Hello BoF Professionals, your exclusive ‘This Week in Fashion’ briefing is ready, with member-specific analysis of this week’s main topics and summaries of this week’s top stories.
On Wednesday, Instagram Vice President for Eva Chen’s Fashion Partnership released a 13-page “manual” about how to stage a virtual fashion show on the platform, which includes practical instructions on topics ranging from sending invitations to utilizing influencers to re-creating backstage interviews.
Measures of social alienation and a travel ban aimed at slowing the spread of the Covid-19 pandemic have forced cancellation of traditional fashion shows in the future, presents opportunities for land grabbing for popular digital platforms like Instagram.
YouTube is also a competitor. Her own fashion contact person Derek Blasberg recently worked with Carine Roitfeld to re-arrange her annual AmfAR charity event as a virtual event. Then there is the fast-growing TikTok video sharing application, which is popular with teens and teens.
But Instagram is in the best position to seize opportunities. This platform has long been a favorite of industry insiders and fashion enthusiasts. And for many brands, whose foundation is now multiplying as a consumer marketing lens, Instagram engagement is already a critical success metric and performances are often arranged with complicated tools and performance elements that serve as Insta feeds for influencers.
Now, lockdown has encouraged millions of consumers to embrace live video as the next best alternative for real-life interactions, driving a 70 percent jump in the use of Instagram’s “Direct” functionality in April. The platform is said to be testing a new ‘Simulcast to Facebook’ feature that will allow users to reach a larger audience. And, this week, Mark Zuckerberg, founder and chief executive of Facebook, Instagram’s parent company, announced new shopping feature, which means shows that are staged on a platform can have better opportunities to drive sales.
It’s not hard to imagine Instagram interrupting digital fashion week.
Instagram is certainly an attractive choice for brands that are considering how and where to show off virtual fashion shows this season. However, the fashion councils in London, Paris and Milan, which hold some of the most important fashion weeks in the world, are building their own goals to host digital fashion week in June and July, targeting consumers and industry professionals, and placing themselves in competition with people like Instagram.
How do they drive significant traffic to these goals? Will influencers and journalists find them attractive enough to be strengthened? And if you are a brand, wouldn’t you rather use a platform with a proven user experience where many people have gathered?
It’s not hard to imagine Instagram disturbing these platforms, along with the idea of holding a digital fashion week from the start.
Traditional fashion week exists because the physical world is full of friction. When people have to travel to other countries to attend fashion shows, it makes sense to bring together various brands and hold shows at certain times and places to minimize friction and maximize engagement.
But the internet is different. Just as e-commerce has unbundled department stores, eliminating the need to buy everything under one roof when a world of specialist retailers is just a click away, platforms like Instagram reduce the need for digital fashion week that combines brands together in one time and place, allowing innovation to flourish by making it easier for designers to show their collections whenever, wherever and however they wish.
Of course, this pandemic will not cancel physical fashion shows forever. Fashion week has an important role in uniting the industry. And digital shows tend to prove a poor substitute for the magic of traditional shows, which powerfully utilize the physical presence of the “right” people – celebrities, influencers and other taste makers – to make a dreamy fashion machine spin, turning a dress into a desirable object .
What is important, Instagram does not see the application as a substitute for a physical fashion show. “We don’t at all see Instagram as a substitute for traditional events, but we want to do what we can to provide solutions during these times, and we hope this is a good place to start,” it reads.
But when physical shows really come back and make a fashion week with them, brands are unlikely to return to a one-size-fits-all approach. It’s easy to imagine a designer like Virgil Abloh holding a fashion analog with the virtual concert of Travis Scott in the video game battle Fortnite Royale, which draws 12.3 million players together, for the next Louis Vuitton show. Why did he return to the traditional catwalk template when the pandemic passed?
It is very doubtful that Instagram will ever have or disrupt the whole fashion week. But one or two season brands appear on the platform and explore new possibilities for how and when presenting their collections can certainly change the way fashion week works.
MODE, BUSINESS AND ECONOMY
Nike Air Jordans 1 sells for $ 560,000. Sotheby’s auction coincides with the 35th anniversary the Nike Jordan brand and a 10-part ESPN documentary The last dance. Air Jordan 1s, designed for Jordan by Nike in 1985, are estimated to cost between $ 100,000 to $ 150,000 but instead broke the world record for sneakers: $ 437,500 was paid for a pair of 1972 Nike running shoes known as Moon Shoes.
