Although less affected by the crisis than other sectors, fashion has also recently had to adopt adaptive strategies. How has it changed, what are its peculiarities and what challenges must it face today?
My answer will consider this from the viewpoint of two different experiences: the first Italian, with a luxury company like Valentino, the second American, with Tory Burch, which is a company more orientated to affordable luxury. Despite their marked differences, in many respects their approach was the same. What both companies have done was focus on the product, that is paying more attention to quality, to what customers want, and to the structure of the offering. From the selection of suppliers and the search for new talent, to the care for all of the components (creative and materials), all of which are crucial for the success of a product. It is an effort that I have noticed in all segments of the offer. They have also developed an awareness that “specialization” is important: a company needs to focus on what they do best and enhance that aspect. This is not only to optimize the quality/price ratio, but also to give credibility to the products: the companies that have been able to keep this promise are those that have survived the crisis and come out stronger. I have in mind a number of examples of companies that succeeded and companies that did not.
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