24 Burst results for "Fashion Business"
Brooks Brothers Bankruptcy: Nostalgia, Anger, and a Bidding War
"The abandonment of the suit helps explain the struggles of one of America's most iconic fashion companies, brooks brothers, the two hundred two year old brand filed for bankruptcy protection on July eight sure blame cove nineteen, but now you'd be wrong. Suits with the three piece with Thai or skirts and high heels used to convey professionalism and competence, they served as symbols that you took your job seriously and respected your customers, the ones you were treating too expensive lunches, madman style, but even before the pandemic they'd become something of an anachronism. Most of us now see little to no relationship between the way we dress in our competence at work, think Mark Zuckerberg's hoodies. Indeed expensive suits can be viewed as a sign of elitism. Put it starkly. The corporate fashion code has gone by the wayside. Brooks brothers struggles represent a cultural shift, not just a Kobe tragedy. Brooks brothers famously dressed all but four presidents. It is the longest continuously operating fashion business in America and until this month it boasted about making its products in America the Brandon's three factories in the states in Massachusetts North, Carolina and New York. CEO Claude Delvecchio is planning to close those factories. We'll get to that in a minute. As you know, apparel sales have been decimated by pandemic closures in April nobody bought clothes whether from Brooks brothers or JC, Penney and other retail casualty, but did you know the actual numbers? Clothing sales fell almost ninety percent in April, according to retail dive, but brooks brothers began looking for a buyer about a year ago. The company operates five hundred stores two hundred of them in the US sales have been flat at about a billion dollars a year since twenty, seventeen, prior to the pandemic bankers estimated the company's value at three hundred to three hundred fifty million dollars. Figure Delvecchio disputed. As, I mentioned the company intends to close its three US factories later this month in the gritty industrial town of. Massachusetts home of its largest factory. Its largest immigrant workforce is being denied severance pay many of those workers, immigrants and refugees women from the Dominican Republic. Vietnam Burma and Nepal have made the company's fine clothing for years so far brooks isn't budging. Despite pleas from the union, and from members of Congress according to the Boston Globe in North Carolina, the factories, the only large employer in the little town of Garland closure would affect that town forever, mayor winifred. Hill, Murphy told The New York Times. In response, CEO, Del Vecchio, says for survival. We must hang onto as much cash as possible, but the globe reports that its chapter eleven filing includes plans to give compensation benefits, severance and bonuses totaling millions to other workers. Brooks brothers will transform, but unlike many of its retail brethren its survival is not in question. In fact, at least one bidder for the company believes it can earn annual revenue of three billion dollars within five years more than triple its current sales, so many buyers are vying for the brand at both the Wall Street Journal and Bloomberg used the phrase the races on those making bids. Bids Include Mall Company Simon, property, group, authentic brands, group and W. H. P. Global another bidder is a group of Italian. Investors led by a company called GIO which typically helps fashion companies improve their online presences. The Wall Street Journal possibly with tongue firmly in cheek, considering the state cut of Brooks brothers clothing says Julia wants to quote introduced some European flair to the quintessential American brand. Julia's clients include Armani Maxmara and other designers. Brooks brothers is accepting bids through August fifth, so brooks will survive, but what about it's cheaper? Rival men's warehouse tailored brands which owns men's warehouse and the more upscale Joseph. A. Bank plans to close at least a third of its fifteen hundred stores. It said this month it hasn't filed for chapter eleven protection, but it came close according to CNN. That threat remains even after it stores reopened. Sales have been falling. They were down about eighty percent at Joseph A. Bank in the first week of June, as we all continue to do business in Pajama Pants as we all know nostalgia sells Joseph A. Bank doesn't have nearly the name or the history of Brooks brothers, which drips with nostalgia. Teddy Roosevelt apparently insisted his rough riders. Riders wear the Brand Abe. Lincoln was also a brooks brothers customer, one reason for the bidding war beyond what is sure to be the lowest price anyone ever imagined for the stalwart brand. Is What author Lisa Burn? Bach believes about Fashions Post. Pandemic Future Birnbaum who authored the twenty ten book true. Prep argues that the company must be saved after the pandemic finally end, she writes. There will be weddings. There will be funerals. There will be. We hope live operas and theatre and premieres in concerts and fancy dress parties. Where we can't predict the future, but we can observe the present, and what's happening to upscale apparel in the US. WHO's buying it and WHO's making it. Reveals a lot about our rapidly changing an enormously conflicted culture.
The Alabama Chanin Story
"A leader in the slow fashion movement. Can you describe what slow fashioned is? How do you think about it? Well you know. We first started talking about slow fashion on of as a derivative of the slow food. Newsman I think you know in many ways that That industry is light years ahead of where fashion so people started really looking at the way things were planted and grown much sooner than we did with textiles also I think a lot of what's being done around. Sustainable sustainable fashion is really taking cues from that movement. What made you start your own act. Actually let's just go back. What's your background in in the fashion business and textiles? Obviously this is a really good question. Well I do. I have a degree in what's called environmental design from North Carolina State University. Which sounds very modern today but really it was Degree that was kind of based on the house education so did a double major that today's called the Anti Albert's programs at a degree in Like design fundamentals and Textile design sort of handmade textiles on. And then I have another degree in industrial textile design so at at North Carolina State University. Water the other degrees other than the environmental design. So if you're doing environmental design where he not doing yes so I think the structure. There's a little bit different now when you were there. When I was there it started out you either. Signed into textile design product design graphic design architecture and landscape so environmental design is really cross disciplinarian. Volvos correct it was sort of modeled after the bow house Wheel of learning You know I think. A lot of people know that when the Bell House designers left Germany some of them settled in the mountains of North Carolina in a place called Black Mountain and that was very influential in the in the school of design which is now called the College of design at NC state income. So so how did you get into the fashion business out after he left school? Well that's a really good question I You know I just imagined when I graduated from. Nc State is that was kind of cradle the textile industry. At that time that I would be have been working in Charlotte or you know somewhere around. North Carolina there quite a few factories In a lot of textiles being made in that area while I was in school and I graduated in eighty seven and it was sort of the beginning of the great migration. Or let's call it the the next migration because excels are pretty migratory It's a pretty migratory industry so when I graduated there really had a really hard time finding a job in North Carolina and I You know I just you know back. In those days you had to go to the library. And there are books that listed all the companies that Were working in textiles in New York. And so a sent-off about sixty letters and you know. I got like five responses and I came up to New York for a week and interviews and at the end of the week I got an offer from a company calls US joint junior sportswear NASC- so third floor with I think that the Tagline was do use use you like a jeans and t shirt company. I started out there just as an assistant designer and went from there. And how did you come to the point where you started your own line? You know. It's kind of a roundabout story. After as you I worked for a company called sub studio. That was doing all the manufacturing and samples and India so spent some time going back and forth between New York and India. And after I Stopped doing that job. I actually sort of changed the focus and became a stylus so working on the other side of the camera you know instead of on the design and manufacturing side. I was Doing costume design and So I did that for a decade and During a sabbatical that I was taking my life as a as a stylist. I wound up. You know cutting apart some t shirts and sewing them back together again by hand and a low down half that eventually became a business very crazy story. And what led you to Florence Alabama to have a headquarters for your business model. Florence is my hometown so You know It took me a while to kind of figure out this when I was sowing the t shirts in the beginning that actually what I was doing looked very much like a quilting stitch and so is living in New York on Twenty Third Street and at the Chelsea Hotel and I started going around the garment. Destroy Looking for. You know embroiderers to help me do this. This vision of having these two hundred. One of a kind t-shirts Buying recycle t shirts from the Salvation Army and goodwill's and You know as the joke. I think some of these places thought of as a bag lady would come in with like these backs of recycled t shirts cut up and I wanted them. To put these elaborate embroideries on them and they're like Oh lady no so I mean I remember very clearly the afternoon I was standing on eight and thirty eight And I looked down at one of the pieces. Just kind of dumbfounded on. Why couldn't figure out of getting these made in New York and you know just sort of hit me like a light. Bulb went off like. Oh these. This is a quilting stretch. And if I want to have these made in this way that him sewing them I need to go home where there is still some ladies who had quoted with my grandmother who had this little quilting circle. That would get together once a way to do this. Quilts and thought will F. I go home I could have this made and so the idea was that it was just going to be a one off project. I was going to have these. T shirts made wanted to make this documentary film about old Tom quilting circles so I went home. And you know the the humor in it. Was that You know the little ladies who'd quilted with my grandmother really weren't interested in New York City fashion or you know doing this work. They were talking about the grandkids and planning collards. And you know all the things that they had to do outside of the They're quilting was kind of community service work and so we just ran added random at a newspaper that said part time. Hand sewing and quilting. We got about Again I think you know there were about fifty sixty responses in about twenty of the ladies stock and started doing the hand sewing and then we presented that first collection of Two hundred t shirts during New York fashion week in February of two thousand and one I had a friend who became a partner and then another partner. So we You know it's gun of history. The first person to come to the door was Julie. Bill Hart from Barneys and