J.C. Penney filed for bankruptcy protection. The US department store chain said it reach an agreement with existing lenders of $ 900 million in financing to help operations while it navigates the bankruptcy process. J.C. Penney said it was exploring sales as part of a new financing strategy, and it will close 29 percent shop to save money. The chain anticipates the cancellation of several billion dollars in debt as part of the bankruptcy process.
Macy warned of quarterly losses of up to $ 1 billion. Department store operators expect first-quarter sales between $ 3 billion to $ 3.03 billion, down from $ 5.50 billion a year earlier. Macy investment bank hired by Lazard Ltd last month to help him strengthen its finances after closing all 775 of its stores in March. Macy began a gradual reopening of about 190 stores last week.
BFC and CFDA support industry change. A statement issued by British and American trade groups seems to support many things suggestions put forward by designers and executives to fix what they believe is a broken system. BFC and CFDA urge that the pace of the industry slow down by producing fewer collections available for purchase in harmony with the natural season.
Post-lock, little has penetrated into US stores. In mid-May, pedestrian traffic to the shops 92 percent below same period last year, compared with a 95 percent decline in the previous seven days. When lockdown restrictions were loosened in many countries, retailers including Nike, parents of Tapestry Trainer and Tommy Hilfiger and owner Calvin Klein PVH said they would begin a gradual reopening process, which is tightly regulated.
The Italian retailer is reopened when the lock is locked. Shops, restaurants and hair salons reopens on Monday, after the government took “calculated risk” to restore the country. But businesses must adhere to strict sanitation protocols that include keeping people at least one meter apart. Some retailers say they will quarantine the clothing that customers try for 24 hours, while some beauty retailers will minimize human contact by eliminating testers.
Sephora reopens US stores. Starting this week, multi-brand beauty giants opened 70 stores in 13 states, without testers, with social distance guidelines and each store has a designated “cleaning leader”. The Sephora reopening process will also include an updated employee training that discusses new deep cleaning rules and steps to improve hygiene.
Bath & Body Works buoys L Brands. Even though a drop total sales, digital purchases nearly doubled from the previous year to $ 289 million in the first quarter. Sales at the company, which has outperformed people at Victoria’s Secret in recent quarters, confirm L Brands’ decision to manage Bath & Body Works as a stand-alone public company. In comparison, sales of the same store in Victoria’s Secret fell 15 percent in the same time period.
Giovanna Battaglia joined Swarovski as creative director. Swarovski has appointed Giovanna Battaglia Engelbert as his own first global creative director. He will lead Swarovski’s product design and overall creative vision, and will showcase his first collection in a role in Spring / Summer 2021. Battaglia Engelbert, who has been with the company since 2016, previously oversaw the creative direction of Swarovski’s B2B division.
Tom Van Dorpe is The new artistic director of Kooples. Stylist and creative consultant Tom Van Dorpe named the artistic director of The Kooples, following a number of additions to the brand’s executive team since it was acquired by MF Brands Group in March 2019. Dorpe’s main task is to restore dirty brand elegance in a way that feels relevant today.
Sebastien Picardo was appointed as president and CEO of Holt Renfrew. Canadian luxury convenience store Holt Renfrew has appointed Sebastien Picardo president and chief executive, effective June 1. Picardo, who was previously vice president of Lane Crawford, replaced Mario Grauso, who “plans to return to the United States … and will support the transition,” according to a company statement.
MEDIA AND TECHNOLOGY
Runway leases are reported to be close to funding below the last $ 1 billion. Platform rental mode is said looking for at least $ 25 million in a round down, which will value a start-up of around $ 750 million. The company was valued at $ 1 billion last year, after a $ 125 million funding round was partly funded by investment management company T. Rowe Price.
Facebook reboots its shopping feature. As a pandemic encourages more consumers turn to social media and e-commerce, Facebook Chief Executive Mark Zuckerberg hopes the new shopping feature, allowing retailers to upload product offerings to their Facebook and Instagram profiles, will help companies build a shopping empire.
BoF Professional is your competitive advantage in the fast-changing fashion industry. Missing some of BoF Professional’s exclusive features? Click here to browse the archives.
to request modification Contact us at Here or [email protected]