Jan 25, 2017
Alexandra Shulman is standing down from her position as editor-in-chief of British Vogue after 25 years.
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Alexandra Shulman is standing down from her position as editor-in-chief of British Vogue after 25 years.
Valerie Steele, director and chief curator of The Museum at FIT, says "Putting on museum exhibitions is like making a film — it requires many people with different talents."
Ahead of Monday’s Met Ball, the celebrated curator and self-confessed fashion nerd takes BoF behind the scenes of the museum’s latest blockbuster.
After years of avoiding associations with hip-hop, the fashion industry has woken up to the marketing power of America’s greatest cultural export.
The whole world is influenced heavily by music. We often look up to rappers and singers and aside by actors, I think they are the most popular celebrities. In this article, rappers like A$AP Rocky and more are asked questions about their specific thoughts on fashion and how it influences society. One quote that stood out to me was when Rocky said, “Fashion is for everyone and the more you try to exclude people, you’ll find out that those are the same people you need to include the most.” I respect him heavily for that statement because many people think having a good fashion sense involves having money, but that’s not always the case. If you can express yourself through your clothes in a classy way, for me, you have yourself an exquisite fashion sense. Rappers are said to be “storytellers” in this article because of how they dress. Luxury brands work with these rappers to show off their new designs and styles. Many people see and follow these rappers so it is a way of advertisement. When someone famous wears something, no matter how ugly it may be, people will still want to buy it. It actually blows my mind. Who wouldn’t want to have the newest, trendiest things if they have the money to buy it? Exactly. Having these things makes us feel accepted, or feel even better than society. This brings me to the most known rapper of all time’s fashion line: Kanye West. He made the shoe called Yeezy’s and also has an actual clothing line. If you want to buy his clothes, good luck cause it costs a fortune. One shirt that you can find anywhere ranges from 800-1,000 dollars. But people will buy it just because it was designed by him and has his name on it. It’s amazing how much money an artist can bring in just because their name is on clothing.
From Gucci's surrealist illustrations to Loewe's comment on consumption with the Steven Meisel lensed campaign titled "Fruits", BoF rounds up the best ads of the Spring/Summer 2018 season.
In a Business of Fashion article by the BOF Team, titled Top 10 Campaigns of the Season, advertisments for brands such as gucci and Balenciagia’s spring/summer 2018 season are discussed. With the evergrowing popularity of social media and digital advertising, companies have to get creative to develop ads that not only catch the consumers eye, but makes them want to click on it. This season fashion houses were forced to take big rrisks when it came to advertising. With social influencers around every corner they had to figure out how to best navigate the field. Calvin Klein, Gucci and Balenciaga made it to BoF’s top ten ads of the season for their unique ways of tackling the market. Guccis campaign titled “Utopian Fantasy”, by Alessandro Michele, was a surreal composition of mermaids, tigers, and knights, wearing all gucci and illustrated by Spanish artist Ignasi Monreal. Balenciaga did a paparazzi-style shot, and calvin klein shot in an abandon barn. Each brand went out side of the box, none of the brands chose similar paths which made them all stand out and be unique in their own way in order to tell the story of their brand.
Questions:
Does the rise of social media help or hurt advertising for brands such as the ones illustrated in the article?
What form of advertising do companies see as the most efficient for getting their brand out there?
After a three-year search, the organisation has found a successor for Diane von Furstenberg.
Chairman of the CFDA can be added to Tom Ford’s already intimidating repertoire of skills with the newest change in American Fashion. He is predeceasing longtime chairwoman Diane Von Furstenberg who served for 13 years.
BoF had an exclusive interview with Ford where he stated one of the biggest changes he’s noticed in fashion is the expertise and experience shift. When he was growing up in the fashion world he earned his stripes working for another designer, in his case Gucci. Now he sees this demand and rush for young designers to create right out of college. They aren't gaining the experience in fashion first before creatine their brands and he wants to encourage that experience building period in every young designer.
Another takeaway from Bof’s interview with Ford was his inclination to change American from being an “inward” facing industry and looking outwards for inclusivity and new ideas.
Reputational and financial risks related to the industry’s exposure to climate change are creeping up executives’ agendas, coming into focus at the launch of the Global Fashion Agenda’s new sustainability priorities at Davos.
The lifespan of fashion products is being stretched as pre-owned, refurbished, repaired and rental business models continue to evolve.
LONDON, United Kingdom — The lifespan of fashion products is being stretched as pre-owned, refurbished, repaired and rental business models continue to evolve. Across many categories consumers have demonstrated an appetite to shift away from traditional ownership to newer ways in which to access product.
