The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
[ NAIROBI, Kenya - Opens in new window ]
The way things are looking, 2009 is going to be a very tough year indeed. And, with all the froth and gloss in the fashion business over of the past few years, it will not be surprising to see many fashion companies fail, especially those that have been able to coast on the excesses of easy credit, copy designs from others with impunity, and take advantage of benign conditions that have enabled even the most mediocre to succeed. But, the silver lining of this economic pain is that we will have to make do with less. We will have to be more resourceful than ever. And, as a result, creativity, innovation and entrepreneurship will flourish, as the best amongst us hatch exciting new ideas, develop new business models, and create the most special products and designs that generate genuine excitement. This is my one wish for the fashion business in 2009.
In
Outliers
, the latest book by Malcolm Gladwell, author of
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The Tipping Point
and
Blink
, Gladwell tells the story of Louis Borgenicht, a new immigrant who arrives in 1880's New York City with almost no money to his name. But, after some diligent market research and a great deal of hard work, Borgenicht and his wife go back to their roots and identify a market opportunity in the garment business, creating stylish aprons from their tiny home that quickly fly off the shelves, because they are not available anywhere else. So today, when I came across
[ an article with the headlineOpens in new window ]
"Sew-at-home mom creates a bustling business in aprons," I did a double take. Two years ago, having identified a market opportunity for stylish aprons, Lynne Rutkowski launched
[ Lynne's WhimOpens in new window ]
and since then, she has used savvy word-of-mouth marketing and the power of the Internet to build a real business that has sold 4,000 aprons this year. Is history repeating itself?
In his book, Gladwell argues that due to "autonomy, complexity, and a connection between effort and reward," the husband and wife Borgenicht team find meaning in their work and capture financial reward as well.
One hundred and forty years later, the same can be said of Rukowski, who told the Salem News, "I wanted to do something for me...and it's it's nice being your own boss. I'm a small business so it's just me, but I'd love for Lynne's Whim to really explode." This is what I hope we see more of in the year to come.
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As we bid farewell to 2008, I leave you with this
[ >inspiring videoOpens in new window ]
from Montreal band Miracle Fortress for their song,
Have You Seen in Your Dreams
. It shows just what we can do today, with a dazzling combination of four etch-a-sketch pads, oodles of creativity, and the power of Internet video.
Here's to creative entreprenership in 2009. Happy New Year!
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.