The Business of Fashion Podcast

BoF’s Tamison O’Connor explains how the fashion industry is betting on resortwear as consumers return to their pre-pandemic lifestyles and travel rebounds. 

Background: 

Every spring, top fashion clients, influencers and insiders are whisked away to lush destinations like Monte Carlo and Capri to indulge in fabulous dinners and cocktail parties — and sneak a peek at brands’ resort collections. Resortwear, which began as a way for luxury houses to cater to wealthy, travelling clients halfway through the main season, now represents so much more as a meaningful driver of sales for retailers. 

“It's really attractive for the true luxury customer who sees these items as a fun way to accessorise a holiday, but it's also an entry point for more aspirational and younger consumers,” said luxury correspondent Tamison O’Connor.

Key Insights: 

• As consumers start travelling and treating themselves again, luxury is betting big on vacation dressing. 
• Resortwear stands apart with more casual designs, lighter fabrics and lower prices. Brands aren’t just using these collections to attract travellers and true luxury consumers, but also to snag wealthy domestic clients and appeal to aspirational buyers.
• Retailers are picking up on opportunities to engage wealthy consumers by building buzz with events and activations surrounding resortwear online and in stores.
• Big brands are opening more stores and pop-up markets in vacation towns. 
• Luxury doesn’t expect growth in the segment to slow, even amid global economic turbulence, travel restrictions in China and skyrocketing inflation.

Additional Resources: 

• Luxury Seizes the Vacation Dressing Boom 
• Loewe's Brand Within a Brand: Is This the New Way to Do Diffusion? 
• How Fashion Is Targeting the Travel Rebound 

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To mark Mental Health Awareness Month, Intimacy expert and podcast host Lila lays out a formula for creating intimacy to combat loneliness.

“We are simultaneously the most connected and the loneliest we have ever been,” said intimacy expert Lila at BoF VOICES 2021, just before the Omicron wave extended further restrictions and social distancing amid the pandemic. 

Indeed, social distancing caused a complete breakdown in contact among family, friends, and entire communities. But the epidemic of loneliness predates the Covid-19 crisis, and has only worsened since the pandemic began

On this week’s episode of The BoF Podcast Lila explains why intimacy is the cure for loneliness, and lays out a formula for creating authentic connections.

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Background: 

Anna Wintour is arguably the most recognisable name in fashion media. In her new biography of Wintour author Amy Odell sets out to paint a nuanced and meticulously researched picture of Wintour’s life based on hundreds of interviews and sweeping archival research. 

This week on The BoF Podcast, Odell joins BoF’s Imran Amed to talk about the process of biographing the complicated fashion titan, and provides some insight as to what she learned about Wintour’s life and career, as well as what the future holds for Vogue in a post-Anna Wintour era. 

Key Insights: 

• Even amid a number of industry shifts, including the decline of print media, Wintour has maintained her power in part because of the strong network of people — in fashion and beyond — who value her advice and her ability to bridge the  business and creative sides of fashion.
• Former colleagues and friends  have described Wintour as future-focused and hungry; she hasn’t stopped working because she enjoys the work. 
• Whoever succeeds Wintour as editor-in-chief will inherit lots of sway that comes with the role. Odell theorises that a Vogue veteran will be tapped next as has always been the case in the past. 

Additional Resources: 

• What Anna Wintour’s Big Promotion Means for Condé Nast: As the publisher focuses on returning to profitability, a new unified content strategy under Anna Wintour, more powerful at the publisher than ever, aims to make its strategy more efficient and intertwined.
• Org Chart: Vogue’s New Global Editorial Structure: The heavyweight international Vogue editors who once filled the front rows at Paris Fashion Week were gone this season, a stark sign of the restructuring that has consolidated power in the hands of global editor Anna Wintour and her regional deputies.

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At the BoF Professional Summit, RTFKT’s co-founder explained why he agreed to sell to Nike in 2021, and unpacked how brands can leverage web3 and associated technologies to grow  their communities.

“A lot of brands are getting it wrong — they need to stop thinking about their business and ask instead: ‘what can I do for my community?’” said Benoit Pagotto, co-founder of virtual fashion start-up RTFKT Studios. 

Pagotto added that fashion brands need to invest in incentivising individuals to build an engaged community in the long run. 

Giving people access to digital assets or tokens such as NFTs, which can increase in value over time, helps customers feel they are contributing to a brand’s growth story, he explained, but adding that brands also need a new mindset.

“The word ‘consumer’ is over,” he said, noting how the democratising nature of the web3. “has shifted power to the individual, and now brands’ communities will define their value.”

