The Business of Fashion Podcast

Fast fashion upstart Shein set the industry ablaze this month after reports it was seeking to raise $1 billion in funding at a $100 billion valuation, according to Bloomberg. Shein has upended fast fashion by making apparel at jaw-droppingly low price points and gaining market share, attracting major investors. But is it profitable?   “Even if Shein isn’t profitable now, the thesis is that if enough people shop from the brand it would be able to leverage some of its operational costs … It could become a very lucrative business,” said Chen.    Key Insights While it is unknown whether Shein is profitable, the retailer drives ultra-high sales volume and razor-thin margins  Shein is powered by a nimble, AI-driven supply chain, which allows it to produce a plethora of trendy items for an internet-obsessed young fashion audience almost instantaneously.  The retailer’s app uses casino-like tactics and rewards to draw shoppers in and keep them buying, sharing and engaging.  Despite its murky manufacturing process and reputation for amplifying rates of consumption, Shein is popular among young consumers — who purport to care about sustainability.     Additional Resources The $100 Billion Shein Phenomenon Explained: Reports revealed that Shein is seeking over $1 billion in funding at a $100 billion valuation. BoF breaks down how the fast-fashion disruptor has built a global business that now rivals Zara and H&M. How to Compete With Shein: The Chinese fast fashion giant built an empire on unmatched speed-to-market and unbelievably low prices. To compete, others must play a different game.     Search for 'The Debrief' and make sure to follow wherever you get your podcasts to never miss an episode.   Join BoF Professional today with our exclusive podcast listener discount of 25% off an annual membership, follow the link here and enter the coupon code ‘debrief’ at checkout.  Want more from The Business of Fashion? Subscribe to our daily newsletter here. Hosted on Acast. See acast.com/privacy for more information.

In the final episode, professor of psychology Sheldon Solomon, Depop’s head of sustainability Justine Porterie, The Fabricant’s head of content and strategy Michaela Larosse and Chloé's chief sustainability officer Aude Vergne join retail futurist Doug Stephens to explore how evolving consumer preferences are shaping purchasing decisions. In this final episode of Retail Reborn, we explore the future consumer’s preferences and needs, and how this is shaping their purchasing decisions, from the V-shaped recovery of the personal luxury goods industry in 2021 to the renewed verve in, and take on, the experiential economy as the world reopened post-global lockdowns. “It’s worthwhile to question the extent to which some of the changes we are witnessing are truly indicative of longer-term shifts in behaviour, or an almost primally motivated response to the profound medical threat of the pandemic, not to mention the social, political and economic unrest that it has unleashed,” says podcast host and retail futurist Doug Stephens. The conversation examines human behaviour and the effects the pandemic might have played in the mindsets of young consumers, before discussing evolving attitudes towards ownership, the rise of responsible goods and sustainability in a luxury fashion house and the resale market — an industry expected to nearly triple by 2025. Finally, we explore virtual technology’s presence in consumption preferences, from the evolution of sampling processes to the increased interest in digital products. Indeed, the metaverse is projected to provide a $50 billion revenue opportunity for luxury by 2030, according to Morgan Stanley, and the first Metaverse Virtual Fashion Week took place last month. To break down what consumers will buy, four global experts share their insights and expertise with host Doug Stephens. Listen to all episodes of Retail Reborn Season 2 on the BoF Podcast, to discover actionable insights into the opportunities and challenges the consumer of tomorrow will bring. Brookfield Properties is building marketplaces of the future that meet the needs of the modern shopper. Discover more. Hosted on Acast. See acast.com/privacy for more information.

Teacher, farmer and indigenous women’s rights activist Seno Tsuha travelled over 40 hours from her home in Nagaland, northeast India, to reach Soho Farmhouse in time for BoF VOICES 2021 because she had an important message to share with the global fashion community.  “When it comes to textiles we use, it’s not just a piece of cloth, it has cultural meaning,” said Tsuha. “When we talk about respect, especially in fashion, it’s very important to understand the local context or historical context and also the social meanings, the cultural meanings attached to the piece of cloth. If you understand that, and if you acknowledge that, that’s where respect comes in.” Alongside Rebecca Hui, the founder of indigenous arts organisation Roots Studio, Tsuha led a compelling conversation on why cultural inspiration doesn’t always have to be problematic. Together, they suggested a framework for more mindful cross-cultural borrowing rooted in respect, reciprocity and remuneration. Want more from The Business of Fashion? Subscribe to our daily newsletter here. Hosted on Acast. See acast.com/privacy for more information.

