The Business of Fashion Podcast

The celebrated art director Fabien Baron talks to BoF Editor-at-Large Tim Blanks about the future of image-making.

LONDON, United Kingdom — For famed art director Fabien Baron, the chaos and uncertainty brought on by the pandemic presents an opportunity for the fashion industry to go “back to basics.”

“When there’s doubt like this there’s not really an answer… so there’s opportunities to take more risks and be more creative,” Baron told BoF Editor-at-Large Tim Blanks in the latest episode of The BoF Podcast. “It’s going to bring a lot of changes… but there’s something very optimistic about change. To be forced to change allows one to really [reflect] on the issues we are all facing.”

• This period of uncertainty has unlocked conversations that were rippling below the surface, said Baron. Both the pandemic and the recent political unrest has highlighted an opportunity for the fashion industry at large to reshape “old formats” that feel at odds with the world’s new normal. For Baron, that means “a new way of looking things… which may lead you to a new path… it’s going to be an evolution [for the industry].”
• According to Baron, creativity is the key to unlocking change and as the world adjusts to a new set of challenges, industries must do the same. From this health crisis a new way of approaching magazines, photography, styling and the buying and selling of merchandise will emerge where storytelling must supersede superficiality, said Baron. Brands and publications must hone an authentic voice which reflects the time and inspires “people with new ideas and new ways of looking at things. You need freshness and you need a lot of positiveness.”
• Simplicity could be the antidote to the incessant pace at which the industry has been operating. The months of travelling it took to view runway shows or presentations, whether it was buyers or editors, hopping from “this city to that city just to see a show… After a while it [didn’t] make sense.” However, the outbreak of the coronavirus brought the fashion calendar to a standstill and designers turned towards digital tools in order to showcase their collections. This new way of using technology means “the way we communicate is going to change because the tools are changing and they’re opening new doors,” he said.They allow us to do different things and view things [from] different angles.”

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This week on Inside Fashion, the BoF tag team discuss the state of an industry in flux, digital pivots and the future of fashion shows.

LONDON, United Kingdom — The outbreak of Covid-19 signalled major disruptions across the global fashion supply chain, from the garment workers left destitute in India and Bangladesh after retailers in the West cancelled orders to businesses temporarily shuttering brick-and-mortar sites in order to curb the spread of the virus. “This pandemic is shaping up to be one of those collective experiences of complete change… It seems like [there has been] such a momentous shift in perception and [in] the way all of us are thinking about life,” said BoF Editor-in-Chief Imran Amed.

For both Amed and BoF Editor-at-Large Tim Blanks, this period of uncertainty offered an opportunity for the industry to reassess the way it operates. “This industry is so important, it’s so big... and there’s so much of an opportunity to do things better,” Amed said.“We have a moral responsibility to do better as an industry.”

• Blanks first realised the enormity of the health crisis after returning from Paris Fashion Week. “March 3 [the last day of Paris Fashion Week] was the day that you could feel the storm clouds had well and truly gathered over fashion… there was this sense of some enormous, ominous force,” he said. Even as lockdown measures have eased and designers have set their sights on an iteration of September fashion shows, the feeling of uncertainty still looms. “September isn’t in our hands, we don’t know what is going to happen in September or in January… I think the situation is incredibly volatile,” Blanks added.
• Like many industries, the fashion sector has adopted digital tools in order to keep working in the age of social distancing, from virtual showrooms and live streaming to online-only fashion shows. For Blanks, the allure of sitting in the pews of an elaborate runway show, just inches away from visual masterpieces, can never be duplicated on screen. However, he also acknowledged that the brands and designers' response to the disruption of the fashion calendar using digital presentations “was really interesting, [especially seeing]... how so many different creative sensibilities approached the same challenge.”
• The pandemic and political unrest has accelerated the conversation around responsibility in the fashion industry. Now more than ever, brands are being called upon to address the lack of diversity and inclusion within their corporate structures. “This momentum for change cannot be diverted, it cannot be still. It must roll on and I think fashion has to be a part of… the solution not the problem,” Blanks said. “The most critical challenge facing the industry is inclusivity… it has to be more inclusive and embracing… Opportunity needs to be equal for everybody.”

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Celebrated milliner Stephen Jones talks to BoF Editor-at-Large Tim Blanks about how the pandemic has signalled an opportunity to reshape the fashion industry.

LONDON, United Kingdom — For Stephen Jones, a prolific hatter and one of the most lauded milliners in modern memory, “hats and dressing up are a sign of optimism in spite of everything.” In his storied career, which spans four decades, he has created visual masterpieces both under his namesake brand and as the artistic director of hats at Christian Dior.

