The Retail Pilot

Pete Nordstrom, President and Chief Brand Officer of Nordstrom, shares his journey from sweeping floors at age 12 to leading a retail giant. He emphasizes the importance of customer experience and innovative brand collaborations. The conversation touches on Nordstrom’s commitment to pay equity, community giving, and evolving customer expectations in the digital age. Pete also explores how the company adapts retail strategies, leveraging partnerships with emerging brands and integrating online services to enhance shopping experiences.

Ken Pilot interviews Denise Incandela for this flight of The Retail Pilot. Denise Incandela is Executive Vice President of Fashion and Private Brands for Walmart U.S. In this role, Denise is propelling Walmart’s reputation as a fashion destination, helping democratize access to stylish, quality apparel for Walmart’s 140 million weekly shoppers.Before joining Walmart, Denise rose through the fashion industry ranks with roles as CEO of Aerosoles, President of Global Digital and Customer Experience for the Ralph Lauren Corporation and before that, EVP and CMO of Saks Fifth Avenue. Denise started her post MBA career at McKinsey & Company, where she was a leader of its retail practice.Denise is a visionary retail executive and experienced public company board director who has transformed luxury brands and mass retailers for over 20 years, and she is renowned across the industry for her innovation and vision, team leadership and ability to drive results.Key takeaways from this podcast interview include:1.    Transformational Leadership: Denise Incandela's career trajectory reflects a commitment to transformational leadership. From her beginnings in investment banking and management consulting to her roles at Saks, Ralph Lauren, and Walmart, she has consistently sought opportunities to drive change and innovation within the retail industry.2.    Early Adoption of E-commerce: Denise's entry into the retail industry was marked by the nascent stage of e-commerce. Her pivotal role in launching Saks' e-commerce business in 1999 highlights her foresight and willingness to embrace new technologies and trends, even when they were not widely accepted.3.    Shift from Luxury to Mass Market: Denise's transition from luxury brands like Saks and Ralph Lauren to Walmart represents a significant shift in focus and target demographics. Despite the apparent disparity between luxury and mass-market retail, Denise saw an opportunity to leverage her expertise and drive transformation within Walmart's fashion segment.4.    Building Strong Private Brands: Walmart's focus on developing private brands with distinct identities and market appeal is evident. Denise highlights the importance of building robust design teams and investing in brand development to create cohesive, desirable offerings exclusive to Walmart.5.    Innovative Online Experience: Walmart's efforts to enhance the online shopping experience, particularly in the fashion segment, showcase a commitment to innovation. Features such as virtual try-on and social commerce initiatives demonstrate Walmart's willingness to embrace emerging technologies and adapt to evolving consumer preferences.6.    Transformational Focus: Walmart is heavily focused on transformation, particularly in the fashion sector. They recognize the need to evolve beyond their dominant apparel business and explore new opportunities to grow.7.    Marketing Evolution: The company acknowledges the changing landscape of consumer behavior and the importance of adapting marketing strategies accordingly. This includes leveraging technology and online platforms to reach consumers where they are.8.    Marketplace Strategy: Walmart places significant emphasis on its marketplace strategy, which allows third-party sellers to offer products on its platform. This approach enables Walmart to expand its assortment without the need for additional inventory, contributing to growth and customer satisfaction.9.    Store Reinvention: Walmart is actively reinventing its physical stores to enhance the fashion shopping experience. This involves overhauling assortments, improving visual displays, incorporating digital elements, and creating brand-focused environments to change c...

