SURVIVING AND THRIVING IN
THE POST-CORONAVIRUS CONSUMER LANDSCAPE SESSION TAKEAWAYS
Thank you for joining us! A mi dst the c o r o navi r us c r i si s we a re navi ga ti ng a ra pi dl y cha ngi ng ma r ke t l a ndsc a pe - e ve n o ur wo r k sho p c o nte nt wa s c re a te d re mo te l y i n i ts e nti re ty. We a re exc i te d to sha re wi th yo u a summa r y o f o ur se ssi o n ta ke a wa ys to he l p yo u navi ga te thi s ne w l a ndsc a pe.
IN THE SESSION WE COVERED:
Part I: The Market & The Consumer • T he a ppa re l i ndustr y i mpa c t & bra nd a da pta ti o n • Evo l vi ng c o nsume r de ma nds
Part II: Pivoting The Apparel Business • I ndustr y cha nge s ne e de d to me e t ne w de ma nds • Evo l vi ng c o nsume r pr o duc t expe c ta ti o ns • De l i ve r i ng pr o fi ta bl e c o l l e c ti o ns
PART I
THE MARKET & THE CONSUMER
PART I, TAKEAWAY #1
Prioritising Innovation F r o m the po si ti ve busi ne ss re a c ti o ns to the pa nde mi c we di sc ove r the i mpo r ta nc e o f i nnova ti o n a nd how the a ppa re l i ndustr y i s be gi nni ng to i nnova te pr o duc ts, va l ue s a nd the wa y the e nti re i ndustr y o pe ra te s.
WILL YOU BE PART OF THE PROBLEM OR THE SOLUTION?
PA N D E M I C N E G AT I V E E F F E C T S
RE C ORD UN E M P L OY M E N T
N E G AT I V E B USINES S I M PA C T
P L U MMET ING ECONOMIES
THE POSITIVE EMERGENCY RESPONSE:
Manufacturing Medical Masks and Scrubs – Prada, Gucci, Valentino, Burberry, Chanel, Ralph Lauren, H&M, Zara, Canada Goose, LVMH, Nike, Salvatore Ferragamo, Kering Producing Medical Disinfectants – L’Oreal, LVMH, Bacardi, Brewdog Producing Hospital Ventilators – McClaren, Rolls Royce, Ford, Airbus, Dyson Providing Transport for Hospital Workers and Supplies – Brompton Bikes, MG, Yoox Net-A-Porter Donations – Moncler (€10 million), Ralph Lauren ($10 million), Nike ($15 million), Rihanna ($5 million), New Balance ($2 million), Armani (€1.25 million) PLT CEO Umar Kamani (donating monthly salary)
T H E P O S I T I V E C R E AT I V E R E S P O N S E 2ND WAVE RESPONSES
REFRAMING THE APPAREL INDUSTRY
REFRAMING THE APPAREL INDUSTRY:
1. Reset the calendar 2. Reimagine wholesale and brand communications 3. Break the addiction to discounting
“[THIS IS] A SPECIAL MOMENT TO GIVE A BACKBONE TO [THE APPAREL INDUSTRY].” J. W. A N D ERS ON
PART I, TAKEAWAY #2
Creating Strong Collections We l e a r nt tha t fo r c o l l e c ti o ns to be suc c e ssful go i ng fo r wa rd the y ne e d to be : 1 . M e a ni ngful & C o nsume r Re l e va nt 2 . C o mme rc i a l & C re a ti ve 3 . C ura te d & F o c use d
PART I, TAKEAWAY #3
Aligning Values with Your Consumer M ovi ng fo r wa rd purcha se s wi l l be me a ni ngful . We l o o ke d a t the po st-c o r o navi r us c o nsume r de ma nds a nd how bra nds ne e d to re -a l i gn to the m to c re a te a nd e l e va te bra nd me a ni ng. T he se i nc l ude susta i na bi l i ty a nd c o r po ra te re spo nsi bi l i ty, a nd pe r so na l va l ue s such a s bui l di ng a he a l thy bo dy, mi nd a nd so ul , a nd c a r i ng wi thi n o ur c o mmuni ti e s.