In fashion, the shift to new ownership models is driven by growing consumer desire for variety, sustainability and affordability and sources suggest that the resale market, for instance, could be bigger than fast fashion within ten years. In recognition of this consumer shift, start-ups will not be the only players making their mark in these segments — established fashion brands will accelerate the pace with which they embrace new ownership models to further their relevance to consumers.
In more and more categories, consumers are choosing to rent rather than own goods outright. Think of Spotify supplanting CD sales and downloads, Netflix replacing video stores and ZipCar standing in for car ownership among many young urbanites. This is a fundamental evolution in consumer behaviour and we expect it will have an impact in the fashion business in the years ahead.
New ownership models | Source: BoF-McKinsey State of Fashion Survey
This trend is partly driven by the young generation’s hunger for newness, while embracing sustainability. Research shows that the average person today buys 60 percent more items of clothing than they did 15 years ago.
But consumers keep that clothing for only half as long as they used to. For example, a survey done in Britain found that one in three young women consider clothes “old” after wearing them once or twice. One in seven consider it a fashion faux-pas to be photographed in an outfit twice. Simply put, young people today crave newness, and these cohorts are much more likely to embrace churn in their wardrobes. At the same time younger generations are more interested in sustainable clothing than older consumers. Rental, resale and refurbishment models lengthen the product lifecycle while offering the newness consumers desire.
Meanwhile, luxury brands are raising prices, significantly. Prices of fine watches and jewellery have nearly doubled since 2005. Tracking global prices of Louis Vuitton’s Speedy 30 handbag suggests an increase of approximately 19 percent per year since 2016. So, even consumers with six-figure incomes are looking to discounts and alternative models of acquisition for relief.
These demands are catalysing the successes of rental and pre-owned models. We expect that the ability of these players to satisfy a heightened desire for newness and an increased unattainability will bring them into the spotlight in 2019.
Luxury consumers can circumvent the price increases of the Speedy 30 bag, for example, through The RealReal, which was founded in 2011 and, as of May 2018, enjoys a $450 million valuation. It sells luxury brands, in gently used form, via a consignment model. The RealReal’s hook: top fashion brands, up to 90 percent off. It recently raised $115 million in a Series G funding round and plans to expand its brick and mortar presence in the US.
China’s YCloset takes a different approach, using a subscription rental model to grant customers access to an array of clothing and accessories free of additional charges. If the customer likes a particular piece, they have the option to buy it outright.
While established brands have traditionally turned a blind or scorning eye towards second-hand retail, they are now wading into the pre-owned and rental markets. For example, Stella McCartney launched a partnership with The RealReal in 2017, offering a $100 credit to consumers consigning her products on the platform. This can create a circular flow that encourages footfall in Stella McCartney stores, while building confidence in the quality and longevity of Stella McCartney products. Additionally, because of the circular nature of this partnership, it bolsters the corporate and social responsibility of the fashion brand.
Other luxury players, such as Richemont, have purchased resale or rental businesses outright, to take control of how their products and brands are marketed on the secondary market.
The number of brands getting into the rental, resale and refurbishment business will increase markedly.
Some players have ventured into refurbishment, taking advantage of its sustainability benefits. Eileen Fisher, through its programme “Renew,” takes back gently-worn products, and either refurbishes them or uses the materials to create new products all together. Patagonia pioneered an in-house repair and resale model by buying back their own products and selling those used items at a discount price. On its website, Patagonia asserts, “The single best thing we can do for the planet is keep our gear in use longer and cut down on consumption.”
Express is betting on the rental market, launching “Express Style Trial,” which allows consumers to rent up to three items at any given time for a monthly fee. In an interview with CNBC, Express’ chief customer experience officer, Jim Hilt, states, “The consumer who is more interested in access versus ownership is happening across many industries. We looked at this evolution and asked, ‘how do we participate?’” In New York, French label Ba&sh is offering free rentals over a weekend period as part of its North America expansion strategy.
Turning to the year ahead, we expect 2019 will be known for three developments in particular. First, the number of brands getting into the rental, resale and refurbishment business will increase markedly; established players will progressively regard alternative ownership as a force they need to embrace or at least test through new collaboration models with retailers or start-ups in the sector. This will require careful business model considerations and a clear choice between partnerships, in-house development or M&A. Second, we predict a notable increase in the number of “rental native” brands born exclusively for rental or subscription models.
We would also not be surprised to see a unicorn in this space soon. Finally, more consumers will see a growing proportion of their wardrobes made up of pre-owned or rented products, especially for high-value items and accessories. While traditional players need not yet be alarmed, it will be essential to fully understand the emerging signals of what consumers prefer to own versus rent.