The Business of Fashion
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The fashion industry has long been operating in a cyclically inefficient and anti-creative way. Issues like waste, early discounts, power imbalances and a suboptimal, wholesale-controlled calendar hurt brands at every level, as well as consumers.
But when the Covid-19 pandemic prompted lockdowns around the world in early 2020, the industry was put on pause. In response, two initiatives, Forum and the BoF-facilitated Rewiring Fashion, emerged to make this period one of retrospection and discussion in hopes of bringing about systematic change.
In the latest episode of Inside Fashion, which features a conversation from VOICES 2020, BoF’s Imran Amed sits down with designer Dries Van Noten, as well as Anya Hindmarch and Stefano Martinetto, co-founder and chief executive of Tomorrow London to discuss the lessons the industry has learned during the pandemic and how that new perspective will shape its future.
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- Candour has never been one of the industry’s priorities or strengths, which has hampered progress in the past. Hindmarch emphasises that there is a power to coming together. “You solve problems by not just thinking about yourself but collaborating as an industry,” she said.
- Thanks to the rise of e-commerce and the convenience economy, storytelling is more important than ever for luxury brands. “Just showing clothes and that’s it, forget it. That’s not going to work anymore… I think we have to offer different things,” said Van Noten. “We have to tell a story to show why the clothes are more expensive than high street labels, you have to give the whole package of support to people who come to the store.”
- Wholesale retail is changing — hopefully, to allow more space for creativity and development of strong products. Hindmarch thinks that wholesalers still have an important, localised role that helps designers connect with their buyers in a personal way. Martinetto believes shifts are for the better. He said: “The notion that wholesale is dying is most appropriately defined as ‘bad wholesale is dying.’”
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Related Articles:
Dries Van Noten’s ‘Forum’ and ‘Rewiring Fashion’ Join Forces to Rebuild the Fashion System
DTC vs Wholesale: Striking the Right Balance
The BoF Podcast: Dries Van Noten on Making Retail Meaningful in the Pandemic
Watch and listen to more #BoFLIVE conversations here. To contact The Business of Fashion with comments, questions or speaker ideas please e-mail podcast@businessoffashion.com.
