This week Colette Keogh, a FIDM rep, came in and talked to our class about the business of fashion. We talked a lot about disruption, social responsibility, and innovation.
Disruption is actually a good thing, despite it’s negative connotation; it basically is competition between brands, for example: Airbnb vs. hotels and Uber vs. taxi. This competition is based a lot around new innovative ideas that favor the customer more than the consumer.
We also talked a lot about social responsibility for companies, which is doing good for the world and giving back which in return will make your brand look good in front of others. Companies also want to align themselves with celebrities and influencers that are giving back.
Lastly, we talked about innovation and creating new ideas! Brands like Shinola are a perfect example of this, they were originally a shoe polishing company but when they saw that people weren’t getting their shoes polished anymore, they took action and now are a huge brand for watches, bicycles, and leather.
Colette described this scenario where a customer goes shopping and 4-6 weeks later they come back to the same store to shop again; they don’t want to see the clothes they saw the last time they walked in, they want to see new pieces. This is how shopping is today, it’s all about having new things that people haven’t seen before!
We had such a great time learning about the business side of fashion, thank you to Colette and to FIDM for putting together such an amazing presentation!