I recently visited the "Face of Fashion" exhibit at the National Portrait Gallery in London which launched during London Fashion Week . The exhibit juxtaposes the work of five renowned fashion photogs and provides an excellent perspective on exactly how varied fashion photography is in its aesthetic, finishing, styling — let alone the models and clothes.
Speaking of models, the beauty of Jude Law, Madonna, John Galliano, Sting, Nathalia Vodianova, Gwyneth Paltrow and Milla Jovovich, among others, made for striking subjects.
It seems like forever since those heady, spirited days of the dot.com boom. There was no 9/11, no War in Iraq, no “Axis of Evil”. Instead there was champagne was flowing freely, the NASDAQ, FTSE and DOW soaring to new heights, and millionaires (at least on paper) were being created overnight. Wanting to relive that spirited time and on recommendation of my friends Matthias and Abi, I recently finished reading “boo hoo”, the story of boo.com, one of Europe’s most high profile Internet stories of spectacular boom and heartwrenching bust.
boo.com was set up in London by 3 Swedes — Ernst Malmsten, Kasja Leander and Patrik Hedelin in 1998. Malmsten and Leander, the real visionaries behind the business, had previous experience and success with Internet businesses in Swedem. This was very impressive for 1998, before many people had even tried the Internet, let alone figure out the commercial potential it could harness.
boo was to be the world’s first online shop for fashion and sportswear. In a world with the hindsight of the successes of Net-a-Porter, eLuxury, ASOS and Yoox, this seems like an obvious idea. But, Leander and Malmsten faced substantial pessimism and doubt about boo’s potential from many of the people they contacted. Through sheer determination, optimism and hard work, they slowly won people over to their idea.
Even if you are not interested in Internet businesses or business planning, this book is chock-full with lessons about setting up new businesses. It would be an insightful read for any entrepreneur. Since I was living in London at the time of boo.com’s meteoric rise (and then dramatic fall) and knowing the ultimate conclusion of the business, I found myself rooting for Malmsten and Leander the whole way through, and wondering what I would have done in their shoes. What decisions would I have made differently? What decisions did they execute brilliantly? A few of the lessons that resonated most with me:
Focus - be clear about what your company is about and what it is trying to achieve so as to understand what the core competencies of the business need to be. In the case of boo, not focusing meant they spent time an energy launching a new magazine and opening an international network of offices to support a business website that hadn’t yet been launched. This burned cash and detracted from the essential tasks at hand.
Choose investors and strategic partners who believe in you and your idea – they will end up being the ones to support you when things don’t go as planned, not just because their money is at stake. That said, as an entrepreneur, to use a quip from the book, you might always want to think of your investors as “the enemy.” The worst kind of investors for a start-up are the ones looking for a quick buck, who’ll walk away without warning, when the going gets tough.
It’s never too early to build a company culture – boo got as far as it did due to the commitment, excitement and buy in from its employees. This is an incredibly valuable resource and your employees can become great sources of guidance, energy and realism.
Beware the publicity machine - The media is very powerful, and while boo built an amazing profile in such a short period, having extremely high expectations from the marketplace can add additional pressure while the foundation of the business is being set up. And, if you aren’t able to deliver what you promised, when you promised it, the media will be just as happy to tear you down afterwards
Choose your partners carefully - Partnership is very tough. Having partners who don’t add value or whose objectives are different from yours will eventually lead to breakdown of the partnership. Being completely aligned and having tough conversations early on about roles, vision, strategy and exit strategy are crucial. Even then, it is inevitable that partnership issues will arise — these should be discussed openly and honestly so they can be resolved
I recommend this book highly. It is extremely readable, accessible and interesting, even to those who have no business training. It addresses all the nuts and bolts of building a business and as such, offers lessons to everybody in any business.
By the way, in case you’re wondering what happened to the company’s assets, brand and domain name, I went to the boo.com website and it says “A new boo.com is on the way” and then provides an opportunity to dress a guy in “slick” or “street” clothes. Also, rumour has it that Natalie Massenet of Net-a-Porter scooped up some of the expensive servers and hardware that was purchased to support boo’s complex website and all the traffic it was to receive.
The Business of Fashion is getting a lot of play of late. At the recent CFDA/Fashion Fund awards in November, Marc Jacobs spoke at length about the ups and downs (and downs) of starting a new fashion business. Many young designers rush into setting up a business, attracted by the perceived glamour and fun that is associated with the fashion industry. There are wonderful fairy tale stories of young talented designers graduating from St Martins or Parsons and then going off to achieve fame and fortune. The stories we hear less of are those that describe all of the failed companies and dashed hopes that are the cruel reality of this industry. I am glad that Marc shared his stories with some of the upcoming stars of American fashion who were in the audience, including Doo.Ri Chung, Proenza Schouler and Peter Som.
One of the most common questions I am asked by designers who have just come out of fashion school (at both the bachelor’s and master’s level) is: “Should I start my own business or should I go work for a big fashion house?”. The truth is, the right answer depends on you and your aims. In our first article on the Business of Fashion Basics, we will pose the questions that you need to ask yourself – so you can make the right decision.
