The traditional wholesale business model has been under assault for years, but the e-commerce boom brought about by the pandemic has created a new level of pressure for department stores. As major retailers like Neiman Marcus cycle through Chapter 11 restructuring, established online rivals are being joined by new entrants like Behold and The Yes, all jostling for market share.
“We are in the transformation that the music industry went through a couple of years ago,” said Stefan Siegel, founder of online marketplace Not Just a Label. “The cake is being split in a way that [many] more people and artists have a chance to be listened to.”
But in the midst of a drastically changing retail landscape, can these platforms offer brands the same exposure, scale and opportunities for revenue generation as traditional multi-brand retailers? To discuss the issue in more depth, BoF’s Lauren Sherman spoke with Siegel, along with Julie Bornstein, founder and chief executive of The Yes, and Lauren Chan, founder and chief executive of luxury plus-size workwear brand Henning.
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