LONDON, United Kingdom — Last week, London's digital fashion community gathered at the Decoded Fashion conference to debate and discuss the ongoing shifts in consumer technology and social media which are reshaping the fashion and luxury industry as we know it.

At the heart of the digital revolution engulfing fashion is Facebook. It's been a big year for the world's biggest social network. First came the acquisition of Instagram in April, followed quickly by a widely-watched IPO a month later, pricing Facebook shares at $38 each and valuing the Facebook business at a staggering $104 billion.

However, this valuation would not hold for long. Within a few months, Facebook stock was trading at less than 50 percent of the IPO value. More recently, Facebook hit 1 billion active users, and saw its shares bounce back on the unexpected momentum of its mobile advertising revenues. On Friday, Facebook shares closed at $21.18.

I was delighted to sit down with Tracy Yaverbaun, Director of Retail, Luxury & Fashion Partnerships at Facebook, to talk to her about the behaviour of high net worth individuals on Facebook, the platform's nascent mobile strategy, and the do's and don'ts for brands using the Facebook platform to engage with their fans.

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