Managing Fashion: The Business of Fashion vs The Business of Running a Business

I win for using the word business the most times in a title.

I feel a little under-qualified speaking about the American retail market; but what I've noticed is that over a period of a few years J Crew has gone from being a brand that went by relatively unnoticed to being an affordable place to shop with good quality clothing that extends beyond 'basics', and became cool again, too.

For an Australian comparison, Country Road is a good example. Not too long ago they were a tired brand, in need of serious market repositioning and along came Ian Moir and things changed for the better.

I read Valet Mag's interview with J Crew's CEO Mickey Drexler - I think part of their success has been an ability to branch out and collaborate with other brands on items such as luggage, shoes, and other accessories. Ultimately, the customer benefits from this because they get to buy well-made products without paying the same premium as some other luxury brands. Done properly, it helps the host company's bottom line as is the case with J Crew.

On the whole though, for those in the fashion business as designers or those who have an interest in it - it's imperative that you understand the importance of proper management. The idea that clothes will sell themselves and making what you want and selling just that is one that can have mixed results. For example, Tom Ford calling himself his "muse" and designing clothes solely for himself has worked a treat. There are now 21 freestanding stores and shops-in-shops worldwide. Meanwhile, Thom Browne who popularised the shrunken suit aesthetic and decided to sell it widely "because it's what he likes to wear" was rumoured to be filing for bankruptcy last year.

In the end, he didn't but his business has hardly had the sort of phenomenal growth that MR. Ford's has (news is that he is seeking financing for a women's line). Though Tom Ford may talk at length about how he designs what he likes, his previous experience at Gucci and Yves Saint Laurent work in his favour. Similar to what Ralph Lauren has done, Tom Ford has created a world around his brand that invites the buyer into it. This is not easy to do and a good management team can often help guide the process from an often overlooked perspective.

Just making shit you think looks good or that you like is not always going to work. Ksubi knows this now. A little bit of insight into your consumers never goes astray.

Mr. Tom FORD: Marketing Right

P.S. As Jay-Z raps, "I ain't a business man; I'm a business, man/ So let me handle my business, damn"