Ken interviews Amy Williams, the CEO at Citizens of Humanity Group, for this Flight of The Retail Pilot. Amy joined Citizens of Humanity as the company’s President in 2009 and ultimately assumed the Chief Executive Officer position in 2015, overseeing the business for the company’s family of brands including Citizens of Humanity and AGOLDE. Williams previous experience includes Executive Vice President at Lucky Brand Jeans and Senior Vice President of Product Development and Design for Gap Inc. Williams serves on the board at Girls Inc of Greater Los Angeles and empowerHER. She is an advisor to Every Mother Counts and Bay Area Women’s Sports Initiative. Key Takeaways Include:1.    Bridging Business and Design: Amy's career trajectory highlights the importance of bridging the gap between business strategy and creative design in the retail industry. She emphasized the significance of understanding consumer preferences, maintaining commercial viability, and fostering collaboration between merchandising and design teams. This balance between creativity and business acumen is crucial for successful product development and brand growth.2.    Entrepreneurial Leadership: Amy's transition from corporate roles to entrepreneurial ventures demonstrates her adaptability and leadership versatility. She thrived in both structured corporate environments, such as at Gap Inc., and in more dynamic, entrepreneurial settings, such as at Lucky Brand and Citizens of Humanity. Her ability to navigate different organizational cultures and drive results underscores the importance of entrepreneurial spirit and strategic vision in leadership roles.3.    Strategic Distribution Expansion: At Citizens of Humanity, Amy was tasked with developing a distribution strategy to expand beyond traditional wholesale channels. This involved exploring opportunities in specialty retail and e-commerce while working closely with company founders and private equity stakeholders. Amy's focus on diversifying distribution channels and adapting to evolving market trends reflects the agility and foresight required to drive brand expansion and maximize growth potential in the competitive retail landscape.4.    Sustainable Growth and Brand Integrity: Amy emphasizes the importance of sustainable growth and brand integrity. Citizens of Humanity and A Golde focus on quality products, investing in design, and maintaining high standards in distribution. They prioritize long-term brand development over short-term financial gains, taking inspiration from European brands that prioritize generational development.5.    Strategic Expansion and Retail Experience: The company aims to expand its retail presence thoughtfully, focusing on creating experiential and lifestyle-oriented stores rather than rapid expansion for the sake of growth. They seek to deepen relationships with existing retail partners, improve retail presentations, and explore opportunities for retail expansion in select locations.6.    Marketing and Brand Building: Instead of traditional marketing methods, Citizens of Humanity and A Goldie rely on organic brand building and word-of-mouth promotion. They prioritize product quality and strategic partnerships with tastemakers, avoiding paid advertising and focusing on creating a desirable brand image through events, partnerships, and thoughtful product placement.7.    Focus on Technology and Operations: While the company acknowledges the importance of technology in advancing their business, they admit to being more focused on other aspects due to their smaller team size. However, they recognize the need for technological advancements, particularly in areas such as inventory management and data analytics. Improving inventory accuracy, tracking product performance, and opti...

Ken interviews Simeon Siegel, Managing Director, Senior Analyst of Retail and eCommerce for BMO Capital Markets.Key takeaways from the interview include:1.    Role as an Equity Research Analyst: Simeon's job involves assessing publicly traded companies within the retail sector. He emphasizes the importance of being objective in his analysis, even if it means delivering hard truths that may not always be well-received by company stakeholders.2.    Divergence in Retail Performance: Despite macroeconomic fears and media narratives about the decline of retail, Simeon highlights that many retail companies are performing well. He notes significant revenue growth and improved gross margins in the retail sector, indicating positive consumer behavior.3.    Impact of Interest Rates: Simeon discusses the potential effects of Federal Reserve decisions on retail performance. While lower interest rates traditionally stimulate spending, he suggests that the impact may not be as significant for retailers, particularly those with strong cash positions and minimal debt.4.    Segment-Specific Performance: Retail success varies across different sectors and brands. Simeon emphasizes that success in retail requires a compelling story, understanding of the target customer, and execution. He notes that while certain sectors like luxury and teen retail are thriving, success isn't guaranteed solely by being in a favorable sector.5.    DTC (Direct-to-Consumer) Realities: There's a growing realization that DTC isn't always the golden solution it's made out to be. Removing the middle person doesn't necessarily lead to cost savings for the consumer; instead, the costs are absorbed differently. Brands pivoting to DTC may not see the expected increase in revenue, gross margin, or profit.6.    The Power of Off-Price Retailing: TJX (T.J. Maxx, Marshalls, HomeGoods) is recognized as a disruptor in the retail sector, despite its minimal e-commerce presence. Their model of selling expensive items at discounted prices has reshaped consumer perceptions and buying habits. Other off-price retailers may also take share from consumers but in different ways.7.    Reevaluating Growth Strategies: Companies like Under Armour, despite revenue size, may face challenges due to low gross margins. Reevaluating strategies, possibly shifting from over-distribution to focusing on quality over quantity sales, may be necessary for sustained profitability.8.    Tech Integration in Retail: While technology offers numerous solutions for retail, the challenge lies in identifying the most effective ones amidst the plethora of options. Companies should focus on tech solutions that reduce shrink, automate supply chains, and improve customer targeting, without letting technology overtake the core business.Hosted by Ausha. See ausha.co/privacy-policy for more information.

