The Business of Fashion Podcast
The New Model for Building DTC Brands

The New Model for Building DTC Brands

April 13, 2021

A new generation of direct-to-consumer brands like Topicals and Parade are finding success with a powerful community-based approach to marketing.

The Year That Changed the World

The Year That Changed the World

March 19, 2021

A year after coronavirus lockdowns swept the world, BoF’s Imran Amed looks back at a period of sweeping change in conversation with leading voices from inside and outside fashion.

Unraveling Kering’s Investment in Vestiaire Collective

Unraveling Kering’s Investment in Vestiaire Collective

March 5, 2021

Vestiaire Collective’s chief executive Max Bittner opens up about the resale platform’s big deal with the French luxury group.

 

This week, a new €178 million round of financing put Vestiaire Collective’s valuation above $1 billion and gave it a high-profile new partner in the form of Kering, one of the world’s leading luxury groups. Having acquired a 5 percent stake in the Paris-based resale company, Kering joined investors like Condé Nast, French private equity firm Eurazeo and tech-focused investment firm Tiger Global Management.

Though resale has become increasingly popular in recent years, thanks to the growth of platforms like Vestiaire Collective, luxury brands have been reticent to get involved. Kering’s investment marks a notable shift in attitude.

In the latest episode of the BoF Podcast, Vestiaire Collectives’s chief executive, Max Bittner, sits down with BoF’s founder and editor-in-chief Imran Amed, to explain why Kering invested in the company and what that investment means for the company’s future, and why he believes the resale market is an exciting and fast-expanding sector.

”This is not a short term trend,” said Bittner. “This is something consumers are looking for. This is something especially young consumers are expecting from the brands they want to endorse. So, I think both us and the brands are realising consumers expect us.”

Related Articles:

Why Kering Invested in Vestiaire Collective

Should Luxury Build Resale Into Its Business Model?

The Resale Gold Rush Rolls On

 

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José Neves Unpacks the Farfetch-Alibaba-Richemont Partnership

José Neves Unpacks the Farfetch-Alibaba-Richemont Partnership

March 2, 2021

The Farfetch founder and chief executive and Alibaba Group president J. Michael Evans discuss the industry-changing deal designed to dominate luxury e-commerce.

 

Alibaba Group president J. Michael Evans and Farfetch founder José Neves take BoF’s editor-in-chief Imran Amed behind-the-scenes of the industry-changing joint venture between Alibaba, Farfetch and Richemont at VOICES 2020, BoF’s annual gathering for big thinkers.

The biggest appeal for all three parties? A shared vision of the importance of technology and omnichannel retail.

”We think as tech businesses, we’re not retailers,” Neves said. “We’re at the service of the best brands, the best retailers and we’re here to enable the industry… and this is open to everyone.”

 

Related Articles:

What the Farfetch-Alibaba-Richemont Mega-Deal Means for Luxury E-Commerce

Duelling Visions for Online Luxury in Mytheresa and Farfetch’s Latest Results

Farfetch and Alibaba Open Up About Their Mega-Deal with Richemont

 

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Dissecting the Rise, Fall and Future of Topshop

Dissecting the Rise, Fall and Future of Topshop

February 5, 2021

A new era for Topshop is about to begin. On Monday, digital fashion retailer Asos purchased the high-street label, along with sister brands Topman, Miss Selfridge and HIIT, for £295 million ($403 million). The deal ended months of speculation about Topshop’s future after parent Arcadia Group fell into administration last November, as BoF senior editorial associate Tamison O’Connor reported in a BoF Professional article breaking down why Asos needs Topshop.

“It’s been very sad for me to see them go through what they’ve been through in the last few months,” retail veteran and former Topshop brand director Jane Shepherdson told BoF editor-in-chief Imran Amed on this week’s podcast.

Shepherdson discusses her time at Topshop when it was at the height of its success, the internal and external forces that caused the brand’s demise, before O’Connor weighs in on what the future might hold for the brand under Asos’ ownership.

  • Topshop’s decline was a long-time coming, Shepherdson said, reflecting on her time at the brand. She joined Arcadia as a young graduate and worked her way up the ranks as a buyer, spearheading Topshop’s transformation into a fashion destination. But she left the company in 2006 as Philip Green, who bought Arcadia Group in 2002, became more involved in the business. “He was an asset stripper, more than anything else. He bought businesses, and then sold them again,” she said. “My philosophy was that you would make sure that you designed and bought something that was so amazing that no one would be able to resist it.”

 

  • Asos’ ambition to capitalise on the newly acquired Arcadia brands and customer databases will depend on establishing a strong and independent identities for Topshop, Topman, Miss Selfridge and HIIT on the Asos platform, O’Connor said.

 

  • O’Connor goes on to explain how the British high street’s transformation into a largely online market has been accelerated by the pandemic, having brought long-struggling British retailers like Debenhams and Arcadia Group to their knees.

     

 

Related Articles:

Why Asos Needs Topshop

Why Digital Fashion Companies Are Buying Up Tired Brands

The Rise and Fall of Topshop: What Went Wrong

 

 

 

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What Extended Lockdowns and Slow Vaccine Distribution Mean for the Fashion Business

What Extended Lockdowns and Slow Vaccine Distribution Mean for the Fashion Business

January 21, 2021

BoF’s Imran Amed and McKinsey’s Achim Berg discuss what the fashion industry can expect as the world continues to battle Covid-19.

With coronavirus cases surging in most of Europe, extended lockdowns show no immediate sign of easing, while in the US ongoing political and social unrest is set against a backdrop of widespread Covid-19 infections. For fashion, the repercussions will be felt for years to come, but the extent of the impact will largely depend on the handling of such crises over the course of the next year.In the latest episode of The BoF Podcast, BoF editor-in-chief Imran Amed and Achim Berg, global leader of McKinsey’s apparel, fashion and luxury group, discuss the key trends laid out in BoF and McKinsey’s joint annual report, The State of Fashion 2021, in light of recent developments.
  • While experts had warned that the winter months would be challenging, super-spreading virus mutations in Brazil, South Africa and the UK have further complicated matters. “It’s fair to say that we expected lockdowns, we expected restrictions, but we didn’t expect them that early, and we didn’t expect them to take that long,” said Berg, adding that these developments might indicate a slower-than-anticipated recovery for fashion.
  • The closing of physical retail and low consumer confidence has hit retailers both with and without e-commerce hard. “Even if online is growing at 50 percent, you cannot compensate for physical retail,” said Berg. But it’s not all bad news. “The moment things normalise, I think people want to have the shopping experience again,” he added.
  • Stores reliant on tourists for a large portion of their sales are reeling from losses as flights stay grounded, but there is also cause for optimism. “It’s a whole new game, but it’s also an opportunity” said Berg. “I would argue that because in some locations it was easy to serve international customers, they didn’t put [enough] emphasis on serving local consumers.”
 
 
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The Future of Moncler’s ‘Genius’

The Future of Moncler’s ‘Genius’

December 8, 2020

At BoF VOICES, Remo Ruffini speaks to Imran Amed about adapting his brand’s programme of designer collaborations to a post-pandemic reality where Chinese customers and online activations are paramount.

 

After global fashion sales fell by 27 percent to 30 percent this year, according to estimates in BoF and McKinsey’s State of Fashion 2021 report (released Wednesday), the industry is bracing for a difficult and (likely incomplete) recovery next year. The important thing is to adapt.
“This crisis could be an opportunity,” Moncler chief executive Remo Ruffini said at VOICES last week, predicting the fashion market is unlikely to return to pre-pandemic norms before 2023. “You cannot stay sitting in your chair for two or three years. We need to find new projects and new ways to work.”

With an eye on the rising importance of both digital and China, he’s planning to stage the launch for his next round of “Genius” collaborations in the country this September, with an event mixing physical and online elements. Since 2018, the Italian outerwear label’s “Genius” programme — a series of ultra-hyped, one-off collections from guest designers — has helped the brand reach untapped consumer niches, been a focal point for parties and store activations, and, perhaps most importantly, fuelled visibility on social media.

“The collection will be more customer-centric,” Ruffini said. “We’ll still have people there, but with a different approach.”

Elsewhere, the executive is planning bolder moves. Our conversation took place shortly before Moncler announced it would acquire Stone Island in a transformational move — opening the door to becoming a multi-brand group after nearly two decades of rapid expansion under the banner of a single brand.