Workforce Development For The American Fashion Industry
"The Workforce Development Institute is a nonprofit organization headquartered out of Albany and troy but we cover ten regions of New York. State So I I cover. The New York City region are broad mission is to help. New Yorkers obtaining keep good jobs So we do that in a number of ways. We're a convener for a great conversations that help of Industry Job Seekers We connect Entities to one another for sources of technical assistance and funding We're we provide grants in some cases to both manufacturers and Don Profit organizations that train job seekers As well as supporting unions so In my role as the New York City regional director in my in the piece of my work that focuses on supporting manufacturing I kind of naturally focused on the apparel manufacturing sector because there were many many needs Facing those companies but really we help Manufacturers across the board and get involved in lots of different workforce initiatives. Your question about what is Workforce Development For for the Fashion Business was workforce development. Sure will I think we're I think it applies to generally as well as for the fashion. Business really workforce development is looking at both the skill needs of employers to be able to remain competitive and You know produce. In the case of manufacturing produce their product sufficiently and it's also the need for skill development for job seekers and training programs that address those needs and allows people to earn a living wage and have a good quality job. So it's really both both those things in the apparel manufacturing sector there are lots of challenges around that A lot of that related to the store. Ecole offshoring of the industry And then some such subsequent growth in some reassuring but really different challenges and needs a major real estate crisis here in New York City and so I think a lot of apparel manufacturers are in what I would call survival mode They're not really able to focus much on training their incumbent workforce as they probably would like to. They're wearing so many hats they're juggling so many things they're dealing with a rising rents many of them have to move multiple times because they're Leeson's and they try to fund a new lease so they're just many many pain points for Apparel Manufacturers in particular and that's an area where I've tried to focus on providing some assistance to those companies. Now is it normal for a state to provide this? Is this something. That's in all fifty. It's actually really unusual and when I meet with people in other states there especially manufacturers. They're kind of jealous that. Wd exists in New York state. So the way our funding works is that we We're funded by the state Senate and so- senators Put Our budget request into the state budget every year and hopefully Nine Times edits ahead and we. We don't get cut at all and the GOVERNOR OKAYS OUR BUDGET. And so that's that's how that works but we are an independent nonprofit but we do rely on The state legislature who CNN. For the work that we do and so have continued to push for that support for us. We're grateful for that. So many of our listeners are from other states. Would it be possible for another state to also fund your organization and and get your resources into their? I mean we are very much near state. Focus but certainly We DO GET INVOLVED. Nationally in some initiatives so we we look at Look workforce strategies and we some of our staff do attend conferences and other states and kind of share our lessons learned here in New York. Stay so we're Very happy to share expertise and You Know Lease Organization of the Urban Manufacturing Alliance Was at their conference in Pittsburgh a year and a half ago. And so I you know we. We do kind of collaborate with folks in other states that are doing related work and try and share best practice and this may be pretty obvious question but why does the fashion business need workforce development. What's why do people need to be trained for for new jobs in the fashion business? Well for anybody sure. Why don't someone else someone else can weigh in? And I can jump in after that. I think when we talk about made in. Us initiatives in this country You know trade union professionals manufacturers all talk about the bottleneck being just a labor shortage in general and I think very simply put. That's because a lot of people don't WANNA working garment factories. They they have the vision of that as like Norma. Rae Standing on top of the you know the the spinning machine. And it's not that anymore so I think that's one problem and I think the second problem is that there's new equipment coming into factories and that requires people to have different skill sets than they might have had being a traditional sewing machine operator or cutter on a factory floor. The other thing I would add is much of the sustained job losses that were faced by the manufacturing sector came from a parallel textile. And still there are families that over generations watch watched opportunities get washed out So that's I think fueling in part the perception gap that there aren't opportunities Associated with the sewn trades and then additionally when you have job losses of those Of that magnitude You have a workforce apparatus that gets dismantled and so we have a lot of rebuilding to do as a city And really this is true of cities. Nationally To reinvigorate Not only the hearts and minds of people thinking about opportunities in this own trades but also the underlying workforce infrastructure that supports those firms. And I think also we're seeing right. Now is a resurgence of small lot production which is really where. New York City thrives. We've ton of small factories can get quick production into the market. And what we're faced with right now is a generational gap. We have sores. Were aging out of the workforce. And nobody's coming up behind them so if we're going to continue to be able to keep up with the demand of small production we do need to be looking forward. The people who are going to be retiring and replacing them in the workforce. And if somebody goes into this as their job if they get the training is it going to be a good paying job for a long time? Because I think that would be a question most people would have. I won't I'm going to be trained to be a professional sewer that is is that a career absolutely. It's a great job and the sewers. I mean at me mill so me Mills. I work within the Millennium Mills Office in Sunset Park so we are kind of a for profit nonprofit partnership and our soldiers have been with us for fifteen years and they're amazing they get paid well and they get benefits and I think that's increasingly becoming the norm. I feel as if there needs to be new value or renewed value. Put on sewing pattern making and just the trade in general. So what made you was it? What made you identify this need and start to train. And how did you? How did you even start the training? Can I call it a school or kind of all came about when we moved out to sunset park and you know I had been working in a garment production factory before this bridal and then moved over to handling Molina's production and I really wanted to open my own factory and I I couldn't find people to so and I was trying to navigate this very complex way of word of mouth trying to find through our sewers and other sewer who might know someone who might know somebody else who needed a job for a week you know. It's this really really cumbersome process and what I realized was the people who were hiring were in their sixties and they WANNA and worked for two days a week and that's not really what we needed. We needed a full-time sour and we need multiple fulltime sewers. So I came up with this program I it's built in modules and it's in three languages currently so I can train in Spanish Mandarin and English in part. Because of the millennials team We Have Cantonese Mandarin and Spanish speakers on staff so they really helped me a ton and it's been incredibly gratifying to see how people take to selling and the confidence that comes with it and how factories where we play students are responding to it. I think people are really excited to get new people in and help them and foster their development and I just like to add that so. Wd I funded Course of trade. Because we saw that I mean I've been visiting garment factories for the last four years and I'm consistently hearing about a need for skilled sewers In my kind of investigations into this Really students aren't learning those industrial skills anymore. And even at the C. T. E. Highschool secured at technical education high schools. Students are learning some of those skills. But they're really really. They're all choosing to go into a career as a fashion designer for the most part so there hasn't been that emphasis on those industrial skills as much as there was in the past. So there's been a real lack of training programs. I spent a couple years trying to look into. What are the training programs How could we put something together? Is there a factory that would loan their space in the evening or could we do it at the high school? Fit's labs are so oversubscribed. It's very difficult to schedule. Training programs they are for adult learners. So got introduced to Libyan heard about the training that she had developed and we were really excited to put some funding toward that to be able so so that she could train more people and fill more of those open roles. Lisa helped us get sixteen new machines which is