Key Insights: 

• Co-founded by Benoit Pagotto at the beginning of the pandemic as a virtual fashion platform, RTFKT was acquired by Nike in December 2021, marking the sportswear giant’s most significant push into the metaverse. 
• In late April, the two companies revealed their first product: a pair of virtual Nike Dunk sneakers, whose look owners can change with different digital skins.
• Pagotto believes that building and engaging communities is a long-term endeavour that requires customer incentivisation, rather than social media strategies.

Additional Resources:

• How Brands Are Using NFTs to Keep Customers Hooked: Brands like Adidas, Gucci and The Hundreds are finding the tokens are a great way to reward their superfans. But maintaining that loyalty can be hard work.
• Op-Ed | Notes From an NFT Sceptic: Nike, Adidas and other big brands have plunged headlong into the latest crypto craze. But companies and their customers may soon discover converting virtual fashion into real-world profits isn’t so easy. Caveat emptor, warns The NPD Group’s Matt Powell.

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Richard Christiansen pursued a career in fashion as an escape from his upbringing in rural Australia, where his parents worked as beekeepers and sugar cane farmers. In 2005, he founded global creative agency Chandelier Creative, which worked  with clients like Hermès, Cartier and Calvin Klein. But when the pandemic hit, everything spun out: work evaporated, he lost his New York office and was forced to let some employees go. 

Even amid those challenges, new opportunities emerged. Christiansen ended up revamping a dilapidated Los Angeles garden and found himself embedded in the local farming community. Soon, these new connections, with everyone from wine makers to olive growers, led to the creation of Flamingo Estate, a brand which generated about $6 million in sales in 2021 and has developed over 150 products, such as olive oils, vinegars, candles and soaps.

This week on the BoF Podcast, Christiansen talks about creativity and resilience and how the two helped him build Flamingo Estate. 

“Spending my whole career trying to get excited about make believe and luxury goods, It’s funny that the thing I love the most was right under my nose the whole time,” Christiansen said last year at BoF VOICES. His dream is to support more farms and businesses to move to regenerative agricultural practices. 

“To me, that would be a fantasy that it’s really worth fighting for,” he said.

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Fast fashion upstart Shein set the industry ablaze this month after reports it was seeking to raise $1 billion in funding at a $100 billion valuation, according to Bloomberg. Shein has upended fast fashion by making apparel at jaw-droppingly low price points and gaining market share, attracting major investors. But is it profitable?

“Even if Shein isn’t profitable now, the thesis is that if enough people shop from the brand it would be able to leverage some of its operational costs … It could become a very lucrative business,” said Chen. 

Key Insights

• While it is unknown whether Shein is profitable, the retailer drives ultra-high sales volume and razor-thin margins 
• Shein is powered by a nimble, AI-driven supply chain, which allows it to produce a plethora of trendy items for an internet-obsessed young fashion audience almost instantaneously. 
• The retailer’s app uses casino-like tactics and rewards to draw shoppers in and keep them buying, sharing and engaging. 
• Despite its murky manufacturing process and reputation for amplifying rates of consumption, Shein is popular among young consumers — who purport to care about sustainability.

Additional Resources

• The $100 Billion Shein Phenomenon Explained: Reports revealed that Shein is seeking over $1 billion in funding at a $100 billion valuation. BoF breaks down how the fast-fashion disruptor has built a global business that now rivals Zara and H&M.
• How to Compete With Shein: The Chinese fast fashion giant built an empire on unmatched speed-to-market and unbelievably low prices. To compete, others must play a different game.

Search for 'The Debrief' and make sure to follow wherever you get your podcasts to never miss an episode.

Join BoF Professional today with our exclusive podcast listener discount of 25% off an annual membership, follow the link here and enter the coupon code ‘debrief’ at checkout. 

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In the final episode, professor of psychology Sheldon Solomon, Depop’s head of sustainability Justine Porterie, The Fabricant’s head of content and strategy Michaela Larosse and Chloé's chief sustainability officer Aude Vergne join retail futurist Doug Stephens to explore how evolving consumer preferences are shaping purchasing decisions. In this final episode of Retail Reborn, we explore the future consumer’s preferences and needs, and how this is shaping their purchasing decisions, from the V-shaped recovery of the personal luxury goods industry in 2021 to the renewed verve in, and take on, the experiential economy as the world reopened post-global lockdowns.

“It’s worthwhile to question the extent to which some of the changes we are witnessing are truly indicative of longer-term shifts in behaviour, or an almost primally motivated response to the profound medical threat of the pandemic, not to mention the social, political and economic unrest that it has unleashed,” says podcast host and retail futurist Doug Stephens.

