Hello Lauren Sherman here, we are interrupting our regularly scheduled programming today to share some news. After ten years of writing for BoF I am moving on to pursue some new projects and that means, sadly, that I no longer be hosting the debrief. It's been an absolute pleasure recording this podcast every week.
I want to thank you, to the tens of thousands of listeners who have tuned in each week this past year. I hope we entertained you and that you learn just a little bit more about this crazy industry that we all love. I have a feeling we'll meet again.
Stay tuned, we will be back!
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Occasionwear’s late-pandemic comeback may have felt like a reactionary fluke, but retailers and designers are betting it’s more than a trend.
Background:
Post-pandemic, occasionwear has been booming. During the second half of 2022 US and UK retailers introduced nearly twice as many dresses embellished with sequins, beads and jewels compared to 2019, according to retail intelligence firm Edited,. Over the same period, sequined dresses sold out 52 percent more compared to 2019, while high-heel shoes sold out 121 percent more. Retailers and designers don’t think the trend will slow any time soon as bold looks continue to flood runways and shop floors.
“It's natural that now that the world is even more open compared to last year when we had just gotten vaccinated, that there's this desire for a little bit of escapism,” said Cathaleen Chen, BoF retail correspondent.
Key Insights:
Further Reading:
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Priya Rao, executive editor, Business of Beauty, joins Lauren Sherman to unpack how the singer’s lifestyle label has managed to build a loyal fan base — without his direct involvement.
Background:
Harry Styles has managed to pull off a feat that has eluded countless celebrities, despite their many attempts: Building a popular beauty brand. He’s managed to do so even while taking a backseat when it comes to running Pleasing, his lifestyle line which predominantly sells nail polish as well as skin care and sweatshirts. Since launching in November 2022, Styles has not talked much about Pleasing publicly or on social media. But, the brand, created in partnership with his stylist Harry Lambert and creative director Molly Hawkins, has generated a plugged-in community of loyalists nonetheless.
“[Celebrities] are coming out with these really full lines that have nothing to do with what they’ve been about before. Pleasing really feels like Harry … like you’re getting a piece of Harry when you buy [products],” said Priya Rao, executive editor, Business of Beauty.
Key Insights:
Additional resources:
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A new BoF Insights report tracks the evolution of the fast-growing high-end footwear market — and why luxury shoppers are willing to spend more than ever on the perfect shoe.
Background:
Luxury footwear is booming as consumers opt to spend more than ever on shoes with soaring prices. The market for designer shoes is set to grow to $40 billion by 2027, up from $31 billion in 2022, according to Euromonitor International. As consumer demand grows, competition is heating up for brands from Manolo Blahnik and Christian Louboutin to Chanel and Prada who stake much of their businesses on the core segment. The market is much-changed: shoppers crave comfort, but also newness and uniqueness. They also have more choices than ever: cowboy boots, Mary Janes, stilettos and mules have been trending recently.
“There was this vibe shift occurring post-pandemic. The shoes that consumers want today look and feel very different from what they had before,” said Diana Lee, BoF’s director of research and analysis, on the heels of publishing BoF Insights’ latest report “The Statement Shoe: Reimagining Designer Footwear.”
Key Insights:
Additional resources:
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Background:
For fashion, one of the most alluring prospects for NFTs is how they could help brands collect royalties — forever — on secondary sales of physical goods. Though the mechanics of doing so are not ironed out yet, brands could ideally code NFTs tied to physical products with smart contracts triggered by certain conditions and benefit every time an item is sold, not just at the initial sale. But, technical loopholes used to circumvent loyalties and finicky marketplaces leave brands and creators without ways to enforce rules.
“One of the big principles of Web3 is these royalties are the idea that it's a creator led economy, it wouldn’t necessarily be controlled by a big centralised organisation … Except that’s not really playing out,” said BoF technology correspondent Marc Bain.
Key Insights:
Additional resources:
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Much has changed about the world since the last recession — meaning, fashion’s reaction will shift this time around, explains BoF’s workplace and talent correspondent Sheena Butler Young.
Background:
Fashion is bracing itself for a 2023 filled with uncertainty. An impending recession hangs in the background of executives’ conversations about the year ahead. Leaders will have to strike a balance between safe-guarding their companies (which, may inevitably will include layoffs) while continuing to fuel growth and retaining crucial employees“There’s this mindshift shift that’s happened that people truly aren’t disposable … a lot of things that would have typically happened [during a recession] are now a last resort,” said BoF’s workplace and talent correspondent Sheena Butler-Young.