Ken interviews Nyakio Grieco, Co-founder of Thirteen Lune and Founder of Relevant: Your Skin Seen on this flight of The Retail Pilot - Leaders & Legends.Nyakio (pronounced Neh-Kay-Oh) Grieco is a beauty entrepreneur and advocate for clean, inclusive beauty that suits all skin types, tones, and needs. As a veteran beauty founder and trusted industry voice, Nyakio has launched successful businesses: her award-winning brand nyakioTM, based on her family’s Kenyan roots and beauty secrets that launched in 2002, and inclusive beauty e-commerce destination, Thirteen Lune, launched with cofounder Patrick Herning in 2020. Thirteen Lune launched as the first of its kind, e-commerce destination designed to inspire the discovery of beauty brands created by BIPOC founders that resonate with people of all colors. Thirteen Lune has since partnered with retailer JC Penney for inclusive beauty shop-in-shop locations in over 600 stores nationwide.Continuing her commitment to inclusive beauty Nyakio created Relevant: Your Skin Seen, a clean, science-led skincare brand that works for all skin tones and types. Working with top labs to ensure a diverse mix of chemists, Nyakio formulated each product with superfruits and actives in efficacious percentages to create products that truly perform. Most recently, the brand expanded into the cosmetics category with six color and complexion products. All products in the range are formulated with skincare benefits and serve and celebrate every skin tone, while hyper prioritizing consumers who have been underserved. Most recently, Nyakio Grieco has been honored with the CEW 2023 Female Founder Award, the Beauty Matter 2023 Future50 Award and included on the Inc. Magazine 2023 Female Founders 200 List. Key takeaways from the interview include:1.    Cultural Heritage and Beauty: Nyakio Grieco's journey into the beauty space was deeply influenced by her Kenyan heritage, particularly her grandmother's beauty secrets rooted in natural ingredients like coffee beans and sugar cane. This connection to her family's traditions and the use of earth-derived elements shaped her early interest in skincare.2.    Transition from Entertainment to Beauty: Despite initially pursuing a career in sports and entertainment, Grieco found herself drawn to the beauty industry through her work with actresses and exposure to beauty products. She noticed a gap in the market for products celebrating Africa's rich resources and heritage, leading her to pivot her career towards beauty entrepreneurship.3.    Challenges of Entrepreneurship: Grieco faced significant challenges as a black female founder, especially in accessing capital and navigating the beauty industry's landscape. Despite setbacks and failures, she persevered, leveraging mentorship, resourcefulness, and industry connections to keep her brand afloat and eventually succeed.4.    Creation of ThirteenLune: Following the acquisition of her brand by Unilever, Grieco co-founded Thirteen Lune with Patrick Herning, aiming to create an inclusive beauty retail platform highlighting products by black and brown founders. The platform aims to debunk stereotypes and provide visibility for diverse beauty brands, challenging the notion that these products are only for specific demographics.5.    Expansion and Future Vision: Despite the rapid growth of Thirteen Lune through partnerships with JCPenney and other retailers, Grieco remains focused on expanding the platform's direct-to-consumer presence and nurturing its brand identity. She sees opportunities for standalone stores, global expansion, and further development of their private label brand, Relevant. The goal is to continue championing diversity in the beauty industry while nurturing and growing the brands within the Thirteen Lune...

In a fascinating conversation, Tommy Hilfiger, Principal Designer of his globally recognized brand, reflects on his journey from a retail store in New York to fashion fame. He emphasizes the importance of making fashion accessible and reviving classic designs to resonate with today’s consumers. Hilfiger shares insights on innovative strategies, including embracing technology and influencer partnerships for brand evolution. His philanthropy and commitment to social initiatives make his story even more inspiring, shedding light on his vision for a better future.

