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.
Hello BoF Professionals, welcome to our latest members-only briefing: The Week Ahead. Think of it as your 'cheat sheet' to what everyone will be talking about on Monday.
THE CHEAT SHEET
Activewear-as-Fashion Forcing Change at Nike and VF Corp.
Nike City Ready | Source: Nike
The ascent of the activewear-as-fashion trend is forcing major changes at some of the world's biggest fashion companies. Nike, eyeing the success of brands like Lululemon and Outdoor Voices that mix performance and fashion, is introducing Nike City Ready, pitched at women who want to wear the same clothes to the gym, the office and out on the town. While Nike hopes its "performance-first" approach will help it reach $11 billion in womenswear sales by 2020, it's telling that its latest product announcement appeared first on Vogue's website, above a feature about what Kylie Jenner wore to her 21st birthday party.
Meanwhile, VF Corp. sold $2.7 billion worth of denim last year, but sees a bleak future for reliable if unexciting Wrangler and Lee jeans (the company sold premium jeans progenitor Seven For All Mankind in 2016) in the era of yoga pants. Better to jettison the fading brands now to focus on Vans sneakers and North Face jackets.
"Crazy Rich Asians" Gives Luxury's Best Customers a Global Showcase
Cast of "Crazy Rich Asians" | Source: Getty Images
We are in the nadir of the summer doldrums, so let's go to the movies. "Crazy Rich Asians" is generating plenty of buzz, helped by positive early reviews, its milestone all-Asian cast and the eye-popping fashion. Conspicuous consumption is front and centre. The original book (and presumably the film) name-checks European and American luxury houses whose labels are de rigueur among Asia's elite. Author Kevin Kwan, born into a wealthy Chinese family in Singapore, wrote from personal experience, recalling shopping trips to Europe with his mother.
The Bottom Line: "Crazy Rich Asians" showcases some of the conspicuous consumption patterns that have made luxury brands so dependent on the continent's consumers. But beneath the glitzy surface, the landscape is shifting.
American Department Stores Face Off
Macy's | Source: Shutterstock
J.C. Penney, Macy's and Nordstrom are three very different department store chains, but they are all embarking on a period of wild experimentation in the face of growing online competition. So far, only Macy's is showing consistent results. The company acquired experiential retail pioneer Story, revamped its beauty counter and expanded off-price offshoot Backstage to bring customers back to stores. Even there, it's not clear if it's corporate strategy or the strong economy driving sales.
Still Fashion's Most Reliable Season: Back to School
Gucci Kids | Source: Courtesy
The fashion calendar isn't what it once was. Fewer people buy their wardrobes at the start of each season, and some designers no longer show during fashion week. However, one fashion season remains as rigidly enforced as ever: back to school. The academic calendar forces parents to refresh their children's wardrobe around this time each year, and Deloitte predicts strong spending thanks to a healthy US economy.
COMMENT OF THE WEEK
"Thank you for putting so clearly to me what has been bothering me for so long. After working for more than 10 years as a fashion designer I decided to abandon designing and pursue something that would motivate me to create like fashion once did. In part, I realised, it’s because fashion in the sense of cohesive and artistic storytelling has transmuted into lightning trends in our Instagram feeds!"
— Diego Moura, commenting on "Whatever: How Fashion Lost Its Meaning."
SUNDAY READING
Professional Exclusives You May Have Missed:
From Around the Web:
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