Afleveringen
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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gave way to a bruising downturn that exposed deep-seated weaknesses, as rising marketing costs, excessive discounting, outdated technology management and intensifying competition hit profitability.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.
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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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Zijn er afleveringen die ontbreken?
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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.
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“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.
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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.
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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.
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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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The influencer landscape has shifted dramatically over the last decade. While the image of influencers posting flawless selfies on exotic, brand-sponsored trips still resonates, the reality has become far more complex. Influencers now host live shoppable streams, publish newsletters on Substack and engage in intimate group chats. Their goal is not just to build a following and wait for brands to come calling, but to establish multiple sources of income through affiliate links, brand deals, and subscription models.
“Influencers and creators have realised that they need to diversify and be on multiple platforms. They need to be connecting with their followers in multiple ways and have a deeper relationship with their followers,” says Diana Pearl, senior news and features editor. “Even five years ago, there were people who didn't really take this industry very seriously and didn't realise the difference they could make for their brand. Now it is impossible to ignore.”
Key Insights:
In the evolving digital landscape, influencers and creators are no longer relying on a single platform for success. Diversifying their presence across platforms, from Instagram to Substack, is key. Pearl emphasises, “It’s really all just about diversification... not relying so much on one source, not having to rely so much on Instagram, the algorithm, affiliate links and brand deals.”While macro-influencers may reach a broader audience, smaller influencers often have more engaged, loyal followers. “Once you get so big and you've got millions and millions of followers, you can't have that type of relationship with 5 million people the way you can with 100,000,” says Pearl.The rivalry between influencer marketing platforms LTK and ShopMy highlights a shift in the landscape, with ShopMy offering influencers more control and transparency. Pearl explains that while LTK encourages creators to centralise their content on its app, ShopMy allows influencers to share across platforms. “We know our audience, we know what content resonates with them. But if you hand us this really detailed brief and expect us to act like a traditional ad agency... it’s just not going to come off as authentic,” Pearl explains.The industry is becoming more nuanced, with clear distinctions emerging between influencers and creators. While creators focus on producing unique, engaging content, influencers drive sales and hold sway over purchasing decisions. Influence remains the key asset in the industry, one that can be translated across platforms like Instagram, TikTok, or Substack. "At the end of the day, the most valuable commodity in this business is influence," Pearl explains.By understanding their goals and selecting the right partner to meet them, brands can optimise the impact of their influencer campaigns and better connect with their target audiences. “Brands just need to be smart about what are your goals, what’s the right type of person to achieve these goals or right type of partner and who should we go with from there?” says Pearl.Additional Resources:
The Widening Gap Between Influencers and CreatorsThe Fight for Influencer Marketing Dollars Heats UpWhat’s Driving the Influencer Subscription BoomHosted on Acast. See acast.com/privacy for more information.
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Amid economic uncertainty, a global luxury industry slowdown, and conflicts erupting around the world, designers at the Spring/Summer 2025 shows balanced restraint and expression, resulting in collections that sought deeper emotional and intellectual impact. Megabrands scaled back fashion week festivities as they battened down the hatches with budget cuts and streamlined shows.
“I think there's a general caution and a realignment. I think the state of the world is more conducive to reflection than extravagance,” says Tim Blanks, The Business of Fashion’s editor at large.
It was the designers who took creative risks that stood out. At Marni, Francesco Risso created a cinematic spectacle, transforming cotton into expressive designs, emphasising simple beauty amid turmoil. Alessandro Michele made his anticipated debut at Valentino, honoring the legacy of Valentino Garavani while infusing his flair. At Loewe, Jonathan Anderson played with scale, encouraging audiences to rethink aesthetics.
In this episode of The BoF Podcast, Imran Amed sits down with Tim Blanks to unpack the highlights of Fashion Month and discuss how the current global climate is influencing designers and brands.
Key Insights
In his eagerly awaited debut for Valentino, Alessandro Michele seamlessly integrated his unique creative approach with the storied heritage of the house. Blanks describes the collaboration as “a natural consummation ... like lovers meeting after decades of being apart and that kind of explosion of joy.”Sabato De Sarno's recent work at Gucci reflects the complexities of redefining a brand with a rich and influential legacy. While attempting to honor Gucci's heritage, his collections have faced criticism for lacking the distinctive and bold creative direction of his predecessors. Blanks remarks, “the problem is creating a new story for Gucci when the old stories are just so overpowering.”At Loewe, Jonathan Anderson pushed boundaries by experimenting with scale and perspective. His designs included oversized hoop skirts that seemed to hover. "He likes to challenge people's points of view," Blanks observes, adding that Anderson provokes thought "by showing them something that makes them wonder, how would I wear that? How would I sit in that?"Emerging designer Duran Lantink made a strong impression with his collection featuring extreme shapes refined into wearable forms. “Those clothes are a physical realization of independent thinking. What we need is more independent thought... fashion needs more of that," Blanks says.Amed echoes the importance of nurturing new talent, saying, “I think the future of the fashion industry is in good hands with some of these younger designers that haven't necessarily had a big role in a house yet but certainly deserve an opportunity to show what they can do. I think that's part of what we need in the industry—to move away from this lack of risk-taking. Safety and being safe, that's just boring.”Additional resources
In Paris, the Boys Can’t Help It!Beauty Is Still DefianceWhat Does Pressure Look Like in Milan?Hosted on Acast. See acast.com/privacy for more information.