Ken interviews Nick Graham, CEO of SPACEONE Industries and Founder and Chief Underpants Officer of Joe Boxer. Nick Graham changed the face of fashion when he turned his underwear company into one of America¹s most popular lifestyle brands. Graham coined the phrase "The Brand is the Amusement Park, the Product is the Souvenir” and uses this philosophy in everything he does.Graham was the first clothing designer on the internet in 1992, did the first live-streaming fashion show with Microsoft from an airplane hangar in Iceland and in 1998 installed the world’s largest e-mail in New York’s Times Square. He holds the record for the highest point a pair of underwear has been alone, (120,000 feet by single thrust rocket), and the unofficial record for the Worlds Fastest Fashion Show, (1.2 seconds by Human Cannonball).He staged the first transatlantic runway show 30,000 feet above Greenland with his friend Richard Branson, and is currently collaborating with Bill Nye the Science Guy.Currently Graham is the CEO of SPACEONE Industries that designs and produces space inspired consumer products for Men, Women and Children and is distributed through better department stores in the United States. The company also produces products for private space companies including Blue Origin, and Axiom to name a few. Graham has collaborated with many numerous space initiatives over his career including being major sponsor of the 50th Anniversary of Apollo 11 at Kennedy Space Center, launching Virgin Galactic with Richard Branson and having Apollo 11 astronaut Buzz Aldrin and Science Guy Bill Nye walk in his Men’s fashion show called “Life On Mars” at New York Fashion Week.1.    Building Personal Relationships in Business: The conversation between Ken and Nick highlights the importance of personal connections in business relationships. Despite the professional setting, their banter shows a long-standing friendship, emphasizing the significance of personal rapport in business dealings.2.    Entrepreneurial Journey: Nick Graham's journey from designing ties to founding Joe Boxer illustrates the entrepreneurial spirit and the unpredictable paths that lead to success. From humble beginnings to significant brand launches, his story underscores the importance of seizing opportunities and embracing creativity.3.    Branding and Marketing Strategy: Nick Graham's approach to branding emphasizes emotional engagement and storytelling. His philosophy that "the brand is the amusement park and the product is the souvenir" encapsulates the idea of creating an emotional connection with consumers, transcending the mere transactional aspect of purchasing.4.    Innovation and Adaptation: The evolution of Joe Boxer, from its inception to its collaborations with major retailers like Macy's and Kmart, demonstrates the importance of innovation and adaptation in staying relevant in the market. Nick's willingness to pivot and explore new ventures, such as his foray into fragrance and consulting with JCPenney, underscores the entrepreneurial mindset needed for sustained success.5.    Community and Brand Loyalty: The discussion touches upon the significance of building a community around a brand and fostering brand loyalty. Nick highlights the importance of understanding and speaking to the target audience, creating a sense of belonging, and fostering brand evangelism among consumers. This underscores the idea that successful brands go beyond selling products; they create a lifestyle and communitythat resonates with their audience.6.    Humor and Emotional Connection in Branding: Nick Graham emphasizes the importance of incorporating humor, irony, and a sense of fun into brand design to create emotional connections with customers. He believes that this approach sets his b...