SUCCESSFUL BRANDS WILL RESPOND TO THE EVOLVED CONSUMER DEMANDS AND PRODUCT EXPECTATIONS
S U S TA I N A B I L I T Y & C O R P O R AT E RESPONSIBILITY
A CASE STUDY: BALLY ‘Pe a k Outl o o k ’ C l e a n-up expe di ti o n to the di ffi c ul t to a c c e ss a re a s i nc l udi ng the ‘de a th zo ne ’ o f M o unt Eve re st L i nk i ng to Ba l l y’s S wi ss mo unta i n he r i ta ge C a r r i e d o ut by Hi ma l a ya n na ti ve & l e a de r o f ‘Ec o Eve re st Expe di ti o ns’ Da wa S te ve n S he r pa a nd hi s te a m Ne a r l y 2 to ns o f ga r ba ge re move d fr o m M o unt Eve re st Re sul t: Re sto ra ti o n o f l a ndsc a pe be twe e n Eve re st Ba se C a mp a t 5 ,3 8 0 me te r s a nd i ts pe a k a t 8 ,8 4 8 me te r s fo r the fi r st ti me.
M E A N I N G F U L A L I G N E D VA L U E S
H E A LT H Y B O DY, M I N D & S O U L
MEANINGFUL ALIGNED VA L U E S
L u lu le m o n
P ra na
Pe l o to n
Su p p o rt ing t he ir c o mmunit y th rou g h th e ‘ Amba ssa do r Re lie f F un d ’
Fitn ess with a su stain a b l e f o cu s
Of fe ri n g 9 0 - d a y tri a l a s p e o p l e a d a p t to h o m e wo rko u ts
‘Cloth in g f or Positive Ch ang e ’ m o ve m e n t B u i l d i n g a c o mmunit y t hro ugh social med ia: a t h ome w o rk o ut vide o s a nd cu stomers c o nve rsa t io ns C e l e bra t ing he a lt h & se lf -c are a t h om e
Bu ild in g commu n ity th rou g h cl e a r m i s s i o n
D o n a ti n g $ 1 p e r ri d e to N e w Yo rk C i ty F o o d B a n ks 1 3 % ri s e i n s h a re p ri ce
M E A N I N G F U L A L I G N E D VA L U E S
S U S TA I N A B I L I T Y
MEANINGFUL ALIGNED VA L U E S
P a t ag on ia
S te l l a M c C a rtne y
Gi r l fr i e nd C o l l e c ti ve
Pa t a g o nia a re w e ll k no w n f o r th eir lon g st a n ding sust a ina bilit y c o mm itm en ts
Committed to ch an g in g th e f a s h i o n i n d u s tr y
E co - fri e n d l y A cti ve we a r b ra n d
Pion eerin g n ew altern a tive m a te ri a l s
M a d e fro m re cycl e d p o l ye s te r a n d p o s t- co n s u m e r wa te r b o ttl e s
A c t ivism & mo ve me nt f o r ch an g e Pu sh in g toward s cir cu l a ri ty ‘ We ’ r e in busine ss t o sa ve o ur h om e p lan et’
I n cl u s i ve m a rke ti n g
M E A N I N G F U L A L I G N E D VA L U E S
CARING & COMMUNITY
MEANINGFUL ALIGNED VA L U E S
B ird so n g L on d o n
HOSTE
Tre ndsto p fo r Gre e n Pl a ne t
F a sh io n bra nd w it h k indne ss a t it’s core
Din n er clu b an d lifestyle b ra n d cre a ti n g commu n ity th rou g h h ard ti m e s ; S o u rci n g ocal su p p liers an d small b u s i n e s s e s
Tre n d s to p G re e n P l a n e t I n i ti a ti ve p l a n ts tre e s f o r e a ch cl i e n t to h e l p re d u ce th e C O2 e m i s s i o n s a n d o f fs e t th e ca rb o n .
#makeam ealofit en cou ra g es p e o p l e to m a ke an even t of th eir n i g h t i n
$ 5 0 0 tre n d s e r vi ce ~ 1 0 tre e s p l a n te d $ 5 k tre n d s e r vi ce ~ 1 0 0 tre e s p l a n te d $ 5 0 k tre n d s e r vi ce ~ 1 0 0 0 tre e s p l a n te d
Pr o v iding jo b o ppo rt unit ie s f or refu g ees ‘ D re ss in P ro t e st ’ F o c us o n f a ir pa y
BLACK LIVES MATTER
PART I, TAKEAWAY #4
Successful brands can provide a meaningful and effective language to communicate consumer values S usta i na bi l i ty a nd c re a ti ng a se nse o f c o mmuni ty wi l l be ke y fo r c o nsume r s. S uc c e ssful c o mpa ni e s wi l l a uthe nti c a l l y c o nne c t wi th the se va l ue s thr o ugh the i r e nti re bra nd expe r i e nc e. L a rge r huma n so c i e ty i ssue s, such a s Bl a ck L i ve s M a tte r, a re be c o mi ng i ntr i nsi c a l l y l i nke d to bra nd va l ue s a nd purcha se de c i si o n ma k i ng.