Vanessa Friedman has written an insightful article on the career of Giles Deacon, one of London’s most celebrated emerging designers — though, the ‘emerging’ title can’t be his for much longer, especially now that he has been appointed Creative Director of the British fashion house, DAKS.
As I suggested in a previous post, I still wonder whether Giles’ destiny is actually to become Creative Director for a Parisian fashion house of international renown. (Suzy Menkes asserted the same point this week in her glowing review of Giles show yesterday in the IHT). It would not be hard to fathom that DAKS is yet another stepping stone in a career that has seen Giles go from Bottega Veneta to Gucci and finally to his own label. If one were looking for a case study on how to carefully build a platform for success in the fashion industry, Giles’ story is a good one. Before he set up his own label, he trained with the best at St Martins and then went on to work with the best, including a stint with Tom Ford at Gucci where he must have learned a great deal from Ford, one of the masters of luxury brand management. Now, with 6 seasons of his own label under his belt and his widespread recognition as a creative force to be reckoned with, Giles has also proved he has the creative wings to soar with the biggest names in the industry. But, before he can do that, he needs to prove that his designs have the commercial muscle to support an international fashion brand, and hence the new role with Daks.
In her article, Friedman makes much of the fact that it would have been a dealbreaker for Giles if DAKS required him to shut down his label in order to focus on their line full-time. In fact, she says, DAKS encouraged Giles to keep his own label, as a furtive playground in which he could explore his vast creative interests, while keeping to a more commercial formula for DAKS. I would have recommended that DAKS think about going even further by investing directly in Mr. Deacon’s label to share further in the benefits of the increased attention that Giles will surely earn as a result of the DAKS’ substantial investment in rejuventating the brand. Also, by tying Giles’ own label’s future to their cash and operational support, they may have at least been able to try to hold on to him for longer than his 2 year contract, by offering more support for his business in the future.
What will DAKS do in 2 years if Giles leaves, once DAKS have found some of that creative momentum they are looking for from Giles? What’s to keep him from going off and designing for a big fashion house in Paris when they come knocking (and come knocking they will — they already are). Even then, Giles may not have been open to taking any investment from DAKS because his plans may always have been to leave. Also, why give away any equity in his business when the consultancy fee may be enough to keep his business running? On the other hand, his business could surely use some professional management and operational support to grow more quickly and deliver what the buyers are expecting, when they are expecting it — and DAKS could have brought this to the table. Now Giles will need to find someone else to help him with that if he is to truly monetise the elaborate groundwork he has put into place (either knowingly or organically) to get him where he is today. He has little room for error.
Over the coming months, in addition to our regular musings on the Business of Fashion (as well as a few creative diversions and digressions on new collections, hot fashion news, and industry analysis), The Business of Fashion will introduce a regular series of articles on setting up a new fashion business, and what it takes to be successful both creatively and financially in this competitive space. We’ll call it “The Business of Fashion: Basics”
It is true that there is an increased market demand for collections from emerging designers largely due to the consumer’s ever-developing need for individuality and uniqueness in this world of mega luxury brands. It is also true that starting up a fashion business is tougher than ever, and more than 95% of start-up fashion businesses fail, and not just because the designer didn’t hit the right creative notes. More often than not, it is the lack of proper planning, funding and infrastructure that lets even the most creatively gifted designers down.
Stories about about the financial challenges that plagued some of the industry’s best known names early in their careers — John Galliano, Marc Jacobs, and Isaac Mizrahi, just to name a few. This series of posts will try to uncover the secrets to success and provide a logical reading path for readers who are thinking about their own fashion businesses and how to take them forward:
How do I go about writing a business plan?
What is better for me, equity or debt financing?
Where do I allocate my limited resources, to a production manager or sales manager?
How do I go about creating the necessary PR support for my business?
etc.
We hope to touch on these and many other topics in the months to come and look forward to receiving your feedback. In the meantime, this is the proposed set of articles that you can expect to see here soon:
London Fashion Week has come and gone. And, it’s a bit like Groundhog Day because this season, yet again, everyone has been eagerly (and vocally) anticipating Giles Deacon’s latest turn down the catwalk.
You never know what to expect with Giles. Unlike many other designers, he isn’t overly focused on his "signature", the technique/look that a designer develops over his or her career to the point of near perfection, for which he or she becomes famous. Sometimes, a signature can lead to being pigeon-holed, but for a man with the creative depth and flexibilty as Giles, this is out of the question. Maybe its because Giles seems to be able to execute so well on so many different styles. One season it will be Elsworth Kelly’s geometric colours and the next it will be tight, sexy leopard prints. Why be known for one thing when he is so good at so many things? Giles’ way of getting around this, I think, is that he knows exactly who is designing for, where she will wear his clothes, and why.
With hype like this, and with Christopher Kane nipping at his heels for the title of the reigning King of LFW, there was much pressure on Giles to come up with the goods yet again. All the signs of the dizzying heights of expectation were there:
The sometimes pushy, sometimes friendly, eager jostling outside his show. Sharp elbows indeed.