Ken speaks with Lori Coulter, Co-Founder and CEO of Summersalt, on this Flight of The Retail Pilot - Leaders & Legends. Lori Coulter is the Co-Founder and CEO of Summersalt, a generation-defining lifestyle brand known for its data-backed fit and designer quality products without the designer price tag. In 2020, she was named one of Inc. Magazine’s Top 100 Female Founders. Lori and her Co-founder, Reshma Chattaram Chamberlin, launched Summersalt to change the conversation around swimwear and address a true market gap by creating designer swimwear without the designer price tag. Summersalt’s product is data-backed with 1.5 million measurements taken from 10,000 women’s body scans.From day one, Summersalt knew it wouldn't stop at swimwear. The first challenge was to transform the swimwear shopping experience from being intimidating and vulnerable to fun and empowering. Quickly, Summersalt expanded to include adventure-friendly essentials that help make every aspect of a woman's wardrobe more joyful and comfortable—from sleepwear to intimates to activewear. Named one of the Top 100 Upstarts in the world by CNBC, The Lead’s Breakout Company of the Year, and Fast Company’s Brands That Matter in 2022, the brand has seen exceptional growth and consumer adoption, garnering praise from leading outlets including Vogue, Elle, CNN and Forbes. Prior to launching Summersalt, Lori, a veteran start-up founder with deep expertise in design, supply chain and ecommerce, launched one of the first mass customization startups at the intersection of technology, fashion and data to incorporate body scanning and made-to-order manufacturing. Lori holds a Master of Business Administration from Washington University in St. Louis and a Bachelor of Business Administration from Baylor University. She serves on the Board of Trustees at her alma mater Washington University in St. Louis and champions inclusive economic development and entrepreneurship as a member of the University’s Skandalaris Center National Council. Outside of Summersalt, Lori enjoys spending time with her husband and two sons, and exploring the world through her love of travel and adventure. Key takeaways from this episode are:1.    Customer-Centric Approach: Lori Coulter emphasizes the importance of understanding and meeting the needs of the consumer. From the early stages, they focused on creating swimwear that empowered women to feel confident and engage with life. Their emphasis on fit, inclusivity, and sustainability reflects their commitment to their customers' values and preferences.2.    Direct-to-Consumer Success: Summersalt's success largely stems from its direct-to-consumer business model. By bypassing traditional retail channels and selling directly to customers online, they maintain a closer connection with their audience and have more control over their brand experience. This approach allowed them to optimize fit based on real-time feedback and manage returns effectively.3.    Strategic Partnerships and Collaborations: Summersalt leverages strategic partnerships and collaborations to expand its reach and grow its brand. They've collaborated with major retailers and plan to continue doing so, utilizing physical retail spaces alongside their online presence to reach a wider audience.4.    Adaptability and Resilience: The company demonstrated adaptability and resilience, particularly during challenging times such as the COVID-19 pandemic. Despite facing a significant drop in revenue, they managed to bounce back and even thrive by tapping into consumer demand for swimwear and leveraging their online presence.5.    Holistic Marketing Strategy...

Ken interviews Co-Founders of Negative, Marissa Vosper and Lauren Schwab.Lauren Schwab co-founded Negative in 2014 alongside Marissa Vosper with no experience in the fashion and manufacturing industry. With a passionate belief that women deserved to love the garments closest to their skin, Lauren taught herself every stage of developing, fitting and producing beautiful and functional intimate apparel. Prior to Negative, Lauren started her career in finance, working at two globally recognized investment management firms. Lauren was selected as one of WWD's 40 Under 40 list of industry notables who are changing the face of retail, fashion and the beauty industry. She graduated from the University of Pennsylvania with degrees in Art History and Diplomatic History. When she isn't working on Negative, she loves spending time with her husband and 3 little kids.Marissa Vosper was born and raised in Boulder, CO. She attended the University of Pennsylvania, earning degrees in Political Science and Spanish Language. After establishing her early career in branding, she co-founded Negative in 2014 alongside Lauren Schwab. Within the company, Marissa is focused on all aspects of brand strategy, communications, marketing, web and customer experience. Prior to Negative, she worked at two large branding agencies for a variety of clients, including Fortune 500 corporations, fashion labels, luxury brands and start-up businesses. She was honored as part of the Forbes 30 Under 30 List of Entrepreneurs for Art & Style. Marissa currently resides in New York City with her husband and 3 sons.Key takeaways from this episode include:1.    Inspiration Behind Negative Underwear: Marissa and Lauren were inspired to start Negative Underwear after recognizing a gap in the market for high-quality, minimalist lingerie. Dissatisfied with the options available, they embarked on a four-year journey from concept to launch, conducting market research and product development while maintaining full-time jobs.2.    Differentiation in the Market: Negative Underwear aimed to distinguish itself by offering a product that combined high-quality raw materials sourced from European heritage mills with an accessible price point through a direct-to-consumer model. The founders identified a lack of options between luxurious, but expensive, brands and mass-market, poorly made options, positioning Negative Underwear in a unique space.3.    Strategic Naming and Branding: The name "Negative" was chosen to reflect the brand's commitment to minimalism and a direct, provocative appeal. The founders wanted to stand out from other lingerie brands that often had French or girly names. The name embodied their vision of creating a straightforward, American brand that challenged existing norms in the lingerie market.4.    Self-Funding and Growth Philosophy: Negative Underwear has achieved substantial growth without external funding. Marissa and Lauren emphasize the importance of sustainable and thoughtful growth, drawing parallels to iconic brands that built their success over time. They prioritize making a superior product and focus on creating brand allegiance through a methodical and customer-centric approach.5.    Future Growth Opportunities: While the brand has primarily focused on direct-to-consumer sales, the founders acknowledge the potential for growth in various channels, including wholesale, retail, and even exploring platforms like Amazon. Despite having experimented with pop-ups and partnerships in the past, their lean approach allows themto adapt quickly to new opportunities, leaving the door open for potential expansion.6.    Lean Team and Profitability: Negative has maintained a lean team with around 15 full-time employees, emphasizing a disciplined and profitabl...