PART II
PIVOTING THE APPAREL BUSINESS
PART II, TAKEAWAY #1
A Meaningful Focus T he l i fe a nd de a th re a l i ty o f the C OVI D o utbre a k a nd the i so l a ti o n pe r i o d ha s c a use d pe o pl e to re a sse ss wha t’s i mpo r ta nt, how we do thi ngs a nd wha t we re a l l y ne e d i n o ur l i ve s. C o nsume r s, pr o fe ssi o na l s a nd busi ne sse s a l i ke a re he a di ng i nto a n e ra whe re mo re thi nk i ng wi l l be do ne to fo c us o n wha t i s me a ni ngful .
“WE WILL PROBABLY HAVE LESS BUT WE’LL GIVE MORE MEANING TO WHAT WE HAVE.” EM A N U E L E FA R N E T I , ED I TO R - I N-C HI EF, VOGUE I TA L I A
PART II, TAKEAWAY #2
Business Operation Reassessment T he wa y a ppa re l busi ne ss wi l l o pe ra te wi l l be re a sse sse d, i nc l udi ng di str i buti o n cha i ns a nd ra nge pl a nni ng. A de c l utte r i ng pr o c e ss i s be gi nni ng to ta ke sha pe a c r o ss the i ndustr y, a s pr o g re ssi ve fa shi o n l e a de r s be gi n to re a sse ss a nd c o nsi de r mo re e ffe c ti ve wa ys to r un the i r o rga ni sa ti o ns. T he re wi l l be a n a c c e l e ra ti o n to c o mpre ss di str i buti o n cha i ns to c o nne c t mo re di re c tl y wi th the e nd c o nsume r.
DECLUTTERING THE DISTRIBUTION CHAIN ‘MIDDLE MEN’ ARE SET TO BE EITHER REDUNDANT OR MINIMISED.
AGENT CHANNEL
WHOLESALE CHANNEL
RETAIL CHANNEL
DIRECT CHANNEL
PRODUCER
PRODUCER
PRODUCER
PRODUCER
AGENT/BROKER
WHOLESALER/DISTRIBUTOR
WHOLESALER/DISTRIBUTOR
RETAILERS
RETAILERS
RETAILERS
CONSUMERS
CONSUMERS
CONSUMERS
CONSUMERS
PART II, TAKEAWAY #3
There Will Be No More ‘Hope Retail’, Fast Fashion or Below Average Retail Pr o duc t pl a nni ng wi l l be fo c use d o n exa c tl y wha t the c o nsume r wi l l wa nt. W hi l e bra nds wi l l sti l l be re qui re d to wo r k to sho r te r pr o duc t de ve l o pme nt cyc l e s, the wa ste ful pa r t o f fa st fa shi o n i s ove r. Ra nge bui l di ng wi th c e r ta i nty i s e sse nti a l i n o ffe r i ng “L e ss but Be tte r.”
I N A N O N - C O N S U M E R O P T I M I S E D A P PA R E L B U S I N E S S
FULL PRICE
%
SALE
ONLY ~25% OF THE PRODUCTS ACCOUNT FOR ~75% OF SALES
T H E D E PA R T M E N TA L D I S C O N N E C T
C R E AT I V E
COMMERCIAL
A N A LY T I C S
At Trendsto p, we’re n ot on l y he l p i n g o ur c l i e nts to p l a n the mo st re l e va nt a c ti o ns fo r the i r busi ne ss to achi eve pr of it a b le solu t io ns e ffe cti v e l y, b ut to ta ke a f ul l y ho l i sti c a ppr o a ch to di spe l the di sc o nne c t be tw e e n c re a ti ng a ra n ge a nd se l l i ng i t.
PART II, TAKEAWAY #4
Smaller, Hyper Curated Ranges Ra nge s ne e d to be be tte r pl a nne d fr o m the o utse t to be sma l l e r, hype r-c ura te d a nd c o nsume r re l e va nt. Tre ndsto p ha s fo r mul a te d the 6 Pi l l a r s o f Pr o fi ta bl e Ra nge Bui l di ng to he l p o pti mi se a nd c re a te c o nsi ste ntl y pr o fi ta bl e ra nge s. We hi ghl i ghte d the pi l l a r Hype r C ura ti o n, whi ch me a ns tha t the tre nd a ppl i c a ti o n i s o pti mi se d a c r o ss e a ch c o l o ur, pr i nt & g ra phi c s, ma te r i a l , sha pe a nd de ta i l i ng.