Revolution within the haredi sector? Ultra-orthodox women on Instagram
"On stories featuring ultra-orthodox rallies Middle East correspondent. Eric torture has encountered quantitative aversion to the media to but one story on the unlikeliest of topics gave Eric Harley Perspective on Israel's ultra-orthodox community we were meant to be meeting at a week shop. A boutique high end classy place. For the most discerning fashion-conscious Ultra Orthodox women in Tel Aviv. Instead we were standing outside a row of dingy apartments in the ultra Orthodox neighborhood of bonaire. Brac was this the right address wrecked and dirty prams rusting bikes and scooters crowded the steps. If H Building Ultra Orthodox men watch shirts black coats and lodge black hats rushed past not looking at ABC producer who had an eye waiting on the footpath except for one man who was pushing a baby in a pram. He conspicuously moved closer to US alarmed. By these two men wearing colored clothing amidst crowds of black and white he parked himself in his placid by be nixed staring then he pushed the Pramod Fouad making him move so he could position himself directly across from me all without speaking. I might I contact wondering if he wanted to talk but he just stood at the spice between us clicking a PUMPKIN BETWEEN HIS TEETH CLICK. Click click stay. I looked at flood. Who SHRUGGED THE STANDOFF? Continued with more clicking. I didn't mind this was actually better than some of my previous interactions with ultra Orthodox men when doing a story about men resisting. Israel's conscription lows some allowed us to film in the giant Bible College while others stridently resisted my attempts to film them demonstrating on the streets while filming another story in the same ultra Orthodox neighborhood of Tel Aviv. One man tried to fight me and I hadn't even been filming him one Friday evening. Crowds of Ultra Orthodox men and children blocked dot car on Jerusalem's main highway shouting Shabbat remonstration for breaking the Sabbath by driving police in a truck barreled in scattering them like skittles before blasting the few who remained with a water cannon so by comparison one man standing uncomfortably close to us in clicking Pumpkin. Sade between his teeth was a fairly mild experience. It ended with the arrival of Mary. Bilan stylist fashion blogger and social media personality. A six foot tall colorfully dressed thirty nine year. Old Mother of five who also happens to be ultra Orthodox even though Mary carefully follows the many roles of Ultra Orthodox stress. I didn't notice she was doing sir. Married Ultra Orthodox. Women are required to cover their heads in public. But I didn't know Mary's Long Brown hair was a whig abroad. Orange jump was at odds with the normally muted tones. Worn by many ultra-orthodox women. Her long flowing skirt was so fashionable. I wasn't paying attention. To the fact that also met the strict modesty demands of the ultra Orthodox world. Mary's might a name for herself. Dressing like this in publishing pictures and videos on the social media platform instagram. She calls it modest fashion down playing. It's religious origins. She says Kate Middleton now. The Duchess of Cambridge is an exemplar of this trend which also appeals to women who are not religious modest. She tells me now. Maine's Classy a researcher of Ultra Orthodox culture at Tel Aviv. University seem at celts. Berg told me the same thing. The increased number of ultra Orthodox women in the workplace was leading to some mixing of fashion. Id's Dr Salzburg. Now Kosheh closed. She saw her ultra-orthodox colleagues wearing to work and the religious women in her workplace now being more daring with the address most of the fashion nuance was admittedly lost on me. But Mary said it's allowed religious women to express themselves while avoiding criticism from this strict communities and she showed me a remarkable example of the religious fashion business in the basement below this dingy apartment block we threaded our way past the broken prams bikes and cheap toys past giant rubbish bins in the dark recess below. The building scattering strike cats. As we walked down some steps to a small door disappointingly. There was a buzzer. Instead of a secret knock but three excited female faces appeared and the women inside lead us into a shining Lee brought space. What wools pink panels and down lights gave a glamorous look to this basement workshop and styling studio of Benign Brex most sought after week? Mike is There was six ultra-orthodox women inside busy making wigs that cost from five to thirteen thousand Australian dollars. The hair is human comes from Russia and Sri Lanka Blonde and rid of the most expensive color and h wig is made specifically for the woman ordering it. The process of making a wig for each person takes two to three months and is a creative endeavor. It's off the wigmakers. Proudly told me not just anyone can do it. In the back of the workshop individual hairs are sewn threaded onto tot black nets giving the impression of thick lush hair. That's difficult to distinguish from someone's natural growth. I didn't realize all the women were wearing weeks. So expertly with their fringes threaded and halons disguised styling in fact wigs like this guilty of bank to good some ultra orthodox rabbis who set the rules of dress and behavior for their communities have banned them saying instead that women must shave and cover their heads with scarves knitted caps. This makes the wigmakers very angry. The Torah the Jewish Bible doesn't say women must be ugly. They told me only that they must cover their heads. These women are nothing. Like what I'd been told to expect from the Ultra Orthodox Women Mary. Young and families have an average of seven kids. Women also worked to support their families while many husband studied the Torah full-time the female employment rate for Ultra Orthodox women is the same as the mainstream Israeli population. While for men. It's only fifty percent early marriage. Nd heavy burdens of child rearing and work main ultra Orthodox. Women are often portrayed as victims of a repressive religious environment. That's run by men but these brought fallacious. Women were not victims. They were successful entrepreneurs soon to move out of the basement to a biggest studio. This place was filled with laughter and smiles as we took photos and had the week making process explained to us. Men Don't normally come in here especially not foreign men. They told us so visit was unusual and exciting. In fact I realized I'd had almost no interaction at all with Ultra Orthodox women before I see them everywhere but they don't normally speak to me. The experience was so different. My many interactions with Alterra Orthodox men some have been positive but the human tendency is to remember the violent negative ones much more strongly. I wish they were more opportunities like this to say the ultra-orthodox weld in such a funny friendly way. Many Israelis resent the for their extremism reliance on government allowances and refusal to serve in the army also for opposing sicklers. Riley's non observance of religious rules such as taking public transport on the Sabbath. We'll selling non kosher food. I understand all of that living as I do in Jerusalem. Israel's most religious city but now I understand that there's a lot of progress and a lot to like about the ultra Orthodox and to appreciated adjusted to look more closely at what women were wearing
"fashion business" Discussed on 710 WOR
"The cold is good for business so I must admit particularly the luxury and fashion business if you know of Turner dove wardrobe you have to go out and buy sweaters coats boots hats gloves in business the connotation of cold is a negative the deal goes cold they get cold feet you get a cold shoulder it's lonely and cold at the top everyone likes cold hard cash during cold was striving for the best is Anna Wintour's ammo look at her in the devil wears Prada other than a few exceptions the world doesn't like the cold it's a cold world you better pack your own heat get a life cold works for romance holding hands walking arm in arm wrapping around each other holding tight zero full along with the cold you stay indoors snuggle warm blankets you're under the covers this intimacy unless of course you with someone who's cold hearted she or he is become cold people are cold blooded cold exterior or cold and aloof I don't like the cold I don't like feeling cold I don't like being in the dark I don't like being left out in the cold I don't like being given the cold treatment I don't like getting the cold shoulder I don't like an icy reception I don't like deals going cold it's cold outside I don't like the cold it's cold California I hate Florida tries me crazy knowing people wearing short sleeves while we're standing near freezing but when you think about it the cold is interesting in the dietitians of the word go beyond the temperature the cold is relevant life and in business the coldest physical psychological personal and impersonal the cold has impact the world is cold unfortunately there are too many cold wars however tonight on always in fashion I want to explore the cold now never cold always hot my son my attorney co host Jesse Weber hi Jessie I'm freezing that's an introduction glad to be back here and I see nothing is changed your complaining once again if anybody's been following us from our prior station you just keep on week on week on week on complaining about something I thought that we had enough of your dark side apparently not you're planning again are you kidding me the weather's depressing.