The PRs outside were (politely) telling more than one person, "I am really sorry, but you’re not on the list." People responded with everything in the book: "But I have been working on this show for months", "But I am with Teen Vogue", "But Giles told me to come".
Celebrities, fashion icons, buyers and editors packed the front row: Anna Piaggi, Thandie Newton, Jefferson Hack with Anouck Lepere, Lisa Armstrong, Suzy Menkes, Cathy Horyn, Hamish Bowles, Julie Gilhart, Ken Downing, Michael Fink, and more.
The sense of expectation was palpable, and people were literally sitting on the floor and security just gave up on trying to have people clear the aisles. So with all this pressure, the show finally began at 9:00pm.
Would Giles deliver?
It was all about birds of a feather. Giles worked with famous milliner Stephen Jones to create some of the most arresting (and yes, not commercial, but who cares?) headpieces to hit the catwalk, and given the number of hats we have been seeing this season, he had some serious competition. The collection started with leather and shearling pieces and slowly morphed into thick, heavy knits styled over top of more wearable dresses and skirts, followed by vivid short green and orange dresses that will definitely do the rounds of the celebrity party circuit, and finally into the feathery flights of fancy with some eye-catching couture-style pieces, which seemed to float down the runway. In short, he did it again and the ovation at the end of the show (captured on the video below) underlined yet another creative coup for Giles.
Here are some shots from before, during and after the show.
BEFORE: The crowd waits. Patiently. Mesh Chhibber of MO Communications slots in the guests in a way that only the smoothest and experienced fashion PR can. / Margot Stilley in her develish shades.
DURING: Let the festivities begin. Jefferson Hack and Anouck Lepere look on. Vivid colours. Hard ruffles. Evening delight.
AFTER: Backstage perspectives. Giles Deacon is a fashionista magnet: Anna Piaggi. Dude in Beret. Thandie Newton. Jefferson Hack.
Postscript: So what of the business? What remains to be seen is how Giles takes all of this talent and potential and commercialises it. Yes, there is the creative directorship of Daks and the new capsule Gold collection for New Look. But, methinks there is more up Giles’ sleeve, feathered as it is with peacock plumes. Some designers seem to really want to build businesses and spend years building the necessary foundations for long-term commercial success. Others, focus on showcasing the lengths of their creative talents, hoping to be picked up as a creative director of an esteemed Parisian fashion house. Some, of the rarest breed, even manage to do both.
Malini Murjani is a talented and beautiful young handbag designer based in New York. This woven bag from her new collection is a great riff on the Balenciaga weave in next season’s hottest colour: grey.
Osman Yousefzada’s A/W Collection bowed this evening in Selfridge’s 7th floor car park. For one thing, that must have made it easier for his sponsor, Saab, to get their sleek cars into the venue for the eyes of ogling fashionistas. A lot easier, say, than a 7th floor art gallery or church or museum.
Somehow, the edgy venue and refined collection came together very well in a sort of modern elegance, best exemplified by a hooded-dress that looked stunning from behind. There were also Lily Cole’s legs in a short sea grey skirt with ruffly pleats. A stream a immacuately cut dresses and trousers followed, each with hints of embellishment (okay, sometimes they were more than hints) and draping. While still a commercial collection you could imagine in the boutiques , it was a stronger statement of Osman’s signature than the last collection, which lacked the maturity that the new collection demonstrated. Some of the skin-tight mini dresses didnt work as well, though they were well-executed.
Selfridge’s are actively supporting Osman, having provided him with a coveted Oxford street window during Fashion Week, provided the venue for his show, and securing exclusivityfor Osman’s collection in London. It is great to see the industry get behind a designer and support him. It benefits both parties – so everybody wins.
Christopher Kane, who only hit the London Fashion Week radar one year ago after winning the best collection award from Harrod’s during the St Martins MA graduate show in February, that is. His collection was a true tour de force, hitting all the right notes, and that included the music from his show going from soft Sunday afternoon in the park to a sexy club on a cheeky Thursday night. How could anyone make golf ball size swarvoski crystals work? Christopher Kane did.
Peter Ingwerson showed his latest ec0-friendly luxe Noir collection yesterday, in his now usual opening slot of London Fashion Week. While the sexy Noir basics were there in full force, there was a move into evening wear, with Lily Cole and Erin O’Connor sashaying down the runway in slightly ill-fitting, confusing evening gowns that felt a bit like interference in the show. More successful were the pencil skirts ad loose and sexy chiffon blouses, as worn by one of my favourite models, Cecilia Mendez.
No matter, the Noir business is an interesting one in that not only are they trying to provide fashionable clothing to their clients, but they are also trying to do it responsibly in the most environmentally friendly way. Usually, this would bring to mind a birkenstock-and-sock wearing anti-fashion granola with granny glasses. With Noir, as I’m sure you’ll agree, this is not the case at all. This additional meaning behind the clothes provides further connection between the consumer and the brand, and shows an understanding of marketing that Peter must have honed during his time at Levi’s (the other big hint is that amazing, palindrome-like logo which reads both ways…when you least expect it). That said, in order for any luxury fashion business to be successful, the product has to stand on its own and not rely only on marketing and spin.
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