TRENDSTOP’S 6 PILLARS OF PROFITABLE RANGE BUILDING:
1. Consumer Relevance 2. S.M.A.R.T. Validation 3. Hyper Curation 4. Purposeful Products 5. Correct Timing 6. Speed to Market
E A C H P R O D U C T F E AT U R E N E E D S T O B E H Y P E R C U R AT E D
PRINT & GRAPHICS
COLOUR
SHAPE
M AT E R I A L
D E TA I L I N G
T R E N D S T O P ’ S O P T I M I S E D T R E N D A P P L I C AT I O N A C A S E S T U DY: T H E L I G H T T R A N S L U C E N T S N E A K E R
LOSS MAKER
LOSS MAKERS: MISLEADING TREND INFORMATION
LOSS OF SALES
MISSED OPPORTUNITY
P R O F I T C R E AT O R
PROFIT CREATORS: OPTIMISED TREND APPLICATION
PART II, TAKEAWAY #5
Earlier and More Accurate Trend Validation Ea r l i e r a nd mo re a c c ura te tre nd va l i da ti o n wi l l be e sse nti a l i n o rde r to o pti mi se fo r c o nsume r s’ future i nte re sts, to avo i d fa ke tre nds a nd c re a te l e ss but be tte r fa shi o n. We expl o re d whe re unpr o fi ta bl e pr o duc t i de a s o r i gi na te a nd fo und tha t l o ts o f pre vi o us i de a s we re ga i ne d thr o ugh so urc e s tha t do n’t va l i da te whe re the tre nd c o me s fr o m. Tre ndsto p’s S.M .A .R.T. Va l i da ti o n ho l i sti c a l l y tra ck s the tre nd ti me l i ne.
FAKE TRENDS ARE THE SILENT KILLER OF YOUR SALES
SOURCES OF FAKE TRENDS:
Visual social sites: Instagram & Pinterest Opinion based trend forecasts, unvalidated moods and concepts Mainstream store reports Mainstream trade show reports Mainstream market research data
T R E N D S T O P ’ S S . M . A . R . T VA L I DAT I O N
S
M
A
R
T
SPECIFIC
MEASURABLE
APPLICABLE
R E L E VA N T
T I M E LY
TRENDSTOP CLIENTS DEMONSTRATE
S T R O NG PR O F I T G R OWT H M A J O R FA S T FA S H I O N R E TA I L E R S
+1318%
YOY ACROSS BUSINESS
G L O B A L FA S H I O N BRANDS
+300500% YOY PRODUCT LINES
INDEPENDENT BRANDS
4X ANNUAL SALES
PIVOT, POSITION & PROFIT:
THE BREAKTHROUGH STRATEGY SESSION
3 6 0 ° H O L I S T I C E L E VAT I O N
CONSUMER
BRAND
PRODUCT & RANGE
MARKETING & EXPERIENCE
FIND SOLUTIONS AND IMPROVE RESULTS:
• Pivot your business to succeed in the New Normal • Produce better results with a smaller team • Create best-selling products
WHAT YOU WILL GAIN FROM THE SESSION:
• A clear vision for your seasonal product range strategy • Uncover challenges • Formulate clear action steps • Leaves you re-energised & inspired
HOW IT WORKS:
In our Breakthrough Strategy Session we will evaluate your website and give our expert feedback on how you could improve to optimise market opportunities and engage the post-covid consumer in the New Normal landscape. And it’s completely free!* *Exclusive to Trendstop Post-Coronavirus Consumer Insights session attendees
• 30-minute private online session • Space for 20 companies • 5 companies will have their session with Jaana • Choose to evaluate your collection, Instagram page, website or lookbook
Click here to apply
WHY IT WORKS:
“Why Trendstop’s approach works is because they are able to look at complex problems from different perspectives and with great attention to detail. To be able to do that requires a lot of knowledge and the ability to see the solutions. That’s what makes Trendstop special for me and an invaluable partner for our business.” FEEDBACK FROM A TRENDSTOP BUSINESS ELEVATION PROGRAM CLIENT
APPLY FOR YOUR FREE SESSION! Click here to apply
THANK YOU We’d love to help you survive through and thrive beyond the pandemic. CONTACT US hello@trendstop.com www.trendstop.com t. London +44 (0) 207 309 6888 t. New York 1 866 329 3140