like a full circle moment.”As creative director of Gap. Inc, Posen is working to modernise brands like Old Navy and Gap by emphasising storytelling, redefining brand identities, and making subtle evolutions that reignite consumer interest. "Building a brand is about being part of the cultural conversation and moving at the speed of culture and actually being able to help move culture forward,” he says.Posen advises young designers to be patient, embrace the balance between art and commerce, and appreciate the opportunity to inspire others. “Creativity is a lifelong pursuit … You can't foresee the path and where it will take you,” he says. “If you are able to work in this industry, to be able to work in a creative field and … understand that fabulous, amazing, magical pendulum that has to be in balance, you are so lucky and so fortunate.”Additional Resources:
The Gap Comeback That’s Actually Working | BoF Do Mass Brands Need Creative Directors? | BoFCreating Cultural Moments in the Age of Algorithms | BoFHosted on Acast. See acast.com/privacy for more information.
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