Economists say consumers have the power to spend more, but are bypassing traditional stores.
Next week, at the WWD Apparel & Retail CEO Summit in New York, McKinsey & Co. Inc. reports findings from an executive survey that sheds light onto the importance of speed to market, improving the supply chain and leveraging consumer data and insights. Preliminary findings of the report showed that 64 percent of respondents cited improving omnichannel capabilities and supply chain efficiencies as a "top priority."The survey, done in partnership with WWD, also stressed the importance of "wiring" consumer insights and data into the business of a brand or retailer."Just as important as gathering the data and deriving insights is making sure the insights are actionable to the business, and as such are tied to specific decisions within the business," researchers of the report noted. "Oftentimes the amount of data available can be overwhelming to business users."The report went on to state that the "breadth of applications from data and insights into product decision-making are broad" and also includes product development and design platforms as well as solutions that can be used for "sharper forecasting and better downstream inventory management.""For example, StitchFix is using consumer insights-driven algorithms to design new clothes, while Victoria’s Secret runs panties on a speed program to be able to read initial sales results for test products in store and be back in-stock in 15 to 25 days," authors of the report noted.Participants of the survey also shared their perspectives on adopting these technologies with several noting that while leveraging insights and data as well as improving speed to market is necessary in today's market, maintaining the "DNA of the brand" as well as focusing on offering compelling products to consumers should remain a priority.Jennifer Schmidt, senior partner at McKinsey & Co., said companies are adapting and making changes in regard to improving the supply chain and increasing speed to market, but it is taking time. “Brands and retailers are figuring it out, but with the supply chain many are still tethered to a single model — and it is a model that results in long lead times.”Schmidt also said companies have spent a lot of time optimizing for cost. But consumer demands are now forcing brands and retailers to “optimize for speed.”
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast