In this insightful podcast episode, Céline Choain, a senior partner at consulting firm Kea & Partners, revisits the major transformations taking place in the fashion industry. Drawing on her previous study on fashion’s new business models in collaboration with the French Fashion Institute, Choain delves into the success of digitally-native vertical brands (DNVBs), the increasing importance of transparency, and the rising significance of digital solutions.
Recorded during the ‘Rôle Modèle’ event organized by the French women’s ready-to-wear federation in Paris at the end of 2021, this Luxurynsight x FashionNetwork podcast allows Choain to delve deeper into the fundamental elements that fashion brands must address to successfully transform and adapt to the future.
Throughout the podcast, Choain highlights the growing influence of fashion tech start-ups and emphasizes the resilience demonstrated by luxury industry players. She emphasizes the pivotal role that fashion tech start-ups play in shaping the future of the industry by introducing innovation and technology-driven solutions. These start-ups are disrupting traditional business models and compelling fashion brands to reconsider their strategies and operations.
Furthermore, Choain underscores the significance of resilience in the luxury sector. Despite the challenges presented by the pandemic, luxury brands have exhibited their ability to adapt and flourish in an ever-changing landscape. She attributes this resilience to the industry’s strong brand heritage, craftsmanship, and unwavering commitment to quality. Even during trying times, luxury brands have successfully maintained their allure and desirability.
Choain identifies five critical elements that fashion brands must address in order to effectively transform and adapt:
1. Consumer Centricity: Placing the customer at the forefront of their strategies is imperative for fashion brands. Understanding consumer needs, preferences, and behaviors is crucial in creating personalized and meaningful experiences. Brands must invest in data-driven insights and customer engagement to establish enduring relationships.
2. Sustainability and Responsibility: The fashion industry faces mounting pressure to confront its environmental and social impact. Fashion brands must take ownership of their supply chains, production processes, and materials. Embracing sustainability practices and transparency can help brands cultivate consumer trust and loyalty.
3. Digital Transformation: The pandemic has accelerated the adoption of digital technologies in the fashion industry. Brands must fully embrace digitalization across all aspects of their operations, from e-commerce to virtual showrooms. Investing in technology infrastructure and innovative solutions will be essential for maintaining competitiveness in the digital era.
4. Innovation and Collaboration: To remain ahead of the curve, fashion brands must foster a culture of innovation and collaboration. Collaborating with fashion tech start-ups, influencers, and other industry players can bring fresh perspectives and drive new ideas. Brands should actively seek collaborations and explore novel approaches to conducting business.
5. Agility and Adaptability: The fashion industry is in a constant state of evolution, necessitating brand agility and adaptability. This includes the ability to swiftly respond to market trends, consumer demands, and external disruptions. Brands that can embrace change and adjust their strategies accordingly will be better positioned for success.
In summary, Céline Choain’s podcast episode sheds light on the crucial elements that fashion brands must address to successfully transform and adapt to the future. With the increasing influence of fashion tech start-ups, the urgent need for sustainability, and the rapid acceleration of digitalization, fashion brands must embrace change and foster innovation to remain competitive. By prioritizing consumer centricity, sustainability, digital transformation, innovation and collaboration, as well as agility and adaptability, fashion brands can navigate the challenges and seize the opportunities presented by the ever-evolving fashion industry.
Useful links:
1. The Future of Luxury: Q&A with Céline Choain
2. Sharing the Past: Lessons from Paris on Sustainability and Community Building