Johnson seeks 12 December election after shelving 'do or die' Brexit pledge
"The UK has just one week left to get out of the European Union of course deadlines have been coming and going in the Brexit saga for three years now as you may recall earlier this week British prime minister bars Johnson was trying to ram his one hundred ten page bill through Parliament in Brig Knicks indeed there were one hundred twenty four pages of notes but Johnson seems to be a man of compromise if they genuinely want more time to mm studied this excellent deal they can have it but they have to agree to a general election on December the twelve that's the way forward got that members of parliament can have more time to study the bill if they also agree to a general vote at this point Johnson might see a popular election ticket to Brexit success the opposition party is not so keen on his new compromise here's the Labor Party's Valerie Has Majesty's opposition Labor Party will in election wants no deal is no deal means leaving the EU without any agreement on Tariffs Migration even basic regulations in other words just getting out of the EU as fast as possible. Britain's fashion industry would surely hate that according to trade group ninety percent fashion designers in the okay say they would prefer to remain in the European Union the world's Orla Barry in London has more on that the lady Gaga and fashion they feed a long way from brexit and Boris Johnson the golden and Anti Brexit March you see many protesters wearing t shirts that read fashion hates brexit's and cancel breakfast those t shirts designed by Catherine Hamnes one of the pie in years of modern British fashion many in the business keep their mouths shush when it comes to politics but how much is not one of them hate this whole thing to show me one good reason for Brexit if you can find it anywhere because I can't it's just heartbreaking hamlet I made front page news in one thousand nine hundred four at a party at Margaret interest house the former British prime minister has how many turned to greet patter she opened her coat revealing a t shirt that read fifty eight percent don't want pershing pershing was a reference to American missiles being deployed in Europe at the time stone cemented hamlet status as a designer and an activist but despised the publicity harmless is not convinced that her famous t shirts are all politically powerful unit we've got marches we've got petitions we got t shirts but failed the only thing that she changes politicians behavior is something that threatens their ability to get reelected that's what we're trying to galvanize people to do to achieve right to their MP and say represent my views I won't be watching the next election the fashion industry is worth over thirty billion pounds a year to the UK economy that's almost forty billion dollars but in the brakes debase politicians pay much more attention to industries like fishing Russia given absolute showrooms that it will be for the U K in the UK alone to determine who is in our national waters after daily signed and that industry as up to only around one and a half billion pounds annually fashion employs almost as many people as the finance collector in Britain but not many talking about what happens to this business after Brexit Tamra Ginger is hoping to change that she launched fashion roundtable the brexit referendum party's away to lobby politicians about the needs of the industry many business people now say they just wanted definitive decision by the UK Vermont but gingic says most people in fashion want to remain part of Europe the people we speak to want to second referendum I often the question has your vote changed asserting boy and do they feel that the politicians are listening to them now and it's not just about the designers many of the fashion students studying in the UK come from Europe Paul you listen recruiter at the London College of fashion he says those foreign students in particular or worried about what breaks it means for their future your specific risks is it conversation with our students to make sure they have right to remain or the half settled status the amount of students we have we've got over hassle on you are in a position where that may affect them going forward but unlike many in the fashion business you lose up piece for a few reasons saw a steady increase and our Service but will they stay after graduation and after brexit if it ever happens the designer Catherine Hamnes his not convinced they will relieve your they've been facism towards European now and also it feels that the financial economic prospects of British fashion industry where they're working again to shrink radically under brexit so better make a move now you know sooner rather than later others in the industry are thinking the same thing Tamra gingic from fashion roundtable says many designers have already moved offices to other parts of Europe. I've met with some that have already relocated the business I've met some here moved part of their snus because this is an exciting creative hop they might keep their tech teams here but they're basically moving their logistics I'm more importantly taxation out the UK for her Katherine Hamnes has opened a company in Italy she hopes it would make her business a little more brexit proof and ask for that iconic t shirt and tour infamous meeting with Maggie Thatcher early selfish I just thought it was a photo opportunity I mean I had no idea that it will have such extraordinary longevity I just thought it was here today gone today quite funny sure it's been a millstone my neck of since and for most people
President Trump, White House And Washington discussed on Michael Medved
"Ivanka Trump took in nearly four million dollars in revenue last year. From part ownership of President Trump's Washington hotel slightly from year earlier, financial disclosure released by the White House today, also shows fashion business took in at least one million dollars down from at least five million dollars. The previous
"fashion business" Discussed on Z104
"Fashion business. Says. Go go go. Songs? Also, just. Dr. Everybody around me. Good. I don't think they make these. Straw. Don't. Just. But. But cure. Yeah. Just. Just..
The street-level view of Brexit
"Is a certain practicality to this whole Brexit thing sorta like Mattie there a minute ago Brexit for her is like traffic on her way home. Sometimes you just gotta deal with it. It's a practicality that maybe we didn't get to yesterday up in Boston practicality that follows right on from our premise this week that while Brexit is a political story through and through those political decisions have real meaning when business and the economy are on the line. So if you are being really practical say trying to run a business in this economy, the bricks at narrative goes like, this Brexit is a big deal shore. But the smaller your businesses the bigger a deal. It is we found exhibit to that truism at the farm girl. Cafe the other day up on Portobello road? Let's talk to Enrico. Enrico my friends gonna stick a microphone in your face. Tell me your name again. My name is in Rico Enrico injury. Could Zillow you're from Mexico Spain. No, I'm actually in talian, very good. How did you wind up here? Well, I I'm moved to London twenty years ago as a student, so then I stayed here working then I set up my own business. So it's been a while. It'd be longtime here what kind of business fashion business. So we designed clothes here in London manufacture them in Asia, sell all over the world US included. So you've got a vested business interest in Brexit and his whole thing. The big problem on my hands. Yeah. So tell me about that. Well, main issues, you know, we manufacturer of UK bring all everything to do. You can then we distributed around Europe. If Brexit happens we won't be able to distribute as effectively from here, we would need to set up a company to do that. Let me let you get your coffee. Sorry to interrupt, and which basically means a lot of cost complication. We know we're on a very large business. So for us to be able to continue to operate effectively setting up another company, let's say like in the Netherlands or something or another country that is logistically attractive for us. It will be a huge cost and a complication which would be happy happy do without. So what are you going to do because it's not happening on Friday, right twenty-ninth? But it might happen on the twelfth through the twenty second taking a risk because the probably the most sensible thing to do. I mean, it's it's a difficult decision. Because either you invest it costs and your seem it's going to happen, and then make expenditure and the abrasion trained to people and effectively it's is is a one way decision. You can't unwind it once you do it. Right. I would probably small business. I would rate myself on relatively more prepared on this subject than than many others. Given to size of a company. But I I would say there is a lot a lot a lot of businesses of of our size that will be completely affected a non prepare for for anything. Good up and give me a sense of size. How many people do you employ? I've twenty twenty. It's not it's not it's not small more than say. Like sixty percent of our stuff. It's also. From europe. So they also visit right as well. Of course, have you become a British citizen. I'm into process, but I I I'm not yet. So potentially that's a whole nother thing for line as well. How much of your time in the last year and a half of you spend thinking about in dealing with Brexit. I would say it's probably an with no underestimation around twenty five percent on my daily time. So it's like you monetize ban. And you could probably argue why have you done? Have you not really much about it since you be thinking so much Salonga about it? But because it's so difficult to extra magazine. But it's something it's on my mind every day. I read the news to detail every day. It is quite a stressful situation. Glossy no also being Italian. I've been here. Twenty years. I kind of a little bit field zoned from from the country spent most of my time working and building a business. But of course, thank fruits militia, drink your coffee. Thank you. Thank you.
