After a post-pandemic high, the fashion industry is facing a hard crisis. Growth has cooled, prices have surged, quality is under scrutiny and aspirational shoppers feel shut out, all while macro uncertainty dents confidence.
The industry is focused on a slew of shows where new designers are set to debut their visions, but this will not be enough to break out its malaise. Over the summer, the BoF editorial team has been working hard on a series of articles breaking down the various challenges that are facing fashion, from macroeconomic challenges, to trust issues and yes, a creative slump.
This week on The BoF Podcast, BoF founder and CEO Imran Amed switches roles, inviting executive editor Brian Baskin to lead the conversation. Amed shares his views on one of the most consequential fashion seasons in years, with the luxury industry in a phase of deep reflection and potential transformation.
Key Insights:
- Amed traces the industry’s current struggles to a mix of forces that have built up over several years. “You had external and internal factors in the industry that conspired to create what is now a perfect storm – where customers feel like they've been completely duped. The industry is operating in a way that seems stuck in a different era,” he says , describing the post-pandemic state of luxury with declining quality and rising prices. At the same time, he cautions against silver bullets: “I wouldn’t position this fashion week season as the season that's going to solve and change everything, because it's not. There's a lot more at work here.”
- Brands must deliver top-tier quality while rebuilding accessible entry points, as relentless price hikes have made it nearly impossible for aspirational customers to buy in. “In a way, I think some brands have kind of poo-pooed the idea of that middle market customer,” says Amed. “There was a time when you could go into Bottega or Chanel and buy small leather goods at a price that was high, but not out of control. Now everyone's completely priced out.
- To grow and still feel luxurious, brands must hard-wire quality and sustain a clear creative pulse. Using Vuitton as an example, Amed notes “even though they’re producing in huge volumes, the quality of what they execute is still impeccable. ... That is a requirement for any brand operating at that scale, at those price points.” But product alone isn’t enough: “What you can scale is a point of view. And it's the point of view at the very top that these designers are really responsible for. It's like you're creating an overall spirit and direction and energy.”
- September’s slate of debuts could be an turning point for luxury fashion: “What I’m looking for is the energy. … You have three of the most creative designers in our industry – Matthieu Blazy, Demna and Jonathan Anderson – taking over three of the biggest, most important luxury houses in the world,” says Amed. “If that energy reflects the same kind of commitment, thoughtfulness, creativity, and taste that we've seen in those designers at their previous roles, then I think there is going to be a really meaningful inflection point this autumn.”
Additional Resources:
Hosted on Acast. See acast.com/privacy for more information.
Popular Podcasts
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
Cardiac Cowboys
The heart was always off-limits to surgeons. Cutting into it spelled instant death for the patient. That is, until a ragtag group of doctors scattered across the Midwest and Texas decided to throw out the rule book. Working in makeshift laboratories and home garages, using medical devices made from scavenged machine parts and beer tubes, these men and women invented the field of open heart surgery. Odds are, someone you know is alive because of them. So why has history left them behind? Presented by Chris Pine, CARDIAC COWBOYS tells the gripping true story behind the birth of heart surgery, and the young, Greatest Generation doctors who made it happen. For years, they competed and feuded, racing to be the first, the best, and the most prolific. Some appeared on the cover of Time Magazine, operated on kings and advised presidents. Others ended up disgraced, penniless, and convicted of felonies. Together, they ignited a revolution in medicine, and changed the world.