In this weekly series,  BoF’s chief correspondent will go behind the scenes of the $2.5 trillion global fashion industry.  Fashion has the ability to move markets, shake up cultural norms and even transform society. But who — and what — are the forces driving major change? We’re answering that question on The Debrief, a new weekly podcast series from The Business of Fashion, where we go beyond the industry’s glossy veneer to understand how the fashion business is evolving, from the inside out. Hosted by BoF’s chief correspondent Lauren Sherman, The Debrief will be your guide into the megalablels, indie upstarts and unforgettable personalities shaping the $2.5 trillion global fashion industry. Each week, Lauren will take you through BoF Professional story —  in conversation with our correspondents and industry experts — to unpack the analysis and insights you need to know to navigate an industry undergoing rapid change.From the rise of direct-to-consumer disruptors, to the rapid consolidation of the luxury industry, to cultural shifts turning beauty upside down. BoF covers it all.   Search for 'The Debrief' and make sure to follow wherever you get your podcasts to never miss an episode. Join BoF Professional today with an exclusive 25% discount on an annual membership, follow the link here. Email Lauren with your feedback, ideas and tips at lauren.sherman@businessoffashion.com  Hosted on Acast. See acast.com/privacy for more information.

Adjunct professor in global digital economy Winston Ma, design and blockchain expert Marjorie Hernandez de Vogelsteller, and fashion tech lawyer Gina Bibby join founder of Retail Prophet, Doug Stephens, to assess the evolving payment space and behaviour. This episode tackles how consumers will shop, deep diving into the transaction processes themselves and how methods of payment are changing, from biometric payment to the Replenishment Economy, as well as innovative paths-to-purchase and how brands and retailers are engaging with them, including the gamification of sales and products. In 2020, Epic Games reported over $1 billion in microtransaction sales from the mobile version of the Fortnite game alone, across in-game upgrades, costumes and player capabilities. Seeing the potential in this space, brands across the value spectrum have embraced the world of gaming, from Nikeland on Roblox to Balenciaga’s Afterworld: The Age of Tomorrow to showcase the brand’s Autumn Winter 2021 collection. “Both gaming and livestreaming are part of a broader move toward [...] ambient retail — a state where retail is everywhere, woven into every social or entertainment experience. [It is] an evolution that may spell the end of the centralised and search-driven web shopping convention we’ve lived with for the past 30 years,” says podcast host and founder of Retail Prophet, Doug Stephens. The conversation also considers the evolution of currency, from crypto and blockchain to Bitcoin and Ethereum, detailing their distinct qualities, entrance into the mainstream payment space and popularity among next-gen consumers. Indeed, more than half of Millennial millionaires have at least 50 percent of their wealth in crypto, while nearly 60 percent of Gen-Z believe wealth is achievable through investments in cryptocurrency, according to Business Insider. To deep dive into how the next-gen consumer will buy products and experiences in the future, BoF gathers three global authorities to share insights with host Doug Stephens. Follow the series to ensure you never miss an episode and discover actionable insights into the opportunities and challenges the consumer of tomorrow will bring, and how retail’s transformation will impact your business. Brookfield Properties is building marketplaces of the future that meet the needs of the modern shopper. Discover more. Hosted on Acast. See acast.com/privacy for more information.

The former barrister and author of “A Dutiful Boy” examines intersectionality and identity at BoF VOICES.  Just before the pandemic hit, Mohsin Zaidi, former barrister and author of the memoir “A Dutiful Boy,” was preparing for his wedding. When he tried on his sherwani, a traditional garment for South Asian grooms, he didn’t feel excited. Zaidi spent his whole life battling between his Muslim faith and his identity as a gay man.  In his inspiring talk from BoF VOICES 2021, Zaidi examined the thorny topic of intersectionality and identity. On the latest episode of The BoF Podcast, Zaidi shares his experience of finding peace with multiplicity, cultivating bravery and pushing through fear.  “We are all born whole. We are born one thing, but quickly broken into parts because of societal expectations and cultural norms,” he said.  Want more from The Business of Fashion? Subscribe to our daily newsletter here. Hosted on Acast. See acast.com/privacy for more information.

