Future of Fashion Business

An example of a company doing all the right things is AirBnb. With extreme restriction on travel, this is a company that was instantly hit very hard by the crisis. With the idea in mind to provide their customers with experiences that they could otherwise not participate in, they made their beloved AirBnb Experiences virtual. Now somebody can pay 5 dollars to sit on their couch and have an immersive experience across the world. This is how to provide your customer with a human experience while still fixing issues declining cash flow. This also supports the hosts of the experiences who would have otherwise been left with no work. They also decided to provide free experiences intended for elderly and at-risk groups of people as a way of incentivising the healthy decision to stay home and engage them while they do so. As travel will be restricted for the conceivable future we will see more and more online tourism. National Parks will release video tours, museums will create virtual tours of exhibits, etc. Another example is bakeries creating DIY bread kits available for delivery or safe pick up as a response to the rise in self-sufficiency. Even high end restaurants are delivering luxury meal kits to your door to reduce the feelings of missing your favorite dish. Gyms have been providing their subscribers with as many as 8 new athome workouts per day to make the customer feel as though they are still getting their money’s worth and staying in shape. Selling intellectual property in general will become more and more common. People will feel inspired to create patreon accounts for their blog posts or sell their art online as we all feel the increased desire to support each other. This kind of innovation is being seen across many industries and will continue to increase as the situation becomes more dire.

Some of the most successful businesses right now include UberEats, DoorDash, and other delivery services. It is expected that after quarantine, consumers’ appetite for these convenience based services will not go away. As in person experiences decrease, consumers are also left with an appetite to learn and experience. Websites like Skillshare and MasterClass will see an uptick in subscriptions as they can provide knowledge and entertainment to bored and brain hungry customers. E-Learning will surge as all schools will be forced to re-arrange classrooms and schedules to accommodate social distancing rules. Healthcare will become more and more digital as doctors and pharmacists are able to facilitate online video appointments and online prescriptions.

One of the industries that will be the most affected is fashion. It is only beginning to see how intensely it will be impacted. With all retail stores closed and many production facilities shut down, things have been put to a halt. The industry is forecasted to see a 30% reduction in revenue this year, and 80% of brands are likely to experience distress. While this all may sound quite negative, this crisis is shedding light on many of the existing problems with the industry that were previously ignored. When China shut down, it left many brands with a shut down supply chain questioning if perhaps they should have a more centralized business plan. Fashion Week as we know it, has started to seem more and more irresponsible financially and ecologically. People fly from all over the world to see a show that costs millions of dollars to produce and immediately take out their phones to document the whole thing. As most fashion weeks around the world have already been cancelled for the next year, this raises the question of what it will become in the future. Does it make more sense for people to tune in to live fashion shows on their computer? Will showrooms become virtual?

With a massive rise in online traffic during quarantine, one might expect to find a rise in online sales as well. However, the conversion rate of browser to shopper has been extremely low. Why is this? What are the brands doing wrong? Perhaps the question is what are they not doing. There is an obvious gap that fashion brands must tap into to regain customers. By demonstrating human values and creating innovative concepts, they could catch their attention. One example could be offering special experiences and content to the top 10% of a customer base. This would be human in contrast to receiving an automated email for 20% off of your next purchase.

The fashion world (as well as other industries), is likely to go through what could be called a Darwinian shakeout. This means that those with bad values at their roots and purely capitalistic choices will eventually be pruned away during this crisis. Many of these companies are owned and protected by large conglomerates, but as sustainability and transparency become required they will not pass the test in the consumers’ mind. Equally, the companies with the best values and reactions will rise to the top and be noticed by all. This could provide an opportunity for less known brands to be seen. For an industry as saturated as fashion and apparel, this may be ideal. Brands with creative thinking such as Jacquemus have continued to stay relevant by producing new content during quarantine. The FaceTime photoshoot is a concept that has originated during this time. A model is sent a shipment of clothes, puts them on, and facetimes with a world renowned photographer. This not only is a creative way to promote the clothes, but results in more relatable content for the customer who can much more easily imagine themself wearing the clothes at home rather than in a staged photo shoot environment that is typically depicted. Jacquemus has also engaged it’s customers and followers to participate in an Instagram challenge in which you create a shoe out of household items and post a picture. This is an example of customer experience that offers no monetary gain to a company but is converted into trust and appreciation for the brand that will eventually become sales. Helmut Lang has launched an online design challenge. Artists from around the world are submitting designs to their team and ultimately 3 of them will be chosen and printed on shirts available on their website. The incentive for the artists is a giftcard to the store (which costs them virtually nothing) as well as highly sought after exposure. When a customer sees tangible evidence of a brand listening to customers, this will convert to sales. Gucci released an app that features never before seen editorials/videos, entertaining video games, and a virtual tryon feature that can link the customer directly to a purchase. This is an attempt to provide entertainment as well as a feeling of belonging to the tribe that is Gucci. People will feel more convinced to purchase the glasses they try on virtually because they have been exposed to the culture of Gucci. Brands willing to push the boundaries and thrive during this hard time will succeed. It is possible that this crisis is what the fashion world (and business world in general) needed to finally fix what has ailed it for years.

