The Business of Fashion Podcast

In recent years, extreme weather events have become commonplace catastrophes. And in an increasingly globalised fashion system, developing nations often bear the brunt of climate crises. For fashion and its complex global supply chains — which disproportionately depend on resources and labour from these countries near the equator — one of the most urgent issues is extreme heat. In April, the Philippines, Thailand, Bangladesh and India all experienced merciless and sometimes deadly temperatures, which shuttered workplaces and schools. According to the US National Centers for Environmental Information, Africa, Asia, and Europe all logged their warmest Julys since global records began in 1850. To discuss what this means for fashion, BoF’s chief sustainability correspondent Sarah Kent convened a panel of global experts:Laurie Parsons of Royal Holloway at the University of London, who focuses on the garment industry and climate vulnerability, explains: “What's at stake is the productivity of the industry, the health of the workers and as more and more of these stories come out, the reputation of an industry.” From Brazil, Beto Bina, the founder and CEO of supply chain consultancy FarFarm says: “Thinking as an ecosystem, you can be philanthropic, you can bring in public policies. It’s a job for innovation, for marketing, for sustainability. If you bring these teams together and develop an innovative project to start this new supply chain that could be amazing for everyone.”From Sri Lanka, Abiramy Sivalogananthan, country coordinator at Asia Floor Wage Alliance, who adds: “The freedom of association should be ensured. Workers should be able to talk to be part of the union, to fight for their rights with the factory’s management.” Key Insights: Workers in garment factories face a range of challenges that often go unaddressed, particularly in the Global South. Sivalogananthan highlights the critical need for collective bargaining to give workers a voice in addressing these issues. “They should be able to talk to whom they need to talk. They need to talk with the unions who should be part of it. And then as a collective, they should be able to talk to the supplier and of course able to talk to the fashion brands.” While many fashion brands are proud of their sustainability initiatives, these efforts overwhelmingly focus on reducing emissions, neglecting the immediate impacts of climate change on workers. Parsons points out this glaring gap, stating, “almost every brand focuses on decarbonisation, but there is an infinitesimally small amount of sustainability policies that actually focus on the populations affected by climate change.”Bina further emphasises the interconnectedness of fashion brands and the broader environmental and social systems they rely on. “If you buy cotton, you are part of the agriculture industry,” she says. “We need to start to recognise this is part of the business and the brand.” Instead of viewing climate impacts as externalities, brands must integrate systemic accountability into their operations to ensure long-term viability and ethical production, she added. Additional Resources:Why Hotter Weather Matters for Fashion What Happens When It’s Too Hot to Make Fashion? | BoF Hosted on Acast. See acast.com/privacy for more information.

Over the summer, BoF editor-in-chief Imran Amed and editor-at-large Tim Blanks both spent time with Valentino’s new creative director Alessandro Michele to learn about his vision for the fabled Roman couture house.One thing became clear in those conversations. Alessandro was drawn to Valentino in part because it would reunite him with Valentino’s CEO, Jacopo Venturini. Alessandro and Jacopo first made magic at Gucci, alongside CEO Marco Bizzari, when the luxury megabrand quadrupled its profits after a period of slow growth in the post-Tom Ford era. There is a special symbiosis in their pursuit of creativity and business, based on a strong emotional connection and a shared passion for creating beautiful things together.In their first-ever joint talk, Alessandro and Jacopo joined Tim Blanks at BoF VOICES 2024 to share their plans for Valentino and go inside their unique creative process.Key Insights: Michele describes his approach to Valentino as a blend of honouring its heritage while infusing it with his own perspective. "I try to be gentle … It’s not my place, it’s me working in that place,” he explains. “There is always a conversation [with Valentino].” Michele acknowledges that his work divides opinions, especially online. “Some people feel aggressive in front of the freedom of someone else … I’m happy with myself because I am free.” Finishing the thought, Venturini says Michele’s work embodies “genius creativity that starts with real freedom … He has eyes that open the eyes of someone else.” Venturini further highlights how creativity fuels not just design but the entire business ecosystem. “Our company is really human-centric and creativity-centric,” he says. “The goal is to translate this energy into the real world without losing any of it."Michele embraces the inherent unpredictability of the fashion industry, stating, "I’m understanding that you cannot really plan in fashion." He likens his role at Valentino to cultivating a "beautiful garden" where experimentation and creative freedom allow for growth and innovation. Additional Resources:Alessandro Michele’s Valentino Vision | BoF The BoF Podcast | Alessandro Michele: ‘There Is Always Mr. Valentino Somewhere With Me.’Alessandro Michele’s Valentino Debut: Lightness, Luxury and ‘Fireflies Seeking Love’ | BoF Hosted on Acast. See acast.com/privacy for more information.