"fashion business" Discussed on Monocle 24: The Briefing
"Designer Stella McCartney has announced that she's throwing her weight behind a new United Nations sustainability charter at aims to promote low carbon production methods and cut waste in a fashion industry. Well, let's get more on this with the fashion journalists. Dana Thomas, Dane is the author of a forthcoming book on sustainability in the industry and get off nineteen thanks for being with us. How much do you fail? Stella McCartney here has articulated. A problem actually that across the industry people are really aware needs to be addressed. And that is of sustainability. It's it's very much a dominant theme, isn't it? I guess wherever in the industry. We look yes, it is it's becoming more fashionable to be sustainable in fashion. And people are in the business are finally talking about it is taken a long time that business didn't like talking about it because you green was always seeing service like Brown, crunchy granola, not very. Flattering clothes hippie. You know, not not Paris hat walk close. Del change this single-handedly with her stance for not using animal based products. No leather, no for for more than twenty years. Now back when this was not even a flicker of an idea in the fashion business. Let me ask you is. It question really of reviewing Nundy incentives to follow these kind of policies because you quite raw you've already described someone Stella McCartney has been very outspoken for a long time and actually was sort of really arguing this case before as inverted commas became fashionable to do. So do do you feel that the industry though, needs greater encouragement be that incentives be that tax incentives? Is it something where we need to look to external act his hair regulatory bodies governments even t- to provide the platforms that really make this worthwhile. Yes. The luxury fashion business or fashion in general will not adopt anything if it doesn't make money. This is all about economics so carrying has embraced this whole heartedly. And as our sustainability chief is told me, we wouldn't do this. If it was didn't make good business sense. I mean, we would buy it has to make good business sense as well. And it does it makes more it makes good business. Sense to use less water to produce your clothes. It makes better business sense to use less cart to use all these to just have stronger tighter supply chain, that's green we'll be greener because you're using less raw materials in less wasteful way. And so that's where the incentives are they have to be able to make money out of this. And so they've started things like a carrying what they call the EP L the environmental profit and loss spreadsheet where they count up how they they spend money on their raw materials, and they crunch it down. And so then it becomes wiser economically as well as sustainable diner as fascinating stuff. Really interesting. Thanks for bringing some of your insights to bear on the same forest. That was Dana Thomas joining us. Hey on the briefing, Monaco, twenty four..
"fashion business" Discussed on The Business of Fashion Podcast
"Chief correspondent in New York Lawrence German, sits down with founder and chief executive Jennifer Hyman to learn what it really takes to grow a global fashion business from scratch. I didn't start with the runway because I wanted to be an entrepreneur. I started rent the runway because I want women to feel incredible about themselves every single day. We were some of the first people let alone women to raise money while being students in decades. I've always felt like it's weird that so much Fash. Sionist cut off to so much of the world. We're taught to aspire to a lifestyle that ninety nine percent of us will never be able to truly afford, and what would happen to women's lives. If they were able to feel like the best versions of themselves every single day. More and started by asking Jennifer, why she decided to go to business school back in two thousand seven I went to business school because I really did not like the job that I was in. Immediately prior to business school. I had worked really hard in the five years after college and had got what I thought was a dream job. I was doing business development for the fashion division of IMG, which owns all of the fashion weeks around the world and owned modeling agency. And I was meant to be there to innovate their business, and I was going into work every single day and the culture of the company at the time was highly cutthroat, I was the only woman in a eighty person division of men. It was just a very uncomfortable and aggressive environment be in every day. And I made a commitment to myself that I needed to find a job where when I woke up in the morning and the alarm went off I was really excited. So interestingly most people go to business school, and they say, I really. Gonna leave this place and being this industry or I really want to I'm coming here. For specific reason. My reason was I wanna find happiness in my career. I want to go back to the feeling of creativity and excitement I had in my first job after college which was a job at Starwood hotels, where I was essentially acting like an inhouse entrepreneur. And and so when you get to business school, you come up with this idea, you're at a at a your sister's, wedding or your cousin's wedding. No, I was in my second year of school, and I was home in New York City for thanksgiving break with my younger sister. Becky, and she had just bought a marquess address at Bergdorf that cost her close to two thousand dollars to wear to a wedding that weekend. Okay. And I'm having, you know, the typical older sister younger sister conversation with her where I'm like, your crazy return this dress just put you into credit card debt, it costs more than your rent. I was in front of her claws at that was filled with designer clothing that she'd only worn once asking her. Why didn't you repeat something in her closet? And her response was really the Genesis of the idea, her responses everything in my closet is dead to me I've been photographed in it. The photos are up on. Facebook. I need something new. And you know, what's really interesting about that is if you think about the closet. The closet is a story of what once was these are the genes that used to fit me, here's the blouse that used to be in style. Here's the thing. I wore like that night out eight years ago. And sometimes we're praying that these items will be reused, but it's kind of like a museum of your life. The closet is not a story of today. And it's certainly not a story of tomorrow. So was really thinking in that moment what my sister wanted is she cared about the experience of walking into a wedding feeling self-confident wearing a brand that was aspirated to her. And then she cared about the photo that would exist afterwards that she would use to brand herself to her thousand friends on Facebook. At the time about the fact that she felt self confident. So she wanted to express a feeling and the idea the experience economy today that people prefer experiences over ownership is nothing new. But at the time, it was radical to assume that the experience economy could be part of the closet and part of getting dressed, and I think the connection between clothing and emotion was something that I understood from the very beginning..
"fashion business" Discussed on Inside the Hive with Nick Bilton
"And so x y z designed to be for the left XYZ's designed to be for the right, blah, blah. But I do think we'll end up happening is people are burning out. People are going to want to go back to something that's more in the middle. And the best media companies are going to start to provide more and more of that. Because what I know about investing. We talked about investing running a twelve billion dollar fund. I tell my my my people you guys think we're in the investment business. I know we're in the fashion business. Okay. ETF's go in and out of favour bonds, go in and out of favor. The stock market goes in and out of favor and what's in favor right now is bellicose media fragmentation. But I think people are burning out from that. And I think it's gonna mainstreaming. And that's my honest opinion. Maybe I got to put this thing up on Twitter, you're gonna you're tweeting as as repotting, we're we're so we'll like millennial through like a couple of Email. You Anthony pictures? Unbelievable. I mean, it's like a little fine that you could be this on on groom groomed. Human being. I mean, it's fine. Right. Use the alibi that it's his kids and stuff like that. But I'm sure that the grooming was show. You phone down for two minutes. Tweet it out for is important. All right. What's your what's your daily ritual? Like you. What what do you? Do you wake up at like three m and look at pictures of on Twitter and groom yourself like what is it that? You do very well, I was told you to be very well agreement quad appropriately. I look, I know I'm curious. What is your every morning yet? I hit the shower if I'm lucky enough, I will go to the gym quickly. And I go to work, and I'm on the phone, and I do a lot of marketing for my firm, we're bringing the solve conference back which hopefully you'll come to Bill Coyne has been there a lot. Bethany McLean McLean has been there a lot. And so we have a great conference great thought leadership conference. We're set up to do podcasts. They're all these like radio station or cubes carols and stuff you could do your pockets from there. We'll have you on killer killer guests, by the way. I mean, so you can get a whole list of gashes go to Saul conversation calm, but I'm also working on a new products. I'm working on my podcast with. My wife because I think it's an interesting thing that she's a liberal and she calls herself normal liberal of normal. And I'm obviously a Trumpster. I have Cheeto a tracer you'll have Cheeto on my hand. You know, what happens is you open up the bag of Cheetos, and you put your hand in there. And it's orange. It's not coming up and you put it in. You can come off the cheetah's attached to the Trump Cheeto is a tattoo stain on you. It's a unit, you know, getting off. I'll sometimes look at it. And wish I hadn't got that tattoo. I'm gonna look at it like that's life. What are you gonna do? I did. I think he was going to go this overboard now. I didn't think he was going to go this way overboard, but we're here. Now, what do you want me to do? All right. So important question. I remember a couple of questions Hilton or no Nilton Nicey c k KLTY b I. cloud that you joined us on inside the hybrid, Nick Hilton. No, no, I got I got you Nikki, you wish nickeled and be allowed richer, and you probably would have a cleaner beard. If you if you could actually go back and do it over that those eleven days, would you would you wanna stick around and stay there and keep doing it? Or was it a you like lucky that you got out? Well, I mean, listen, I'm not gonna say that. I don't regret the fact that I didn't have an opportunity I can make more change. But I was able to patch things up with my wife, and I was able to get my wife back why love to death, and my children, I was able to get my business back. And so I felt a little bit like Jimmy Stewart in the car crashes in the bridge, and it's a wonderful life. He comes out he's in this alternative universe..
