The Business of Fashion Podcast

The beauty industry has witnessed a wave of disruptors rise and fall. Brands like Anastasia Beverly Hills, Glossier and Morphe leveraged social media and influencer marketing to achieve rapid success and unicorn valuations. But maintaining momentum has proven challenging, and some of these disruptor brands have seen sales fall and financial hurdles mount. As Glossier proves, there is the possibility of a second chance, but it requires radical changes to the business to pull off. As beauty correspondent Daniela Morosini points out, “The barriers to entry have been removed. You can get a critical mass of fans and build an aesthetic for your brand quite quickly. Making it stick is more difficult.” In today’s crowded market, sustainable growth and a deliberate strategy are essential for standing out.Key Insights: Slower growth in a crowded market can ensure longevity. “It’s the ones that are maybe growing a little bit slower, not having this initial huge rush and then a massive drop-off,” says Morosini. While brands can gain a critical mass of fans and build an aesthetic quickly, sustaining that momentum is much harder in today’s saturated market. “You go on TikTok, and there are 50 brands fighting for your attention. You go to Sephora, there's another 50,” Morosini adds. By focusing on steady, intentional growth, brands are better equipped to stand out and thrive in an environment where consumer choices are overwhelmingly abundant.In a saturated market, having a knowledgeable and authentic founder can differentiate a brand and build trust with consumers. “Brands that had a founder with expertise as a makeup artist or some other kind of professional qualifications helped bear out the brand and add a little bit more credence to it,” says Morosini. These founders often bring a personal approach to their brand, which resonates with consumers.Glossier’s success shows the value of balancing adaptation with staying true to a brand’s core mission. Despite being digital-first, the brand quickly established a physical presence, which “helped enmesh them and establish themselves with more the kind of quote unquote, middle-American consumer, just like a general shopper versus someone who is like a die-hard beauty fan,” explains Morosini. By moving away from an exclusively direct-to-consumer model, Glossier also refocused on its product assortment and customer needs. “Giving up on the DTC-only thing probably allowed them to take a hard look at their product assortment and build out more products that people were really interested in,” Morosini adds.A key lesson for emerging beauty brands is to prepare for both boom and bust cycles. As Morosini explains, “You’re probably going to be getting your most attention both from consumers and investors or acquirers during your fat years. And you need to be ready for the lean years because they're going to come.” She emphasises the importance of hedging strategies, noting, “No matter how well things are going, there will be a competitor snapping at your heels around the corner. Making sure that you’re keeping your strategy and product assortment broad enough to weather that.” Flexibility and foresight are essential to navigating inevitable market shifts.Additional Resources:How Anastasia Beverly Hills Lost Its Footing | BoFUrban Decay’s ‘Naked’ Relaunch Is a Hit. Now Comes the Hard Part. | BoF

Tina Brown is a force of nature in the world of journalism, offering unflinching and sometimes provocative glimpses into the lives of the world's most famous figures. Born in England and educated at Oxford, she stormed the traditionally male bastions of print media, becoming editor-in-chief of Tatler at just 25. A few years later, she ushered in a new era as editor-in-chief of Vanity Fair, which was tens of millions of dollars in debt when she took over. Her unique formula of seductive storytelling, combined with hard-hitting journalism, increased the magazine’s monthly circulation from 200,000 to 1.2 million.As an editor, Tina has never been afraid to push boundaries or challenge the orthodoxy, and she has not lost her magic touch. Last month she launched a weekly Substack newsletter, “Fresh Hell: Tina Brown’s Diary.” where she has already opined on trending topics from the Menendez Brothers to the re-election of Donald Trump. Right now, one of her main pre-occupations is around the future of journalism. “More serious than anything is the death of truth and what that can do to a society,” she warns. “The resistance is going to have to come from the media.’At VOICES 2024, Brown reflects on the seismic shifts in media, what this means for truth and democracy, and the role of journalism in the age of Donald Trump. Key Insights:  “I love the art of magazines …  but I don’t read them anymore,” Brown admitted, echoing the sentiments of a changing audience. She argues that while print media might be fading, the real battle is to sustain investigative journalism, which remains critical to democracy. “What matters is that we have thoughtful, curious, truth-telling journalists in the roles that matter.”Brown criticises tech companies for profiting from journalism’s decline. “Twenty years ago, traditional media was too passive in the face of digital disruption,” she explains. “Content was taken for free and monetised by tech platforms, and we’re seeing it happen again with AI.” Highlighting the existential threat posed by the erosion of public trust in journalism, Brown calls for tech companies to take responsibility and invest meaningfully in journalism. On the battle between creativity and technology, Brown lamented the undervaluation of human creativity in an increasingly algorithm-driven world. “I do not know why writing sentences is not valued more than writing code, because they last longer, that's for sure. One Shakespeare sonnet - beat that algorithm.”   Reflecting on Trump’s influence on both media and politics, Brown describes him as “the world’s great showman”. “He ran a campaign that was just endlessly watchable and was so extraordinarily sort of resourceful on improvising all the time,” she notes. However, Brown questions this approach to politics as entertainment. “We've become so debased by entertainment values that we now require our politicians to be entertainment,” she argued. “I actually question whether the old style politician will ever be in favour again.”Additional Resources:BoF VOICES 2024: Confronting an Age of Uncertainty 

For nearly a decade, the luxury sector has experienced what seemed like limitless growth, with brands like Louis Vuitton, Gucci, and Chanel pushing product prices higher — and seeing consumers pay up. However, recent quarterly reports have marked a sudden shift, with even industry giants reporting disappointing revenue. As luxury editor Robert Willliams explains, “These brands are omnipresent and people are seeing them everywhere. Whether consumers finally pull the trigger is so much about their economic confidence, this feel-good factor. Are things going to be better for me next month than they are today?”This week, BoF executive editor Brian Baskin and luxury editor Robert Williams discuss the forces contributing to this downturn, the implications for top brands and potential strategies luxury players are exploring to reignite growth.Key Insights: Global economic uncertainty has hit U.S. and European luxury spending hard. “Whether they finally pull the trigger [on a big purchase] is about economic confidence,” explains Williams, noting that factors like inflation, wage stagnation, and election cycles have consumers second-guessing expensive purchases. There are similar issues in Europe, with proximity to conflicts in the Middle East, Ukraine and Russia additionally impacting consumer sentiment and spending power.However, according to Williams, the biggest issue is China pulling back on this type of spending. China’s luxury market has always been a growth engine, but changing economic sentiments and less travel due to COVID are affecting luxury sales. “[Chinese consumers] are really holding out for when they feel better about the economy. … They’re holding out for when they can feel like they can get a deal because prices are higher in China than most of the world for luxury brands,” says Williams. Many consumers are frustrated with steep price increases, as seen with Dior’s Lady Dior bag, which has jumped 76% in price since 2019. “Customers are quite fed up with how dramatic the price increases have been often for like for like products,” Williams states, adding that consumers often feel they’re “spending a lot more for something that’s not necessarily as good.” Even if quality hasn’t declined, the perception has, especially with social media spotlighting any issues. “With the way our Internet culture works, if someone has an issue with the product, they can make that so public in a way and really disenchant a lot of people and their audience and make them question, is this high price worth it?”Facing a saturated market after years of rapid growth and price hikes, many forecast that 2025 and 2026 are to be similarly stagnant or negative periods for sales.” Even if it wasn't just a question of the prices or if there weren't these other macroeconomic factors, there could be a sense of having saturated the market, of people needing to be bored with fashion a bit so that then they can rediscover it. I'm not sure that it's the right time to introduce the next big idea if you were the one who had it,” says Williams. “Because if you're among the brands whose sales are quite negative … then how much can you really invest in telling the world that you're the one who has the next big idea?”.Additional Resources:Inside Luxury’s Slowdown | BoFWhy Some Luxury Groups Are Doing Better Than Others | BoF 