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For decades, department stores were symbols of American retail success, but their shine has long since faded. Overexpansion that began in the 1990s, the growth of e-commerce and the decline of many malls has left a saturated market, with more stores than there is demand. Major department stores have been struggling for decades to adapt to changes in the way their customers shop, with little to show for it.
"These challenges existed ten years ago, but the problem we have today is that it’s getting later and later, and more and more desperate for these department stores. Time is running out, and they still haven’t figured out the solution,” says retail editor Cat Chen.
In this episode of The Debrief, BoF senior correspondent Sheena Butler-Young speaks with Chen about why department stores are struggling to stay relevant, how activist investors are complicating the picture, and whether following the approach of European department stores like Selfridges can save this iconic segment of the retail industry.
Key Insights:
Activist investors have been targeting department stores like Macy’s and Kohl’s, but they are more interested in these companies’ real estate portfolios than retail. Chen highlights the parallels with Sears, where the investor Eddie Lampert spun out Sears’ real estate into a separate entity, ultimately leading to its bankruptcy. “The sentiment in the industry is that if these companies were bought out by activist investors it would not be a good sign for the health of these department stores. There wouldn’t be a long-term strategy for maintaining their health,” she says.Nordstrom's strategy for revival includes focusing on experiential retail, enhancing customer service, and possibly going private under the Nordstrom family’s ownership. These moves would allow them to invest in the long-term health of the company without the pressure of quarterly earnings. “The Nordstrom family is really set on making some radical, transformative changes to Nordstrom that they just can't make as a public entity,” Chen explains.European department stores are a potential model for American department stores to replicate. “Look at Selfridges or look at Le Bon Marché. People love spending time in those stores — tourists but also locals,” Chen says. Explaining how European stores are treated like flagships, with significant investments in customer experience and meticulous attention to detail, she adds, “these companies invest in the layout of the store — fixtures, carpeting, lighting — all of these details matter, and European department stores have done a great job making it happen.”Additional Resources:
Why Nordstrom’s Founding Family Wants to Take the Retailer Private | BoFInnovation Won’t Save Department Stores. The Right Products Will. | BoFCan Saks, Neiman Marcus and Amazon Save the American Department Store? | BoFHosted on Acast. See acast.com/privacy for more information.
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Alessandro Michele’s whimsical, bold vision as creative director of Gucci revitalised the brand, turning it into a cultural juggernaut. Now, he’s attempting to do the same at Valentino, bringing his signature blend of nostalgia, craftsmanship, and artistic risk-taking to reimagine the Roman couture house.
“This place has such a specific story,” he says. That name, Valentino—it’s a real name, with real life, with real love. … There is always Valentino somewhere with me.”
This week on The BoF Podcast, BoF founder and editor-in-chief Imran Amed sits down with Michele to discuss his evolution as a designer, his deep connection to Valentino’s heritage, and the importance of passion and obsession in achieving creative success.
Key insights
As creative director, Michele said that the weight of Valentino founder Valentino Garavani’s legacy continues to inspire and guide him, even in the smallest details of his work. “When I'm working by myself, with the people of the studio, with Jacopo, there is always Valentino somewhere with me. … There is always an open conversation with him because I can feel the things talking to me, through the dresses, the walls," he said.Contemplating the meaning of success, Michele emphasises the importance of remaining true to himself as a designer. “It’s more moving left and right, rather than up and down. … Success is when you are in the right place, when you're free to be yourself,” he said. His approach to fashion is personal and deeply intuitive, and he protects his creativity by concentrating on his own creative fulfilment rather than trying to please everyone. “I don't need to be someone else. I think a big designer or a good designer needs to be himself.” Michele approaches his work with a deep understanding that creativity comes with taking risks, both in life and in fashion. He views risk as an essential element of growth and evolution in his designs. "You are taking beautiful risks, but they are risks,” he said. “I like myself also for the things I did wrong. … Now that I’m a big boy, I like the Alessandro who did so many wrong things.”For Michele, the magic of fashion and creating a collection lies in the uncertainty. "You put all the ingredients inside, and it’s going to be real only when the first person starts to walk on the catwalk. That’s the magic," he said. “You feel that you were pregnant, but now the baby has a proper life and you can no longer be in control. It's outside and it's gonna walk by himself or herself.”Additional Resources:
Alessandro Michele, Michelle Yeoh, Francesca Bellettini, Zac Posen and Angel Reese Are Our BoF 500 Cover Stars‘Hyper Beauty’: Inside Alessandro Michele’s Surprise Valentino Collection | BoFThe Logic Behind Valentino’s Alessandro Michele Appointment | BoFHosted on Acast. See acast.com/privacy for more information.