“The purpose of fashion… is maybe to give people a dream,” Jones told BoF Editor-at-Large Tim Blanks in the latest episode of The BoF Podcast. “To give people the idea of more fun times, a better life… something which is solely for their pleasure,”

• For Jones, who has created hats for high-profile clients from Princess Diana to Rihanna, forced isolation has provided an opportunity for reflection and “just being able to focus on one thing,” he told Blanks. “I’ve only ever done that in my first collection [and] that was 40 years ago. So in a funny way, I’ve been able to have the focus and the time to do something that I haven’t been able to in 40 years.”
• “Fashion is that fabulous escapism that people yearn for,” Jones said, and when it comes crafting intricate designs, he avoids the “constant quest for perfection because perfection often kills spontaneity.”
• As with many industry professionals across the globe, the pandemic and political unrest has signalled an opportunity for Jones to transform old practices and reshape the industry. “The one thing about fashion is it evolves,” he said. “If it doesn’t evolve it doesn’t make sense.”

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In an exclusive conversation with BoF’s Imran Amed, Geoffroy van Raemdonck expresses optimism for the retailer’s bankruptcy process and explains why brick-and-mortar remains integral to its core business.

LONDON, United Kingdom — When facing both a nation-wide retail shutdown and a Chapter 11 bankruptcy protection filing, Neiman Marcus Group Chief Executive Geoffroy van Raemdonck found solace in one fact: his most loyal customers, even at stores that have yet to re-open to the public, are shopping more than they did last year.

“Neiman Marcus is a relationships business,” Van Raemdonck told BoF Editor-in-Chief Imran Amed in an exclusive interview this week.

Despite the global health crisis — and a dire debt problem that loomed even pre-pandemic — Van Raemdonck sees an opportunity for growth.

• As consumers continue to migrate online, Neiman Marcus’ 43 stores remain integral to forging lasting connections between shoppers and sales associates. Prior to the coronavirus, every Neiman Marcus store that was open for more than a year was profitable. That’s why the retailer is planning on closing fewer than 10 stores, Van Raemdonck said.
• Neiman Marcus’ primary problem is debt. In 2019, the company generated $415 million in adjusted EBITDA, which represented 9 percent of its sales. The issue is that $365 million of that profit had to go toward paying down its debt. In the bankruptcy process, Neiman Marcus has been able to convince more than 75 percent of its debtholders to exchange what they are owed for equity in the company.
• The retailer's objective now is to maximise its existing relationships with customers and meeting them where they are. To do so, it recently unveiled a new clienteling app called Neiman Marcus Connect. The app allows sales associates to connect with their individual customers wherever and however they like to shop.

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The supermodel, actress and environmental activist talks to BoF Editor-at-Large Tim Blanks about why the fashion industry cannot return to ‘business as normal.’

LONDON, United Kingdom — “The uncertainty has forced us to get really present.... We have an amazing opportunity to restart and to begin again,” Amber Valletta told BoF Editor-at-Large Tim Blanks in the latest episode of The BoF Podcast. “It is an incredible opportunity to stop and really figure out where we want to go from here. We can redesign a future.”

The American supermodel and actress, who has graced the cover of American Vogue 13 times and starred in various television and film series, including Revenge, Legends and Hitch, shared her thoughts on why the pandemic and political unrest has signalled the need for an equitable supply chain and an overhaul of the fashion calendar to reflect the industry’s “new normal.” 

• Following the outbreak of the coronavirus, many garment workers in countries like India and Bangladesh were left destitute as textile factories shuttered and retailers in the west cancelled orders. “Before the designers make this amazing piece, [garment workers] are the people who put in the blood, sweat and tears,” Valletta said. . “In the 21st century, we should have a supply chain that’s fair and equitable.” 
• Affecting change may not be simple but it is definitely required, Valletta said. In order to thrive in a post-pandemic climate, the fashion industry at large needs “to be resilient… which means we have to really stop doing business as normal because normal is archaic now.” For Valletta, fashion is about change and innovation: “I don’t want to work in an industry that is the same as before,” she said. 
• “Why aren’t we slowing down the calendar?,” Valletta asked, addressing the industry’s incessant output of clothes that has accelerated over the years. “I was blessed to live in the most spectacular time in fashion… the crews were smaller, everything… There was an intimacy and excitement that we don’t have today,” she said, reflecting on her modelling career. . “There was no [social media]... and there was anticipation of the next season… Everything coming at you was a discovery.”

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LONDON, United Kingdom —For Farfetch Founder and Chief Executive José Neves, the last six months have not only been about protecting his own business from the fallout of Covid-19, but also supporting the hundreds of boutiques around the world — from China, Japan and Korea to the Middle East and Europe — that sell their goods online through the luxury marketplace.

“We've been able to support the boutiques and the brands on the platform at crucial time where online is, for many, the main channel and for some... the only channel,” Neves told BoF Editor-in-Chief Imran Amed in the latest episode of The BoF Podcast.

But as Neves explained, more challenges lie ahead for Farfetch and the global fashion industry at large.