"fashion business" Discussed on No Limits with Rebecca Jarvis
"And so I would just say, don't be afraid if you're going to somebody that's doing a similar business, maybe you know, have inside. But at the same time, I think it's not to be afraid to say, hey, in be vulnerable. It's okay to be vulnerable. Well, and I also think to your point when people come to me looking for advice or help or when I've gone out to look for advice or help one thing that really allows that process to move the best is being specific. So specifically define what your problem or your question is or specifically defined your ask. I was just having breakfast with a friend of mine this morning, and we were talking about she wanted to reach out to somebody and I said, go in there and know what you're asking for and make sure that what you're asking for is something that that individual can vary likely deliver for you. That's tremendous advice, and I think that's so helpful because you need to know what you're wanting to get out of that meeting or that interaction like, what is the goal? What am I going to take from this? This nugget of information that's going to help me, you know, build onto what I'm trying to do. And I think if you. Really go in there with that set and really clearly defined that to the person I'm here today because I need your help with x. and you know, be very clear about it. Can you help me with this? And you know, I think you're right, and I love it when people have that and they come to make us, I'm like, okay, hey, I can help with that, right? You know, like here, let's get to work, you know, get your pen outlets. Exactly. And I think that's so fun. What's the worst advice you've received along the way. You know, I, I've been giving crazy advice along the way, but I, I think one editor told me that I couldn't have a successful business. You know if I didn't have it in New York City that building a fashion business out of Austin, Texas was, you know, not the right thing to do, and there was about five minutes that I kind of contemplated. Whoa. Did I make a mistake starting this business in Texas, and then right after that, I said, no, this is the right place. It was a community that supported me. I think if I would've taken that jewelry box with a baby in a baby carrier in New York City, can you imagine what would have happened? I mean, I could have got to call security. I don't know. I love New York, but I don't know if it would have gone over as well starting in Austin, you know that that community gave me my wings to fly, and I think that's a great point for anyone out there who's thinking about starting something that the rules have completely changed around this completely. And I think part of it too. Is that we're so connected now, right. I mean through, you know, social media and you really. Are able to look at everything that's happening around the globe. So it doesn't matter if you're in Wisconsin or Texas, or New York or LA wherever you are. You have access now and accesses powerful because you can see what's happening. And so we're always looking what is trending what's happening. But we also do it again with our own unique voice. And I think that's what separated our brand. I wasn't so worried about what all the other brands were doing. I want to know at the color palettes were for the season and I wanted to know some information, but I wanted to go to market and look different. I wanted to look like Hendra Scott on the point about data and really knowing your customer for a young business that doesn't have a team of people that's looking at that information. What do you recommend they do, you know, when I started until two thousand ten, I had seven of us the super seven, which are all still wind me by such a good Yang about the company. Yes. And you know, we were doing like fifty million jobs..
"fashion business" Discussed on Juicy Scoop with Heather McDonald
"So one day, Heather, I was going to office for check up and she asked me like my son is three when my head of the like ONA that would not be good right now because I'm going through divorce and he started asking me all these questions. And the next thing I knew after obviously stress. Yes, it's me. I have something that I wanna see you when I I wanted to get offended with Mike. Oh, I've got to Tommy and he said, you know, he's like whenever you're ready heaven. Amazing. Really. Yeah, we so funny and you know, long story short. I was like not ready at the time, but I think Tim, thank you so much less trying to get rid of this loser in my mind, the other side, my brand thinking trying to quote off, you know, and I, I guess I must've stuck in his head a couple of months later. He called me at my home to say this. I think this guy would be a great match for you. One guy. So out of so much in common, blah, blah, blah. And I was like, if my doctor thinking of this person, what's he's a mass murderer. Yeah, he's one of his friends. Anything big deal. We went on our first date, the person it was the last state ended up getting engage your leader in the barren for months after that. And you know, when I was home, I left it was just too much in the fashion business about point, have kids, his four kids. I was like, I need to like this and fortunate and have to work. So being twelve years has been like, Honey, you're smart cookie. I think he needs to be doing something aka you're spending too much money, get the heck out his reading forty two tonight. So like, yeah, so I ended up meeting my business partner, who was my life coach even or not. And then he offered me is opportunity. Create a service that would be sexy and very unique and very New York City and very catering to the power players of this city on matching them inside before the outside because he knew I had had a passion for people. And I love this thing, and I love log in the whole thing that has to do the whole lifestyle. Just a good segue into business and he's matched over twenty five puzzles before I ever came along. So we kind of both our skill set together to the service. Well, I think it's great. I mean, I was just in the Hamptons for four days. I've been married for eighteen years, but I was open to finding a second husband and I just getting, but it is. It is an amazing life out there, and it's amazing strong people in a cool women. And I met lots of people that were engaged for the second time and getting married and going, like I said, going from one, you know a great guy to another where it just didn't work out and giving themselves the second chance at love. And so I am obviously that your clientele and it's very interesting and thank you for talking to me. This was really cool. I really enjoyed your insight. Haven't they. Bye. So
"fashion business" Discussed on Daily Racing Form
"Figure you gotta wanna earn the ninety six running second multiplier and colonists. Both are ninety four's flamboyant Ashi the sugar ninety three's and it's in the post ninety two. Let's discuss it in the post. It sounds like for him he might be rested Jeff. Mullins. I credited him for coming forward and saying, we'll let them regroup. He's been a warrior for two years. Maybe we sit him out for the next few months because you got to wonder. It's so tough, especially with a horse like this because it felt like at Santa Anita. He wasn't quite as strong as he had been in the months prior, but these two races, he's been, he's been dreadful. Now you've got to factor in. Perhaps he just doesn't like del mar. That's entirely possible wouldn't be the first time we've seen a horse, not like a surface, but he's just very rarely. Did you see such poor. Performances e-zpass to surprise. He's going a little bit off form and I credit the connections for saying, you know what we're gonna do right by the horse. He's done. He's brought us all over the place if he needs a little bit of a breather. Let's give them a little bit of a breather, and hopefully we get him back at Santa at some point fashion business meant to say this most logical spot. It sounds like the John Henry turf championship as the prep for the Breeders Cup Turf that prep would be on September. Thirtieth. Obviously realizing the turf would be on the first week in November. The second third, whatever dated is. I thought those horses ram, very, very well. Our fashioned business anyway, you gotta want is a nice up and comer. I don't know that he's necessarily Breeders Cup type, but maybe he's maybe there's some spots for him going forward as he continues to improve multiplier. Nice to see him get back to a decent enough effort. Colonist still, I don't know, man, I don't know what his game is at this point. I wonder if he's just a notch or two below, whether he goes long on turf, whether as a middle distance or whatever else, it may be actually love sugar, say it, it is what it is seven years old. I think he's probably lost. Little bit on the fastball easy and a little bit long in the tooth. Don't think he's quite what he wants was, can storm needs to go shorter. I don't think this distance was going to work form, didn't think it was going to and it didn't work for him. The horse that I wanted discuss is flamboyant said it when we did the preview for this race. You can just basically cut the audio from every preview that we've ever done with flamboyant and just replay it. He is a mile to a mile and a sixteen to a mile eight kind of horse. You get him out past that he still will come with a run, but he'll flatten out the distances, not his friend, keep them at between eight, nine furlongs I think he still has a giant race in in this race to me is all the evidence that I need to see to think that because on the far turn, he ran basically when fashion business opened up made his move. This horse came behind the bear on gave him a beautiful ride, followed that sort of path, and he looped field and for a minute, it looked like he was getting ready to actually threaten any flat out down the lane. He has that banquet bursts in the distances, not his friend. You get him back to a mile mile sixteenth mile eight. And I recognize it's easier said than done because they don't not every stakes races between eight and nine furlongs, but my goodness get this horseback to a middle distance. You saw what happened when you ran them in the middle distance race up northern California on the turf Bank winner at eleven to one or whatever it was. He's run big races at these..