Key Insights:
Additional resources:
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A number of products made from leather alternatives have begun to hit store shelves. BoF’s chief sustainability correspondent Sarah Kent unpacks why it's so hard to market — and scale — these new products.
Background:
Leather alternatives have been called both industry-changing eco-innovation, and dismissed as mere plastic — covering up complexities in how products are made and how much better or worse for the environment they are. At the same time, brands are increasingly using buzzy terms like “vegan leather” and “plant-based” to sell products, without doing much to explain their environmental impact.
“You have to be very careful and very switched on to understand what it is you’re buying as a consumer,” said BoF chief sustainability correspondent Sarah Kent.
Key Insights:
Additional resources:
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In the past decade, the independent label has grown from downtown storefront to indie force with $40 million in net sales so far this year. BoF contributor M.C. Nanda breaks down how founder Gaëlle Drevet did it.
Background:
Whether you know it or not, you’ve come across The Frankie Shop. Founded by former journalist Gaëlle Drevet in 2014, the brand’s monochrome tracksuits, oversized blazers, T-shirts and cargo pants have become almost ubiquitous amongst a certain set of Instagram creators, and a staple for downtown fashion types across the globe. Over the past few years, the brand has expanded from a single Lower East Side Manhattan store front, to three (including two in Paris), inked retail partnerships with Matchesfashion and Ssense, and generated $40 million in net sales so far this year. Now, The Frankie Shop is charting its next phase of growth, with expansion into menswear and home.
“There is consistent demand — they’re not over extending themselves, which I think can be a really hard brand to toe as a brand of this size,” said BoF contributor M.C. Nanda.
Key Insights:
Additional resources:
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BoF retail correspondent Cathaleen Chen details the consumer shifts that have made it easier — and more popular than ever — to buy luxury dupes.
Background:
A growing number of young consumers are embracing counterfeit Prada loafers and Gucci bags, as the internet has made access to these dupes easier than ever. The value of the fake and pirated goods market has tripled since 2013 to be worth $3 trillion, according to the Organisation for Economic Co-operation and Development. That’s thanks to a number of factors. For one, websites like Aliexpress and DHgate connect consumers directly with counterfeit manufacturers. It’s no longer a necessity for the dupe-curious shopper to visit the shady alleys of Canal Street. Meanwhile, the skyrocketing prices of luxury products are pushing aspirational shoppers away.
At the same time, the quality of luxury goods has diminished as much production has been outsourced to Asia, narrowing the gap between what’s real and what’s fake. Lastly, social media and constant seasonal trends have conditioned consumers to covet not only the “it” bag of the season but shoes, tank tops and more.
“I think there’s a sense of consumer alienation with luxury goods — where it's like you’re super close to it, but at the same time it's extremely inaccessible,” said retail correspondent Cathaleen Chen.
Key Insights:
Additional resources:
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As the economy weakens and funding dries up, digital brands may face pressure to sell from investors. To do so, they’ll need to prove they’re more than just another money-losing start-up.
Background:
Over the past few years, investors have been bullish on fast-growing digital brands — rewarding their rapid sales growth with sky-high valuations. More recently, physical retail has rebounded and e-commerce sales have shrunk. As a result, a number of digital-first brands are burning through cash as inflation and the cost of goods rises. VCs are increasingly wary of investing in companies without clear paths to profitability, so a number of those money-losing labels are finding it difficult to raise funds. Many, with few options to weather the imminent recession, are looking for an exit.
“A great deal of these digital brands were growing at all costs… people did not anticipate a large slowdown and then a possible recession — so they weren’t managing their money well,” said Malique Morris, BoF direct-to-consumer correspondent.
Key Insights:
Additional Resources:
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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The BoF Insights team shares details from their recent report on why these young consumers are so crucial to the success of the fashion industry — and what brands can do to woo them.
Background:
Gen-Z, or those born between 1997 and 2010, accounts for 25 percent of the world’s population. With the oldest of the generation turning 25 this year, the group has already come into its own with a purchasing power of about $360 billion. Fashion brands have always chased youth, but Gen-Z brings a whole new set of marketing challenges. Having grown up in the midst of rapid technological advancement, a worsening climate crisis and global movements like Me Too and Black Lives Matter, Gen-Z has been characterised as more pragmatic and socially aware, while also being trend-fixated. The contradictions are endless.
Key Insights:
BoF Insights is the new data and analysis think tank from The Business of Fashion, arming fashion and luxury professionals with the business intelligence they need to make better strategic decisions. For more insights, please see BoF Insights’ archive on topics like designer bags, resale, digital fashion, and fashion’s supply chain.
Additional resources:
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