Left: Joelle Grunberg, Middle: Christine Keeley, Right: Cassell Ferere

Photo Credit: Daniel Quintanilla

ALL SELL CYLINDERS ON DECK

Day 2 of breakfast talks with Fashinnovation with NRF (National Retail Federation) at Accessories Council HQ near Madison Square Garden here in New York City brought on a healthy chat about a fashion brand’s success and current challenges. Sometimes, the need to evolve, improve sales, and/ or consumer experience takes much longer than one commits due to answering to the shareholders on Wall Street. A good rule of thumb about improving profits is not always raising prices, your consumer can’t pay more than they can afford if also your product no longer resonates. Helping the talks along on this second day are Joelle Grunberg, Partner at McKinsey, Christine Keeley, Founder at QUANTUMmedialab, and moderating the talks are Cassell Ferere, Founder of PAGE Magazine and Fashion Contributor at FORBES.COM.

There’s a particular sector that been hit hard due to employment and lack of vision, it’s the high-priced luxury industry. Luxury brands have seen their sales slow down not only because of high-income workers losing their jobs, but also because consumer engagement has stalled. One brand’s product no longer resonates with their purchaser, creativity has dwindled for numerous reasons, and CEO’s and shareholders made conscious decisions to attract only the super-rich consumer, and ignore everyone else. Adding onto a luxury brand’s growing pains is niche decisions, raising prices, and losing your way with core market. Both Joelle and Cassell are hopeful that those struggling luxury brands will see 2025 as their way back, now that the U.S. has its administrative house in order.

A sector not struggling by all means are mid-market brands, consumers in the real world living by the stories of Johnson & Johnson buying their products. Primarily, a brand’s success starts with the power of the story, telling consumers what one’s product does to improve their lives, leading to return sales time and time again. There’s also the power of social media that helps you drive sales, though it’s not the leading component, but it enhances engagement and reassures consumer confidence. Continued investment into your core audience will help you through downturns as brands experience very little decline, but also growth thanks to need.

For any fashion brand high, mid, or low, you must engage in core product with core audience, strong creativity, resonance, strong story, and reaching out to everyone (not just a few super rich). Shareholders may be focused on the short term or bottom line, but a brand and its leaders must chat with their investors about what it will take to turn their brand around, assuring that everyone is on board. Plus, imploring the use of generative AI into all sectors of running your company as it can be a valuable tool to seeing where your consumer’s at, and how you produce and tell your story better.

Finally, there’s a huge eyeopening fact about retail that was addressed with MSG in the background as its witness, it’s investing back into in-person stores. Now that you know where the U.S. has landed, plus knowing you must spend money on all sectors to improve sales short and long term, walking into Macy’s or even Goldman Sacs must be worth the trip. You must have sales associates that know more than you, vibrant displays, visual appeal, AI apparently, and an abundance of fashion apparel and accessories to shop for while you are in the store.

DANIEL QUINTANILLA