The conversation examines human behaviour and the effects the pandemic might have played in the mindsets of young consumers, before discussing evolving attitudes towards ownership, the rise of responsible goods and sustainability in a luxury fashion house and the resale market — an industry expected to nearly triple by 2025.

Finally, we explore virtual technology’s presence in consumption preferences, from the evolution of sampling processes to the increased interest in digital products. Indeed, the metaverse is projected to provide a $50 billion revenue opportunity for luxury by 2030, according to Morgan Stanley, and the first Metaverse Virtual Fashion Week took place last month.

To break down what consumers will buy, four global experts share their insights and expertise with host Doug Stephens.

Listen to all episodes of Retail Reborn Season 2 on the BoF Podcast, to discover actionable insights into the opportunities and challenges the consumer of tomorrow will bring.

Brookfield Properties is building marketplaces of the future that meet the needs of the modern shopper. Discover more.

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Teacher, farmer and indigenous women’s rights activist Seno Tsuha travelled over 40 hours from her home in Nagaland, northeast India, to reach Soho Farmhouse in time for BoF VOICES 2021 because she had an important message to share with the global fashion community. 

“When it comes to textiles we use, it’s not just a piece of cloth, it has cultural meaning,” said Tsuha. “When we talk about respect, especially in fashion, it’s very important to understand the local context or historical context and also the social meanings, the cultural meanings attached to the piece of cloth. If you understand that, and if you acknowledge that, that’s where respect comes in.”

Alongside Rebecca Hui, the founder of indigenous arts organisation Roots Studio, Tsuha led a compelling conversation on why cultural inspiration doesn’t always have to be problematic. Together, they suggested a framework for more mindful cross-cultural borrowing rooted in respect, reciprocity and remuneration.

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In this weekly series,  BoF’s chief correspondent will go behind the scenes of the $2.5 trillion global fashion industry. 

Fashion has the ability to move markets, shake up cultural norms and even transform society. But who — and what — are the forces driving major change?

We’re answering that question on The Debrief, a new weekly podcast series from The Business of Fashion, where we go beyond the industry’s glossy veneer to understand how the fashion business is evolving, from the inside out.

Hosted by BoF’s chief correspondent Lauren Sherman, The Debrief will be your guide into the megalablels, indie upstarts and unforgettable personalities shaping the $2.5 trillion global fashion industry. Each week, Lauren will take you through BoF Professional story —  in conversation with our correspondents and industry experts — to unpack the analysis and insights you need to know to navigate an industry undergoing rapid change.From the rise of direct-to-consumer disruptors, to the rapid consolidation of the luxury industry, to cultural shifts turning beauty upside down.

BoF covers it all.

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Join BoF Professional today with an exclusive 25% discount on an annual membership, follow the link here.

Email Lauren with your feedback, ideas and tips at [email protected] 

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Adjunct professor in global digital economy Winston Ma, design and blockchain expert Marjorie Hernandez de Vogelsteller, and fashion tech lawyer Gina Bibby join founder of Retail Prophet, Doug Stephens, to assess the evolving payment space and behaviour.

This episode tackles how consumers will shop, deep diving into the transaction processes themselves and how methods of payment are changing, from biometric payment to the Replenishment Economy, as well as innovative paths-to-purchase and how brands and retailers are engaging with them, including the gamification of sales and products.

In 2020, Epic Games reported over $1 billion in microtransaction sales from the mobile version of the Fortnite game alone, across in-game upgrades, costumes and player capabilities. Seeing the potential in this space, brands across the value spectrum have embraced the world of gaming, from Nikeland on Roblox to Balenciaga’s Afterworld: The Age of Tomorrow to showcase the brand’s Autumn Winter 2021 collection.

“Both gaming and livestreaming are part of a broader move toward [...] ambient retail — a state where retail is everywhere, woven into every social or entertainment experience. [It is] an evolution that may spell the end of the centralised and search-driven web shopping convention we’ve lived with for the past 30 years,” says podcast host and founder of Retail Prophet, Doug Stephens.

The conversation also considers the evolution of currency, from crypto and blockchain to Bitcoin and Ethereum, detailing their distinct qualities, entrance into the mainstream payment space and popularity among next-gen consumers. Indeed, more than half of Millennial millionaires have at least 50 percent of their wealth in crypto, while nearly 60 percent of Gen-Z believe wealth is achievable through investments in cryptocurrency, according to Business Insider.

To deep dive into how the next-gen consumer will buy products and experiences in the future, BoF gathers three global authorities to share insights with host Doug Stephens.

Follow the series to ensure you never miss an episode and discover actionable insights into the opportunities and challenges the consumer of tomorrow will bring, and how retail’s transformation will impact your business.

Brookfield Properties is building marketplaces of the future that meet the needs of the modern shopper. Discover more.

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