Ken interviews Jeanne Jackson for this Flight of The Retail Pilot.Jeanne P. Jackson is CEO of a private equity and consulting firm that she founded in 2002, MSP Capital. In 2018, she retired from Nike, Inc. after 16 years, serving first as a Board member for 7 years, then stepping into successive roles inside the Company as President, then Senior Advisor to the CEO. She recently retired from the Board of Directors of McDonalds, Inc., where she served since 1999, holding positions as Chair of the Compensation Committee, Chair of the Finance Committee, and member of the Governance Committee. She also recently retired from the Board of Kraft-Heinz, Inc., having served with Kraft Inc., since 2012, through the sale to a Warren Buffett/3G led Heinz, and staying with the combined Kraft Heinz entity until her retirement in May. She served on the Audit Committee and the Corporate Governance Committee. She serves currently as Director for Monster Beverages, Inc., and Delta Airlines,Inc., on both Finance and the People and Compensation Committees. In the past, Ms. Jackson has also served on the Boards of Nordstrom, Inc., Nike, Inc., Harrah’s Inc., Motorola Mobility Inc. (through its sale to Google), Williams-Sonoma, Inc., CRS Inc., and West Marine, Inc. Ms. Jackson has previously served as the Chief Executive Officer and President of Wal-Mart.com USA, LLC , President and Chief Executive Officer of Banana Republic, a Division of Gap, Inc., while simultaneously as President and Chief Executive Officer for Gap Inc.’s Direct division. Prior to Gap, Inc., Ms. Jackson held various retail and consumer Brand management positions with Victoria’s Secret, The Walt Disney Company, Saks Fifth Avenue, and Federated Department Stores.Ms. Jackson has served on the Board of Advisors of the Harvard Graduate School of Business, and University of California, Irvine Merage School of Business. She is the Past President of the United States Ski and Snowboard Foundation Board of Trustees, and served on numerous Community Boards. She is currently a member of the International Women's Forum of Las Vegas, and has, in the past, been recognized by Business Week as “One of the Year’s 25 Best Managers,” by Fortune as one of “The Most Powerful Women in Business,” and by Ad Age as one of “The Most Powerful Women in Sports.” Ms. Jackson holds a BS from the University of Colorado, and an MBA from Harvard’s Graduate School of Business Administration.Key takeaways from the podcast highlight Jeanne Jackson's impactful career in retail, showcasing her leadership skills, strategic thinking, and contributions to transforming and growing iconic brands.1.    Transformation of Banana Republic: Jeanne Jackson reflects on her leadership at Banana Republic, where she took the brand from being perceived as a stepchild to becoming a formidable brand within the Gap portfolio. This transformation involved assembling a high-quality team and pushing against opposition to lead the brand into the e-commerce space.2.    Transition to Retail Career: Jeanne's journey into retail wasn't initially planned. She had intended to enter the consumer packaged goods industry but was convinced by someone in the retail sector, Frank Arnone, to explore a career in retail. This encounter shifted her trajectory, leading her to successful roles at various retail companies.3.    Learning and Leadership Development: Jeanne attributes her leadership skills to lifelong learning and accumulating experiences. From her early exposure to extemporaneous speaking in high school to her experiences in business school, including the Harvard Business School method's case study approach, she developed the ability to assimilate data quickly and make decisions convincingly.4.    Selecting Board Positions: Jeanne shares her approach to selecting b...