• Neves described the platform’s performance as “very solid,” and expects to see an acceleration in its second quarter, with year over year growth of 25-30%. Part of this success can be attributed to the business shifting its focus to markets where consumer sentiment has started to recover, according to Neves.
• But Farfetch is still losing money, and investors and market analysts have questioned the company's recent acquisition of New Guards Group (NGG). The acquisition may have bolstered profitability, but it took the business in an unexpected direction: actually owning the brands it sells on its platform. But Neves said he remains “confident” that Farfetch will achieve profitability by 2021 — a goal it outlined last year, and that the NGG business is a brand platform in its own right.
• The luxury industry has been bracing for what has been called “the mother of all sales,” as retailers are forced to drastically discount their surplus of spring merchandise. Some observers have pointed to Farfetch as a regular culprit with respect to the industry's discounting addiction even before the Covid-19 pandemic. Neves says the discounting decisions are made by the brands and the retailers themselves, and that Farfetch is simply the platform they use to go to the market, but acknowledges that deep discounting is a systemic industry problem.
• Neves believes the fashion industry will finally reckon with its wasteful and unsustainable business practices — and partially because it can also reduce costs. “I do think the industry had an oversupply problem, which is an environmental problem as well," he said. “Platforms have a responsibility to… incentivise customers to shop consciously. By doing that you create an incentive for brands to be more conscious or to be totally ethical and sustainable if they can.”

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The tennis legend and cult running shoe label On are launching a sneaker together. In the latest edition of the BoF Podcast, Federer shares what's next.

ZURICH, Switzerland — It’s been 17 years since Roger Federer won his first Wimbledon championship. Now, the 20-time Grand Slam winner is commemorating the date with the launch of his first sneaker for Swiss running label On.

Named “The Roger,” Federer’s debut is inspired by a tennis shoe, but it’s designed to be much lighter and intended for everyday wear, rather than professional sports. As with On’s more performance-driven trainers, the shoe is outfitted with the “CloudTec” technology (a special sole designed to enhance the running experience) for which On is best known. The company’s first “Cloud” performance sneaker, launched in 2010, quickly gained traction among the running community.

Federer’s tie-up with On is much more than the typical ambassador-brand relationship. For starters, he invested an undisclosed amount in the company last year, consulting for the brand before signing on to co-develop product. As the tennis star put it to BoF's Imran Amed in an exclusive interview for the BoF Podcast, he wanted to see if it would be possible “to create a deal and partnership that is more than the pay-to-play deal.”

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LONDON, United Kingdom — Designer Giles Deacon’s list of clients is impressive, including Billie Porter, Sarah Jessica Parker and the New York City ballet, while his runway shows were once counted as one of the most exciting events at London Fashion Week. But a few years ago, he decided to leave all that behind, focusing on growing his private client business instead. In the latest episode of The BoF Podcast, Deacon spoke with BoF Founder and Editor-in-Chief Imran Amed about what it's been like to buck the system in a meaningful way.

• After a few years working in the fashion industry, Deacon became disillusioned by the pace of production. “[It] was about designing more and more product for more product’s sake,” he said. So he decided to return to his art school days, focusing on craftsmanship and elaborate designs.
• For Deacon, creative autonomy is crucial. If couture designers are to deliver spectacular garments, they need time and artistic independence. “The beauty of the bespoke is to be able to work with the client to give them that sense of service and exclusivity,” said Deacon, adding that his network of VIP customers has grown organically through word of mouth.
• Lockdown hasn’t stopped Deacon from working over the past few months. "I have been doing sketching, consultations and FedExing patterns,” he said. “It’s gotten smaller, but things still move along.”
• Looking to the future, Deacon said social distancing measures have prompted him to rethink his own practices. “I have become more conscious of my travelling… [Once lockdown restrictions are lifted, I may travel] less but possibly for longer.”

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“The biggest thing that gets in the way is self-interest,” Williams told BoF Editor-in-Chief Imran Amed in the latest edition of the BoF Podcast. “Discomfort is the key ingredient to getting to the other side.”

• Self-examination is critical. “It starts with the blind spots,” Williams said. “You are going to find things you don’t like about yourself.” Companies should look to their own practises and corporate culture to understand who they benefit and what needs to change.
• You’re not going to hire your way to diversity, inclusion and equity. “What’s more important,” said Williams, is the environment that exists to support those people once they’re hired. Diversity and inclusion initiatives can only go so far, and it starts with senior leadership recognising the need to change both policies and company culture. “If the leadership isn’t buying into those ideals... I don't know how you can expect anyone else to,” Williams added.
• Act to make it true. Aside from social media posts and one-time donations, fashion companies need to push for a larger, longer-term change. Diversity and inclusion at its core is about creating shared realities that understand what each employee is facing. “What is our relationship to each other going to be and is it going to be as fair and equitable as it can be?” asked Williams.

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• “This period of resetting and enforced reflection has just recharged me,” Owens said. The designer revisited his past work and discussed how fashion is a powerful mode of communication. “When I think back on everything I’ve been doing I feel like I was able to do beautiful things but I was also able to talk about values that I believe in.” The outbreak of Covid-19 and the killing of George Floyd, which has led to protests across the globe, has brought conversations about fashion’s contributions to systemic racism to the surface.
• Owens pointed out that the broader discussion around sustainability is forcing brands to reassess their businesses and consumers now more than ever are holding companies to account.
• Even as lockdown measures begin to ease and designers pivot to live stream their shows, Owens underscored that runways are not obsolete. “Adorning oneself and communicating through the way you look, it’s an ancient ritual and it’s an important part of communication… [Fashion shows will] always be there in one way or another.”

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