 

Related Articles:
Moncler Buys Stone Island in Transformative Move
VOICES 2020: Fixing the Fashion System
Moncler to Stage Genius Show in China in Pandemic Pivot

 

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Dries Van Noten on Opening a Store During a Pandemic

Dries Van Noten on Opening a Store During a Pandemic

October 29, 2020
BoF Editor-at-Large Tim Blanks speaks with the Belgian designer about his new community-centred art hub and why the clothing store could do with a makeover.
 
LONDON, United Kingdom — It’s been just over two weeks since Dries Van Noten opened his latest store in downtown Los Angeles — a 8,500-square-foot, multi-storey building intended as a hub for art, fashion, music and community. In the latest episode of the BoF Podcast, the Belgian designer speaks with BoF Editor-at-Large Tim Blanks about the inspiration behind his new brick-and-mortar venture and his plans for future fashion weeks.
  • It may seem counterintuitive to debut a new store during a pandemic, when shops are open one day and forced to close the next, but Van Noten’s latest venture is an attempt to reimagine what brick and mortar can be. “Stores become very static. I wanted to have more of a youth club, where people can just come in… and do things,” he said. He recently had four local artists come in and repaint the walls in an homage to street art.
  • One of the rooms in Van Noten’s store serves as an archive of unsold garments from the 1990s, 2000s and 2010s. It was inspired by the idea to slow down the fashion industry. “We have a room for men and a room for women where you have a selection of pieces from old collections.”
  • When looking to the future, Van Noten reflects on the possibility of combining fashion shows with alternative ways to present collections — like fashion films or lookbooks. “By the time we go back to fashion shows, perhaps the fashion shows will be changed,” Van Noten said. “It felt not right to see — in the times we are in — a fashion show.”

 

Related Articles:
At Dries Van Noten, New Ways of Seeing
Dries Van Noten Proposes Reset to Fashion’s Deliveries and Discounting Calendar
What Happened to Rethinking the Fashion System?

 

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Welcome to Retail Reborn from The Business of Fashion | Trailer

Welcome to Retail Reborn from The Business of Fashion | Trailer

September 14, 2020

In an exclusive new series from The Business of Fashion in partnership with Brookfield Properties, Doug Stephens and BoF investigate the seismic shifts transforming the retail ecosystem. From the post-pandemic consumer psyches to increased risk and growing calls for responsibility, BoF identifies the forces transforming the retail market and what they mean for the global industry.

The Retail Reborn Podcast launches on Tuesday 15 September. Subscribe now to never miss an episode.

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Lily Cole on Why the Fashion System Needs Reform Now

Lily Cole on Why the Fashion System Needs Reform Now

August 13, 2020

The model and activist speaks with BoF Founder and Editor-in-Chief Imran Amed about the lessons she learnt while writing her new book Who Cares Wins.

 

LONDON, United Kingdom — Lily Cole was once on the side of every bus, fronting the industry’s biggest fashion campaigns. But the more time Cole spent in the industry, the more she became aware of widespread problems and structural inequalities that prop up its glamorous facade. She cut back on modelling jobs and instead prioritised working on improving the fashion system from within.In the latest episode of the BoF Podcast, Lily Cole speaks with BoF Founder and Editor-in-Chief Imran Amed about the lessons she learned while writing her new book Who Cares Wins: Reasons For Optimism in Our Changing World, published by Penguin, a call to action that emphasises the importance of optimism and collaboration in times of uncertainty.
  • The fashion industry must grapple with the role consumer culture plays in upholding social, environmental and ethical problems. “There is a practical need for new stuff that we don’t want to shut down entirely, so while we’re making it in a better way,” said Cole. “Equally, can we think of new business models that don’t require people to buy new things to make them economically sustainable?” These may include more transparent supply chains or adopting a circular business model.
  • The very way progress is measured must also be reconsidered. Economic growth must be replaced by alternative metrics like happiness, health and environmental wellbeing. “It’s about quality rather than quantity… about loving material things more,” Cole told Amed. “The more you love something the more you respect it.” For consumers, buying fewer products of higher value is less wasteful and also places more emphasis on the artisanal craftsmanship of each garment.
  • Cole is optimistic about the future generation of consumers who put more emphasis on sustainability. When the scandal broke that Boohoo paid workers less than minimum wage for example, the ultra fast fashion e-tailer’s share price plummeted. This, Cole said, indicates that the market expects consumers to stop shopping from unethical brands. “It’s a tangible reflection that people do care when they are given information,” she said.
Related Articles:

 

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