Sammy Basso left an indelible mark on our community last year at BoF VOICES 2023. Sammy had a rare genetic condition called Progeria that accelerates ageing, affecting only one in 20 million people, with an average life expectancy of 13-and-a-half years. Last year at VOICES, Sammy celebrated his 28th birthday with us, and shared his extraordinary resilience and passion, for life and for research. “To be a patient and scientist is beautiful for me because it is a great antidote against fear,” he reflected. “Never think you are not enough to make a difference ... So many people said it’s impossible to do research into such a rare disease. But now thanks to that, we are opening ways to treat so many others. We are making a difference.”This week on The BoF Podcast, Basso in conversation with friend Annastasia Seebohm Giacomini about the importance of his research and his philosophy of how to live a full life.Key Insights: When asked how he maintains such a positive outlook despite the daily challenges of his condition, Basso explains, “I must be positive, because if I won’t be, I would limit my life more than progeria itself. My life is worth living, progeria or not. I love my life …This is the only possibility for the universe to be myself. And you are the only possibility for the universe to be in the stars. So we can’t waste this great opportunity. We need to be the best copy of ourselves.”Reflecting on his outlook toward life, Basso shares the importance of gratitude in his daily routine: “Progeria taught me not to believe anything to be granted. I’ve risked my life so many times, I’ve wished to die several times, so now every day for me is a gift. When I wake up in the morning, I have to be grateful for that day. I must be grateful for that day.”  Basso finds strength in community and expresses his deep gratitude for the role of his family and friends in his life. “They are the reason why I wake up every morning. Sometimes when I’m too tired, I remember that my life is not only mine. So if I can’t do it for myself, I must wake up for them and do it.”Additional Resources:BoF VOICES 2023: Finding Hope in the DarkRegister now to join us at BoF Voices 2024, our annual gathering for big thinkers, streaming live from November 12 to 14

In recent years, sports has provided a rich ground for fashion partnerships. Where even three years ago Dior’s tie-up with Paris Saint-Germain was relatively novel, today it’s harder to find luxury brands that aren’t at least dabbling in football, Formula 1 or other sports. These deals are also getting increasingly elaborate, with brands outfitting athletes, teams and even entire leagues on and off the field.  This new wave of partnerships is about more than just looks or finding new audiences — it’s about cultural relevance.  “Fashion brands have looked to [sports] to market their products to groups of consumers who maybe weren’t targeted by these brands previously, and athletes themselves have become major brands and media businesses in their own right,” says BoF sports correspondent Daniel-Yaw Miller.This week on The Debrief, Executive Editor Brian Baskin and Senior Correspondent Sheena Butler-Young sit down with Daniel-Yaw Miller to explore how the worlds of fashion and sports are colliding like never before.Key Insights: For a partnership to be successful, it must feel authentic. Arsenal's collaboration with London-based brand Labrum, which presented a runway show at Arsenal's stadium is a prime example. The jersey colours draw influence from the Pan-African flag and hint to the histories of the players and the club. "That partnership makes sense on a cultural level and fans can buy into that authentic messaging rather than just a logo swap,” he says.As individual athletes gain larger followings, brands see more appeal in creating tailored partnerships with rising stars like Coco Gauff and Angel Reese. “Athletes now have a direct bond with fans that the previous generation of stars never had,” Miller notes. “Sports fans have had insights into Coco Gauff and Naomi Osaka’s lives since they were teenagers. They’ve grown with them, and that’s at the very essence of their appeal to these brands.”The rise of women’s sports has opened doors for fashion brands that previously overlooked the sector. "And that's really opened up the sports industry, which has traditionally been extremely male dominated. So a whole range of luxury womenswear brands that previously never really had an entry point into the sports