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.
After global fashion sales fell by 27 percent to 30 percent this year, according to estimates in BoF and McKinsey’s State of Fashion 2021 report (released Wednesday), the industry is bracing for a difficult and (likely incomplete) recovery next year. The important thing is to adapt.
“This crisis could be an opportunity,” Moncler chief executive Remo Ruffini said at VOICES last week, predicting the fashion market is unlikely to return to pre-pandemic norms before 2023. “You cannot stay sitting in your chair for two or three years. We need to find new projects and new ways to work.”
With an eye on the rising importance of both digital and China, he’s planning to stage the launch for his next round of “Genius” collaborations in the country this September, with an event mixing physical and online elements. Since 2018, the Italian outerwear label’s “Genius” programme — a series of ultra-hyped, one-off collections from guest designers — has helped the brand reach untapped consumer niches, been a focal point for parties and store activations, and, perhaps most importantly, fuelled visibility on social media.
“The collection will be more customer-centric,” Ruffini said. “We’ll still have people there, but with a different approach.”
Elsewhere, the executive is planning bolder moves. Our conversation took place shortly before Moncler announced it would acquire Stone Island in a transformational move — opening the door to becoming a multi-brand group after nearly two decades of rapid expansion under the banner of a single brand.
Related Articles:
Moncler Buys Stone Island in Transformative Move
VOICES 2020: Fixing the Fashion System
Moncler to Stage Genius Show in China in Pandemic Pivot
Find out more about #BoFVOICES here. To contact The Business of Fashion with comments, questions or speaker ideas please e-mail podcast@businessoffashion.com.
The guidance was issued as the French group released first-quarter sales that confirmed forecasts for a slowdown. Weak demand in China and poor performance at flagship Gucci are weighing on the group.
Consumers face less, not more, choice if handbag brands can't scale up to compete with LVMH, argues Andrea Felsted.
As the French luxury group attempts to get back on track, investors, former insiders and industry observers say the group needs a far more drastic overhaul than it has planned, reports Bloomberg.
After growing the brand’s annual sales to nearly €2.5 billion, the star designer has been locked in a thorny contract negotiation with owner LVMH that could lead to his exit, sources say. BoF breaks down what Slimane brought to Celine and what his departure could mean.