While it can not be ignored that this is an incredibly hard time of transition for billions of people in the working world, we would be remiss if we didn’t acknowledge the potential positives of the situation. This crisis will provide income outlets that many had never thought of. All companies from big to small will be forced to look internally and analyze themselves. Do they foster trust from their employees and customers? How do they do so? What systems do they have in place to survive unexpected situations? These are important questions as we all prepare to navigate the “new normal” that we cannot predict

1900

1970 2000

1910

1950 1900

1960

1930 1970 2020

1930 2010

1980

1990 1920

1950

COLLEGE FASHION THROUGH THE AGES

College fashion has always represented the current events of the world because young people are so impressionable and in search of inspiration from the world around them. Let’s take a tour!

1900 - Women wore tea gowns and men wore single breasted suits. The trend at the time was very Edwardian

1910 - Still Edwardian. Women wore tea hats and long flowy skirt suits. Men wore single breasted suits

1920 - After WWI fashion became more accessible. The “flapper look” is born with excessive embellishment and drop waists. Men wore suits with round lapels and flowy trousers.

1930 - During this time families did not have a lot of money due to the great depression. Clothes were made out of reused materials. Women wore dresses right above the knee with matching sweaters and men wore a hyper masculine of slacks, button up, and a sweater on top.

1940 - With the first half of this decade being defined by war and a new female working class, a much more androgynous style was born. Women wore A-line pleated skirts and peter pan collar tops. Men started dressing more maturely due to the adult nature of having been drafted for the war.

1950 - This iconic school style was later copied in the film Grease. Women wore large skirts sometimes adorned with poodles, and a tight sweater/ top. Men either dressed very preppily, or dressed a a bad boy with leather jackets and greased hair.

1960 - The decade of Mod. As bands like the Beatles were flooding the music scene, young adults were being incredibly influenced by their fashion. For women the mini skirt was born and for men popular items were chelsea boots and polo shirts. There were of course other subgroups such as beatniks, rockers, and hippies.

1970 - Heavily inspired by the hippie movement. Denim and flared pants were incredibly popular. Belted waistlines became a unisex trend. Tie-dye and floral patterns become very commonly worn.

1980 - Bold colors, bold silhouettes, and bold patterns. Oh, and acid wash jeans of course. Slogan tees from iconic brands emerge. Shoulder padded blazers become the standard school look. Men wore a lot of denim and graphic tops.

1990 - Hip Hop, Skater, and Raver cultures were the main influence on fashion in this decade. Men wore large baggy jeans and oversized flannels to appear grunge. Women wore babydoll dresses or slip dresses with edgy details like jewelry, makeup, and very very chunky shoes.

2000 - Early 2000s fashion is hard to define. The main element was extremely revealing low rise pants with a cropped top. The exposed midriff becomes incredibly popular. Small bags, blingy jewelry, and kitten heels. Men wear baggy pants and tops with dark sunglasses, spiky hair, and dad sneakers.

2010 - The first to grow up with internet and social media. Boho inspiration is very present. Symbols such as infinity, peace, and love become very popular. Ugg boots are seemingly worn by everyone despite the current season.

2020 - School is forced to go online due to a worldwide pandemic. For the first time students are taking their classes from their laptops in their beds. The daily school look becomes a variation of pajamas, sweatpants, and slippers.