industry,” Miller explains. Some sports struggle to find traction in the fashion world. While Formula 1 has embraced luxury, baseball remains on the sidelines. “Baseball has never quite broken out to have true global appeal in a sense that fashion could leverage,” Miller says. “I think baseball is very similar to where Formula One was before the Liberty Media acquisition, where there was a strict atmosphere around showing an interest in things that are outside the direct line of business for a baseball organisation that's hampered how much the sport and the athletes have been able to be in fashion.”Additional Resources:Fashion’s Sports Obsession Is No Accident | BoF How Athletes Became Fashion Week Royalty | BoF.Inside the Big Business of Styling Athletes | BoF 

Khalid Al Tayer, Managing Director of Al Tayer Insignia and CEO of the luxury e-commerce platform Ounass, leads one of the Middle East’s most powerful retail networks. In his first public interview at Oud Fashion Talks, Al Tayer shares insights into the rapid evolution of the Middle Eastern luxury market, the region's growing influence on global trends, and how his business approaches e-commerce with a customer-first mindset. He also discusses the strategic importance of respecting and investing in the Middle Eastern customer while creating opportunities for regional talent to flourish in the luxury landscape.“The brands that have taken [the Middle Eastern] customer as a very important customer and respect them are seeing benefit. The ones that approach this customer as, ‘They’re just going to buy what we make, and we’re going to do … a good enough job because we’re busy somewhere else,’ are not benefiting. Respect the Middle Eastern customer,” shares Al Tayer.This week on The BoF Podcast, BoF founder and editor-in-chief Imran Amed sits down with Al Tayer to discuss the growing influence of the Middle Eastern luxury market and how businesses can succeed by prioritising the evolving needs of the regional customer.Key Insights: Despite challenges in global luxury, Al Tayer points to the Middle East as a resilient outlier in the industry, especially post-Covid. Brand investment in top-tier store experiences, thoughtful activations, and tailored assortments have fostered a deeper connection with the local customer. “The Middle East … has been a shining candle in the industry generally because of the resilience and the growing sophistication of the Middle Eastern customer,” Al Tayer notes, attributing this shift to brands recognising the importance of this loyal market.Al Tayer forecasts that e-commerce will soon make up half of all luxury retail in the region, with Ounass already pushing double-digit growth in this area. “In the next few years … 50 percent of the sales of retail will be online,” he says, describing an evolving model he calls “luxury convenience.” While physical stores will still offer unparalleled experiences, online platforms like Ounass meet the growing demand for digital access and seamless customer journeys.Al Tayer attributes his company’s success to “fanatical focus” and the dedication of his team. “First and foremost, it's all about team and surrounding yourself with the right people,” he says. “I try to build trust by allowing them to have ownership. When they have ownership, they really drive the business like it's their own.” In an industry that requires high levels of execution, he recommends patience and focusing on the details that matter. “Focus on what you’re doing and get it right,” he advises, urging new entrepreneurs to remain committed and data-driven.Additional Resources:BoF Insights | Fashion in the Middle East: Optimism and Transformation What Escalation in the Middle East War Means for the Industry | BoF 

Growing up in Hamburg with a photographer father and a stepmother who ran a vintage boutique, Robert Geller was immersed in the world of fashion, art and creativity from a young age. His journey from Marc Jacobs intern to co-founder of cult New York fashion label Cloak to creative director at Rag & Bone is the result of his personal philosophy of saying yes to new opportunities. “The key thing is saying yes. Just do it and try it. It's always better to do something than not to do it,” shared Geller. “Even if it doesn't go right, you learn a ton from it. You're always better off going out and trying something."This week on the BoF Podcast, founder and CEO Imran Amed sits down with Geller to explore his journey, learn about the ups and downs of building an independent fashion label, and why he’s taken on his new role as creative director at Rag & Bone.Key Insights: Growing up, Geller was deeply influenced by his creative surroundings and his stepmother played a pivotal role in shaping his fashion sensibilities. “She