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A style renaissance that changed how many men dress – mostly for the better – has congealed into a sea of sameness, at least in the eyes of a growing number of fashion critics and influencers. Too many interchangeable brands take the same approach, blending tailoring with casualwear in neutral-toned collections that are stylish but often fail to inspire. The look is often derided as a menswear “starter pack,” but remains popular with consumers.
This week on The Debrief, Brian Baskin sits down with correspondents Malique Morris and Lei Takanashi to discuss why this “starter pack” approach works for the industry - but at the cost of long-term brand building and customer loyalty. Additionally, they probe what brands must do to recapture consumers' imagination.
“Any brand can make a good product, but what makes a brand good, especially a good menswear brand, is having a great story that's worth telling,” says Takanashi.
Key Insights:
Menswear brands today are following a familiar formula, leading to a prevalence of “starter pack” lookbooks. “They all do some sort of version of this. Approachability, timeless, stylish and handsome but inoffensive look,” says Morris. This marketing playbook, popularised by brands like Aimé Leon Dore and followed by many others, has led to a lack of creativity and experimentation. As Morris puts it, “everything is good and nothing is great. So if everyone can dress well, then no one is actually cool.”What makes brands stand out over decades isn’t radical changes in design, but compelling storytelling and mythmaking. Morris argues consumers may not be loyal to today’s menswear brands in the long term if they're just buying into a trendy and easy to copy aesthetic. But Takanashi notes that for certain brands that are seen as authentically embracing this style, their best bet is stick to what’s worked: “I feel like in the case of brands like Aimé Leon Dore and Supreme, the long game for them is becoming a heritage label … they have such a distinct point of view that they will always have a core consumer.” As Morris puts it, “what brands should think about is just being themselves.”Additional resources:
Why Menswear Is Getting a Marketing Refresh | BoFCan Off-White Get Back on Track? | BoFHow the Streetwear Customer Is Evolving | BoFHosted on Acast. See acast.com/privacy for more information.
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The renowned grime MC and rapper Skepta knows that there’s no such thing as an overnight success. After the rapper launched his fashion brand, Mains, in 2017, it was put on pause after a split from his manufacturer before making a return to London Fashion Week last year. Progress, he believes, takes time and resilience.
"Like anything in the world, the best way to learn is to do it and fail,” he said. “I know that it’s not a short road … you have to be in it to win. And it could take one pair of shoes. It could take a hat, could take one bag … If you don't carry on trying and failing, you won't get there."
This week on The BoF Podcast, BoF founder and editor-in-chief Imran Amed sits down with Skepta to discuss Mains’ revival, his philosophy of perseverance and why he refuses to follow conventional rules in the fashion industry.
Key Insights
Skepta’s love for fashion was sparked by his passion for underground music and the style he saw at garage events. “I'm getting turned away from clubs… and when I'm getting turned away, I'm looking in the queue and there's people wearing Versace, Moschino, Patrick Cox loafers,” he says. The way that clothes and music felt, tied together to shape his taste. “That was where I really fell in love with fashion. The aspiration of wanting to wear the clothes, but also listening to the music that you listen to when you wear the clothes."Skepta’s journey as a fashion customer, with a keen eye for garment construction and detail, led him to launch his own brand. "Years and years of experience of buying clothes and looking at stitches and the inside jackets, the panels, I just felt like I was experienced enough to give the tailoring expertise as well as the love and the true magical passion that's not taught in school. ... Paired with a great designer, Mikey Pearce, and team, it was almost like divine intervention for me to just do it."Skepta’s creative process is iterative. "With music, you can actually change the audio after it’s even out, but with clothes you definitely can’t, so until it’s out I'm always changing. I'm always adapting and figuring out,” he says. “I don't like putting boundaries on thought. I think we should always be able to adapt and change.”"I'm doing one show a year. Spring, summer or winter altogether. Boys and girls in my show, they're all wearing the same clothes." This creative freedom allows Skepta to fully enjoy the process, believing it's important to not take fashion too seriously. "It should be fun. And I see a lot of people that go into fashion and adhere to the rules that have been set, then they start having a bad time doing something that they love. That’s crazy to me."Associated Articles:
In London, Plasticine and Messy Dressing | BoFHow to Bring a Personal Touch to PR | BoFHosted on Acast. See acast.com/privacy for more information.
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