WHAT VICTOIRE THINKS
INVESTING IN CRAFTMANSHIP
As the savvy little hands who provide the skills which form the back bone of luxury fashion begin to retire, multi-national conglomerates and governments should take steps to make sure that heritage and craftsmanship endure.
In the well documented world of fast fashion, designers often struggle to meet tight deadlines and even tighter pricing margins. As the competition becomes more and more ferocious each season it is refreshing to see a growing number of young talents begin to reverse this dizzying cycle with a return to craftsmanship and a focus on small manufacturing.
The decision by up and coming brands to concentrate on quality is not only commercially savvy, giving them a USP that elevates their product and sets them apart from big labels, it is also a message that will resound with consumers who are tired of seeing the it-girls in their Instagram feed.
The pieces championing a return to craftsmanship aren’t necessarily traditional either. Brands like Haider Ackermann have demonstrated that a sporty sweatshirt can be on trend and elevated to couture levels with the right know how.
This idea also seems to be catching on further up the food chain as luxury giants are investing in small ateliers in a move to preserve quality and maintain the images they have taken so long to build such as Chanel who is integrating in house genius ateliers like Maison Michel or Lesage.
Another great example of this is Hermes investment in small industries in Lyon and the South of France to ensure their iconic bags and scarves maintain the high quality craftsmanship that has made them so prestigious. LVMH have also opened a training school symbolising that this is a movement that will only keep on growing.
It would be great to see European governments join in as well and offer incentives to designers looking to partner with these traditional craftsmen. Fashion funds, small investments and partnerships would all help countries such as Italy and France form important partnerships between their fashion houses and the ateliers that once made their countries so esteemed around the world. This would not only help these countries economically but would also encourage fashion brands to pay more attention to detail and the environment which is constituency becoming a more pertinent issue.
WHAT VICTOIRE THINKS
FROM A MULTICHANNEL
TO AN OMNICHANNEL EXPERIENCE
OUR CONFERENCE DURING MONTE CARLO FASHION WEEK
We had the opportunity this month to lead a conference about the Omni channel experience at the Monte Carlo Fashion Week.
Gone are the days where successful retailers can be one dimensional. In order to compete, they need to have a multi-dimensional strategy with online and offline.
Lets start with some facts :Online luxury fashion sales accounts for €10.9bn in 2018 (17% of the market). An overwhelming portion of sales/margin growth came, comes and will keep coming from Digital.
The multi channel experience is what most businesses invest in today. In the world of luxury and fashion, we have seen brick and morters store investing heavily in digital.
But the issue is:
The issue here: Having different Strategies is not cost-efficient and therefore not profitable enough!
ll omni channel experiences will use multiple channels, but not all multi-channel experiences are omni channel. Remember that. You can have amazing mobile strategy, engaging social media campaigns, and a well-designed website. But if they don’t work together, it’s not omni-channel.
The multi channel experience is what most businesses invest in today. They have a website, blog, Facebook, and Twitter. They use each of these platforms to engage and connect with customers. However, in most cases, the customer still lacks a seamless experience and consistent messaging across each of these channels.
So omni channel is THE solution.
What is omni channel?
An omni channel approach accounts for each platform and device a customer will use to interact with the company. That knowledge is then used to deliver an integrated experience. Companies using this technique align their messaging, goals, objectives, and design across each channel and device.
The omni channel aims to increase companies margin while increasing customer satisfaction at the same time.
It’s important here to distinguish an omni channel user experience from a multi channel user experience. Essentially, it comes down to the depth of the integration.
Ultimately, your strategy should consist of a strategic plan to build a coherent, aligned experience across multiple platforms, which may include any or all of the channels featured in the graphic.
Because this is still a relatively new emerging concept, there’s still time to start small and expand in the future through Stock & Marketing Integration, CRM, Responsive supply chain, Integrated Leadership & KPIs, Customised services, HR, Store renewal…. And much more.
Every company must develop its own unique omni channel infrastructure, and you’ll need to work closely with several departments in your company to develop this strong strategy.
Dont worry 94% of e-retailers have not yet executed omni channel strategies
It may feel hard to go Omni-channel but it’s worth it.
If you wish to get our full presentation, please do not hesitate to get in contact with our team.