owned a second-hand store in Hamburg, but she only sold Japanese fashion labels,” he recalls, pointing to brands like Comme des Garçons and Yohji Yamamoto. Trips with her to Paris, where she would take him to “beautiful boutiques,” ignited his passion for fashion. “At a very young age, I really enjoyed it. I sort of found the magic of fashion in these places and in these clothes.”Geller’s first major venture in fashion, Cloak, became a cult label in New York in the early 2000s. Geller left Cloak after the A/W 2004 collection, with the brand finally closing down in 2007. As Geller candidly explains, “We were not really focusing on making money. We didn’t know how to do it, but we knew how to make great clothes and how to put on fun shows.” The purity of vision behind Cloak was undeniable, but it ultimately lacked the business foundation needed for sustainability.  While Geller has always embraced creativity, he also understands the importance of balancing it with the practicalities of running a business. “I respect the need for the sales and need for the business, that’s the fuel,” he says. “One cannot exist without the other. You can’t have a collection without getting the business right and having sales,” Geller adds.After years of running his own label, Geller made the leap to become creative director at Rag & Bone in 2023. Reflecting on his approach, he says, “It just needed another layer of excitement... I felt like it was lacking conversations, the exciting pieces, the layer on top that really exemplified the peak of the brand.” Geller’s vision involves integrating the brand's core strengths, like denim, with modern elements to create a cohesive, elevated collection. “It’s not a revolution... we're just trying to layer something on top that’s exciting.”Additional Resources:Groundhog Day at Rag & Bone | BoFMarcus Wainwright on Rag & Bone and Going It Alone | BoF A Different Kind of Dream at Rag & Bone | BoF

A growing number of direct-to-consumer brands are disrupting the luxury market by offering high-quality alternatives at more affordable prices. As traditional luxury brands focus on the ultra-wealthy and fast fashion dominates the budget market, these “dupe” brands cater to middle-class consumers who feel priced out of luxury but still want value for their money. Through transparent pricing and savvy use of social media, they are reshaping how consumers think about value and quality.“The term dupe stems from duplication, but it also does speak to consumer sentiment around pricing today - they do feel duped,” says e-commerce correspondent Malique Morris. “Luxury brands have exponentially raised their prices for hip products in a way that is locking out middle class shoppers who typically could splurge on a few nice bags or a few nice sweaters a year.” Key insights:As luxury brands continue to hike prices for their most popular products, middle-class consumers are feeling increasingly excluded from the luxury market. This sentiment is fueling the rise of brands like Quince and Italic. “Luxury brands have exponentially raised their prices for hip products in a way that is locking out middle class shoppers who typically could splurge on a few nice bags or a few nice sweaters a year,” says Morris. “The check is going to come due for luxury brands to explain why their prices are so high.”Dupe brands take advantage of this dynamic by being open about their costs, breaking down exactly how much it takes to produce their items and what they’re selling them for. “Dupe brands are almost annoyingly transparent about pricing in terms of breaking down,” Morris explains. “That’s refreshing for middle-class shoppers who are seeing the prices of things like milk and eggs rise inexplicably. Outside of this vague bogeyman of inflation, their dreams of owning a Chanel bag is moving further away with no real explanation on that front either.” Platforms like TikTok and Instagram have been instrumental in the rise of dupe brands, where influencers showcase cheaper alternatives to high-end products. However, the sustainability of this trend is uncertain. “If consumers stop caring about dupes and engagement goes down, then social media leverage on this front will die out for these brands, but right now, it really is a boon for them,” says Morris.While price is the main draw for dupe brands now, they will need to evolve beyond being simply the cheaper alternative. “What is our differentiator beyond offering good prices now? What is our storytelling? What are our products that are unique to us? If dupe brands can answer those questions, they’ll stop being seen as just cheaper versions,” says Morris. Additional Resources:What Luxury ‘Dupe’ Brands Get Right About Shoppers | BoF Is Dupe Culture Out of Control? | BoF