McKinsey’s head of retail practises in Central and South America Tracy Francis, luxury analyst Erwan Rambourg and Warby Parker’s SVP of retail Sandy Gilsenan join Doug Stephens, founder of Retail Prophet, to examine the global forces redefining consumer behaviour and circumstances, and the implications on retail habits. BoF assesses how the climate crisis and economic downturns are impacting consumer behaviour and retail practices, before addressing the new centres of wealth and income polarisation on a global scale. In the US, for example, more than 50 percent of American wealth in 2020 was held by Baby Boomers, or those born between 1946 and 1964, while Millennials held less than 10 percent, according to Harvard Business Review. In contrast, young consumers in China are powering an unprecedented level of spending as the first generation to come of age during China’s economic revolution — almost 80 percent of luxury spending in China today is by those under the age of 40. The conversation goes on to analyse younger consumers’ relationship with luxury, and the industry’s evolution in democratising access for such consumers, before considering the strategy behind one direct-to-consumer brand’s post-pandemic brick-and-mortar expansion plan, attuned to the next-gen consumer whose expectations far exceed those of previous generations. Follow the series to ensure you never miss an episode and discover actionable insights into the opportunities and challenges the consumer of tomorrow will bring, and how retail’s transformation will impact your business. Brookfield Properties is building marketplaces of the future that meet the needs of the modern shopper. Discover more. Hosted on Acast. See acast.com/privacy for more information.

Four years ago, writer and activist Sinéad Burke made her debut at BoF VOICES, when she implored the fashion community to start designing for disability, noting that the global spending power of disabled people is more than $1.9 trillion.  Following a series of high-profile appearances after VOICES 2017 — from Davos to the Met Gala — Burke has been honing her sense of mission and purpose, and has come to the conclusion that creating products for disabled people is not enough.  In her return to the BoF VOICES stage in 2021, she said: “If change is only embedded in the present, change will be a moment, not a movement.”  Burke lays out a path for removing abelism from our society. Systemic change, she said, has to happen based around four pillars: people, places, product and promotions, and be jump-started with awareness, allyship and advocacy.  In short this means “nothing about us, without us.” Hosted on Acast. See acast.com/privacy for more information.

Associate professor Thomas J. Campanella, ‘Godmother of the Metaverse’ Cathy Hackl and Stôur Group co-founders Sonny Gindi and Eden Melloul join Doug Stephens, founder of Retail Prophet, to discuss how physical and virtual consumer landscapes are evolving to meet next-gen consumer demands.  Presented by Brookfield Properties, BoF investigates the consumer of tomorrow — how new fundamentals will shape the lives and behaviours of the next-generation consumer, and the impact on the retail industry today. We begin by examining the redrawing of city life as new lifestyle patterns have propelled a seismic shift in the urban landscape. Globally, cities experienced a mass exodus of residents and commuters as the pandemic popularised remote living and working.  The episode goes on to discuss how retailers are exploring innovative methods and use-cases for physical retail to better engage consumers in-store, such as New York’s Allure Store and its focus on media as the store’s metric for success.  The conversation also illuminates the fast-emerging retail opportunities within the metaverse, discussing luxury fashion and beauty’s initial steps into this space, and the potential in leveraging the likes of NFTs, skins and blockchain technologies. Indeed, BoF and McKinsey & Co.’s State of Fashion Report 2022 cites estimates that the total addressable market for digital fashion is $31 billion. Follow the series to ensure you never miss an episode and discover actionable insights into the opportunities and challenges the consumer of tomorrow will bring, and how retail’s transformation will impact your business. Brookfield Properties is building marketplaces of the future that meet the needs of the modern shopper. Discover more. Hosted on Acast. See acast.com/privacy for more information.

Since Russia’s invasion of Ukraine just four weeks ago, thousands of people have been killed and  more than 10 million people have been displaced. Among those impacted are Julie Pelipas, former fashion director of Vogue Ukraine and founder of fashion upcycling platform Bettter; Lilia Litkovskaya, designer and founder of her namesake brand and Vadim Rogovskiy, chief executive and founder of virtual try-on company 3DLook.  On the latest episode of The BoF Podcast, Pelipas, Litkovskaya and Rogovskiy spoke to BoF founder and editor-in-chief Imran Amed to share their personal reflections and experiences, and examined what's next for the Ukrainian fashion industry. Resources to Support the Ukrainian Fashion Community: Bettter Community: https://community.bettter.us/ Help Ukraine Win: https://helpukrainewin.org Lilia Litkovskaya: https://litkovskaya.com/   Hosted on Acast. See acast.com/privacy for more information.