"fashion business" Discussed on BizTalk Radio
"Lot of hard work long hours if you don't have that passion you're definitely going to burn out um also i think asking for help is so big you know learn from other people's experiences put yourself out there ask questions i mean some of my biggest like connections and breakthroughs through having the courage should ask muddy and kind of beyond more and i think also just never stop learning never stop seeking out knowledge you can't wait to come deal was one of the most reasonable to relish to like a lot of these days are readings much should outside of school books that you read gene use was yeah i mean obviously have all my texas for school and stuff one of my personal favour i guess two books on i love i love people with uncle life for five i know moves can i share your thoughts on my day rates an analyst at a passage india so let's shift gears and talk about technology giovanni tech gadgets or apps or anything like that you'll have to use our definitely i think like on obviously call this as somebody out there kind of huge i mean things like boomerangs that kind of go along with them oh of course go to operate can make won't gifts that can use like on twitter instagram things like that are great um i like a lot of like personal kind of apps like moves like trucks movements of like that oh i'm excited and i also want just like websites i'm also like wgn and kind of fashion business websites was the most used app on your home because there's actually will tell you the most just happened on i'm curious have you noticed i'm pretty sure it instagram the gaz long alone one has to much how he faced terrible even thinking that i spend that much time on there but i do a lot of it all it for business across the running ad on there you said instagram's some energy using a lot for your business is i'm gonna mistakes you can make on instagram i would say maybe it's important to kind of have your message i i think if you're putting out a lot of content just very frequently going for that mass approach that can work to some extent but just it's unclear to your fault whereas i.
"fashion business" Discussed on The Business of Fashion Podcast
"In part three all be exploring how do you finance your fashion business news just a note that this talk was recorded in front of a live audience so please excuse any audio issues so part three of the business of fashion basics is how do i finance my fashion business financing a business in fashion is a really really critical piece of the puzzle to understand as i said in part one near you need capital to make these things work the question is where do i get that capital from and why is it so important to running a business in order to to kind of put things into perspective what i'd like you to do is this think about a theoretical season say and this is really based around the first season for a for a for a new fashioned business that's just starting out as we know fashion typically happens on a sixmonths cycle between when a collection is developed and when it actually hits the shop floor so the question is what are all the things that need to happen between the design of the collection and delivering the collection in order to finance it and the truth is in a fashion business you will incur many many many costs before you see any revenue and this is probably the biggest challenge of working in the fashion business in the first season you might be thinking about design or researching some fabrics and that doesn't necessarily.
"fashion business" Discussed on The Business of Fashion Podcast
"In park two i'll be exploring the issue of how to write a fashion business plan which is a fundamental part of any fashioned entrepreneurs journey just a note that this talk was recorded in front of a live audience so please excuse any audio issues so part two of the business of fashioned basics israeli about writing a business plan and how to think about riding emphasis on of course we can't cover all the my new show of it today but what i really wanted to cover was the main things that you need to address in a business plan and also to understand what a business plan is four so let's start with that and that's really about life well why do i need a business plan in the first place why do i need a business plan in the first place a lot of young designers think that a business is something you need to raise investment potential investors certainly at one key audience but a business plan is also a communication tool and a device that enables you to ensure alignment amongst the different constituencies in your organization whether that be your team your wholesale partners or your board of directors having a well thought out business provides clarity about where you want the business to go and means that at any given time you have something to share it with people who asked about your strategy a business plan also helps you to measure progress against your goals and milestones every few months you can go back to your business plan and have a look at where you stand however a business plan is not written in stone it is natural as a young business that your plans will change this you learn more about the market and as you get feedback from your customers in this way you can treat your business plan is a living breathing document that changes over time but helps to ensure you are on the right path to achieving your goals.
"fashion business" Discussed on The Business of Fashion Podcast
"So when you're ready having s having someone who can join the business who can take care of those other things is is critical and you'll see that most successful fashioned businesses will have a business person on a creative percent and i think it was you know it's one of the most famous partnerships is the partnership between marc jacobs and robert duffy do you all know robert duffy already heard of robert duffy yeah so this is kind of an unconvicing robert duffy's not necessarily conventional business partner going to your question earlier it's not necessarily that you're gonna find them in business school but what robert duffy and marc jacobs have done is they built a trusting partnership and so when you're march jacobs and you're a rising star in the 1990s in new york's fashion scene and everyone's talking about you and everyone's interested in you having someone buyer side who can help you navigate everything because you pass the time you don't know what's going to happen and especially if things start moving really quickly having someone else there can be very very helpful and even then you dave stuff they stuck by each other you know he robert duffy said you marken i've been fired four times we've made every mistake going it's not point to be perfect but when they got fired they got fired together and they stuck together and so even though their business might not have worked several times and they struggled they had that partner.
"fashion business" Discussed on The Business of Fashion Podcast
"The fashion industry and in fact on fashion business almost by definition they take longer you know it it's a long term commitment you're making building brands which is essentially what a lot of you will be aiming to do in the coming years it it it takes time and that's something that you have to understand but it's also something that the the people that you work with have to understand the the different parties and partners that you work with have to understand fashion businesses are not created overnight they take years and years and years um and you know without recognising an understanding the amount of time it takes people often don't really think about what that means in terms of that you my previous point which is that you're going to be eating and living and breathing your business for a very very long time um this is often the probably one of the most surprising points for designers is that actually you're probably spent less than ten percent of your time designing and in a way you should really be thinking of yourself as a ceo or entrepreneur first and the designers second even if you are the creative person in your business and you know the the ideas in the designs are coming from your vision you'll also have to spend a lot of time doing other things that perhaps you haven't been trained for perhaps you don't like um and perhaps you have really thought about it and fans and you know i've mentioned managing people but that also means you accounting finance hr marketing all whole myriad of things that you know some of these words might not even be clear to you and your head of what they mean and hopefully through this series will be able to provide a little bit more detail on that but you know managing and running a fashion business is ninety percent about things other than design.
