Swim To Survive
Today’s Fashion Mingle “Mingle Mastermind Group” tackled the on going elephant of COVID19 that’s plagued all forms of retail over the last 5 months, closing down stores, stopping seasons from happening, and forcing businesses to pivot into a new direction, Luxury Executive, Dana Baca, guides you on “How Fashion Brands Can Succeed in Today’s Retail Environment”.
Wholesale’s future is in question, it has to do new things, wholesale has to adjust the sizes because given what COVID19’s done to retail and even pre-COVID, it’s no longer sustainable to pay rent for retail space customers no longer shop at, and negotiations with landlords, markdowns, exclusivity demands, and such made wholesale reconsider retail, as well as customer demand.
COVID19 has brought on challenges to selling, so brands and retailers must heavily invest and implement technology, finding new ways, consumer reach apps and firms, and new analytics to reach existing and new customer base, small firms are somewhat there in digital reach, but bigger firms must spend a fortune in digital to stay in business in and post-COVID, retailers still can open up in states that have reopened also, but consumers ultimately make the final decision, and are deciding not to go out in COVID19.
Clothing brands need to continue reaching out to retail to put their collections in stores so retailers continue to differentiate themselves as they close more stores across the country, customers buy brands for a reason, because they like what the brand offers, consumers have expectations, and sense immediately when a brand’s not authentic with their message or campaign, this also reigns supreme with luxury brands especially under a microscope with their consumers.
Retail brands not only need to offer new designer brands for their store as a means to differentiate themselves, but not also be cookie cutter in all the stores they still have open, retail brands need to offer something different according to the city they still got a store in.
Brands in general need to be in touch with the culture and times we are living in, there needs to be a purpose, sincerity and marketing are 2 different things, set yourself apart from trends and authenticity, because customers are now more selective in COVID19.
Collectively, runway organizers and designer brands wanted to change the fashion calendar to reflect the upheaval caused by COVID19, leading to deliveries put on hold, cancelled trade shows, shuttered retailers, and climate change pre-COVID19, so the solution calls for less trade shows and less markets which preferably should be 2 markets a year like it was before, what could happen is a huge push on markdowns on collections with less markets to sell at, change in the calendar will likely not happen this year, but more likely going forward.
Also, it’s the general consensus that a runway show is like a wedding, it’s a must-see event that only can be experienced in person, but since neither are taking place, runway shows (and weddings too) will have to put more emphasis on the production for an at home audience, spend money on studios, filming, and pieces on the catwalk to excite you watching a ton of runway shows on your laptop or iPhone, almost like a TV production, or spending more money on the wedding dress instead of having 500 guests.