"fashion business" Discussed on BizTalk Radio
"The cosmetics business in the fashion business hearth throwing money at them and there is no real reason court other than the fact that kim became infamous and famous based on a sex tape which resulted in a reality show that totally been now yet american culture and american and the american corporate world loves them because conceivably there they're moneymaker one of the things i deal within the book is the fact that the car dashing hank brand hidden quite as successful as it has been uh you know they've they're audiences down somewhat on the on the show one eight the uh deal that they had with corporations like here's of handed chris had i shot with the fox network for a talk show in the afternoon she put you we've become more successful than oprah and oprah that cut half out and uh you know as i as i mentioned earlier i believe we've uh her next the her next uh huang carnation will open the in politics yes yes so and abby asked quite possible on this world it's we have any anything is possible like kid rock and uh you know now talking about getting into politics chris would be perfect she has millions of fall now now let me get ask you a quick question roberts um grandfather had ties to organized crime in the meet business i mean the host if you go as you have done in this book start peeling the layers it's even a bigger story that could dash chiensan americans rama jerry oppenheimer at added again in jerry what's the best website in how can people get this book it's going to be up another best sellout.
"fashion business" Discussed on American Fashion Podcast
"You have former legal documents investors gonna come in and wanna do real villages. So what is due diligence me? It means they're gonna look under every rock. They're gonna look at everything. Now where designers getting Trump five places one equity the beginning they've given. Oh this one percent. This went to present all these people that Gooding, but VCE investors won't invest. They know the whole capital structure, and they can account for these little pieces and buyback Ali stragglers. Okay. The second thing is trade. Mark. So I always tell designers one of the most important places to spend your money trademark your brand in the way it works in the United States is if the trademark by category. So you have to trademark for parallel for handbags all those different categories. If to take your brand trademark in in all those categories, and then if you're selling alive in the U trying to for example, you'd have to trademark and it costs money, but you're protecting yourself. So no VC's is going to come in and invest in a company if the company doesn't own the key trademarks trademarks aren't solid, right. So the next thing is employees. Okay. So a lot of companies have problems with their employees their harassment claims their disputes about whether they were supposed to get the no investor wants to buy him into that the fourth is tasks. So I've seen in this industry. A lot of companies don't pay state sales tax in their state sales tax issues. Right. And again, they need to be cleaned up in the final thing is this litigation. So, you know, if they're somebody you're having a dispute with you may want to settle that out before you get the BC's into our encourage designers, startups founders once they get to the VC stage cleanup your company before they come in. I. As you mentioned due diligence and that being done in the beginning. We've seen a lot of designers that have had to leave their investors like nam, lupus or jerk lamb. They've changed investors for whatever reason in the beginning. How does that due diligence continue during the course of designers growth where or do you see that continue in a way that's proper for growth from the investor side. So do you help in that? So it had invested keep tabs on what the company's doing. So that's that's a great question. So first of all in the document that the investor signs with the company the investors typically get a number of protections. So it will say the company can't do x y and z enter into contracts incurred debt, get new investors without the approval of those investors. Right. So those are major things but a lacking go wrong. That's not a major thing. So. So I think at the acid, it's important to get smart investors who understand the business not only to help you. But so you'll have a successful outcome. And I think smart investors will keep tabs on what's going on the on in the business. Get quarterly reports go to board meetings sit with designer see what's going on understand the retail environment. Nowhere the traps for the unwary. Are right? Be involved. Be involved crane. But the VCE stage is where you the the founder start to lose rights, right? 'cause the investors want certain controls, and it's important represented designers..
"fashion business" Discussed on American Fashion Podcast
"Business 'cause you always putting more many in and the revenues have to catch up. So you can work with your vendors in two ways one you could say the outset ham Neum starting can you give me better terms or you could not work with them and just ally payment, and that's really accepted in the trainer. Just delay your payment until you start to get money in. But what happening now is really interesting, right? Because if you look at this big pain point, that's the point where you're laying out money for manufacturing. But you're not getting money back until you sell a good. So there companies trying to deal with that. I don't know if the two of you know, about nineteenth amendment, Ohio. Right. Love them. They're great. Amanda jemma. So would they've done is try to eliminate the pinpoint and what they do is they have about four or five hundred designers, and they pretty sell the clothes on their site. So you buy the clothes, and then they manufacture them and. That takes that whole capital intensive nature of fashion out of the equation. Does a similar thing genius. You know, the the other thing that people sometimes do as they apply for grants. So I know the Tory Burch fellows just had another call for applications where you can get grants and there's grant money available. If you if you look for it. And then finally the last thing I would mention is be smart about your expenses. So you don't have to pay for advertising. You get gift influences, you social media, if it'd be very savvy about where you use every dollar so with designers. We'll desires look to hire you on. I don't want to say a case by case. But I. Basis on on more of a retainer like too because you sound to me like a real business advisor who would stay through the growth of that designers business to ensure kind of healthy profitable growth, and a great person who can communicate with investors who will so prince school, for example, there bet thirteen years old I've been working with them almost from their first day. Maybe a few months into our fashion lawyers affordable for an emerging designer so. Let me put it this way. I do a lot of pro Bono work. So means free legal work..
"fashion business" Discussed on American Fashion Podcast
"Up to manufacturing distribution through licensing to international expansion and through an exit strategy assailant IPO, and it looks at the business issues and the legal issues associated with that. This is a very thick book. I wouldn't think this is a book for a fashion designer to pick up you've intended to to be. That it looked like a textbook. Yeah. It does. But has a nice cover. It does hasn't rained over. So it's long, right? It's nine hundred pages. But you can read section, and I've had designer say, you know, I really don't understand the difference between patent and trademarks. I can look at that page or they might say, well, how do you do a business plan for a starting fashion company? Well, there's a very step by step process at lined in the book for preparing a business plan. So you're not gonna sit down and read all nine hundred pages. Right. But you can look at sections and say interest never knew how license agreements worked, for example, many fashion designers don't understand that in a license agreement. You're only getting a little royalty. Right. You're not putting capital up. But you're only getting a small percentage of the revenues. How is licensing changed in? Maybe even the last ten years or new designers looking or is it. Good to encourage designers to sign bring on licenses early on or midway through like, what's what's the right timing? And has that changed? So I've very often see business plans for young designers, and they say, oh, I'm going to get all these revenues from licensing fees. I don't think so really because it takes so much money to build brand awareness and to build a brand and a licensee. So the licensor is the brand owner. The licensed see is the company that's gonna make product and pays a licensing fee. So a licensed see isn't going to license a brand unless it's big already. Right. So you need a certain amount of basic brand recognition. What is what is big what in in those terms? What what would constitute a scale where somebody's gonna license your name on a perfume bottle or something like that? So I recently did a fragrance license with Lori Al for client points schooler. That's big. And they got a worldwide fragrance license, but they have a very big brand awareness and new company that just not gonna have that. Now, how can you build a brand awareness quickly? So I had one client. I won't mention the name there. Well, no now, but they got brand awareness through eight or QVC this case, it was Q V say they went on in fifteen minutes, they sold four million dollars worth of goods. So licenses were lining up into if you can sell it so quickly with your name and QVC will grant a license. So that's rate entry point. And that's new the being open to doing that. Kind of TV. I think this proves the point that we have mentioned yet that you have to have numbers you have to have evidence business runs on predictability. And if. You can show another business owner numbers that show that they're going to make money then you gotta shot getting money from them or involvement from them. If you don't have evidence, then you're in trouble. If you are selling clothes at a flea market things that you've made new things do the math keep logs figure out. You know, who these customers are that are interfacing with you wherever you are. If you're selling something document and get this information, so that you can show it to people. So that you can get help. Now. That's exactly right at a great point. But even with angel investors you need some level of substantial sales. Would you say end? So let's look at go back to our design who starting a business right headed they had. They get to the point where they can even get an angel investor. That's the question I get so often so I had a fund their business. So the first thing we talked about was keeping..