As the year comes to a close, BoF’s executive editor Brian Baskin and senior correspondent Sheena Butler-Young look back on some of their favourite articles from 2024. The stories include topics that dominated industry conversations throughout the year, as well as some that have had key updates since publication.The four articles they discuss are “How Nike Ran Off Course” by sports correspondent Daniel-Yaw Miller, Butler-Young’s three-part Black beauty series, “The Fight for Influencer Marketing Dollars Heats Up” by senior news and features editor Diana Pearl and “Inside Luxury’s Italian Sweatshops Problem” by sustainability correspondent Sarah Kent. The conversation wraps up with a set of predictions for what’s to come in 2025.Key Insights:Miller’s “How Nike Ran Off Course” topped the list of key stories from 2024. It was a trying year for the brand, marred by declining sales quarter after quarter. Many pointed to former CEO John Donahoe as the source, with marketing and product feeling stale since he joined in 2020. “This was the year where it really crystallized that there were viable alternatives to Nike in the market,” said Baskin, with competitors encroaching from all sides. Looking ahead, Butler-Young said “Nike is not resting on its laurels” and is doing a lot to try to “turn around a very large ship,” starting with selecting a new CEO, longtime Nike executive Elliott Hill.Sarah Kent’s story, “Inside Luxury’s Italian Sweatshops Problem,” digs into this year’s viral scandal surrounding luxury brands’ labour practices. “It found that luxury brands that manufacture in Italy…routinely turn a blind eye to labour exploitation in their supply chain,” said Butler-Young. “They ignore red flags raised by audits and sustainability teams for the sake of convenience and cost.” Dior in particular faced social media backlash for “the disparity between what people pay for products and then some of the things that happen in the supply chain,” said Butler-Young. Next year, brands will face penalties for failing to comply with new European due diligence regulations.Baskin and Butler-Young shared predictions for the industry in 2025. For Butler-Young, ESG and DEI will be key to watch as they “attempt to continue to take shape in a very hostile political environment,” said Butler-Young. Early adopters of DEI who stick with it despite ebbs and flows might benefit by being the most innovative in the space down the line. For Baskin, “My prediction is one of these big struggling brands … is going to successfully pull out of its slump,” he said, pointing to Nike as a potential winner. Hosted on Acast. See acast.com/privacy for more information.

Background:In a slowing luxury and fashion market, it’s not just the big brands and e-commerce companies that are being impacted. Independent fashion designers around the world — from China to the US to Europe — are facing a barrage of challenges too. As more multi-brand retailers shut down, this not only puts tremendous cash flow pressure on small fashion businesses, but they are also losing their main channels to reach customers. Alongside other factors like inflation, Brexit and growing geo-political turmoil, it becomes almost impossible to build a sustainable, independent fashion business.But there is hope. According to London-based designer Roksanda Ilincic, “the beauty of an independent brand is that you can quickly adapt, quickly change. You can try to find a solution, maybe even quicker than a big giant.”To examine this topic at BoF VOICES 2024, 1 Granary founder Olya Kuryshchuk hosted a panel on independent fashion, with Ilincic, publicist and consultant Bohan Qiu, and the designer and Antwerp Royal Academy director Brandon Wen. Key Insights:The traditional reliance on multi-brand stores and fashion shows is shifting, with young designers exploring direct-to-consumer models and leveraging emerging technologies. Qui notes that new opportunities are coming from grassroots movements and emerging markets. “I feel like there is going to be this next movement where it’s coming from the streets, it’s coming from the underground, it’s coming from the youth culture that are so sick and tired of the current system. They want to overthrow and build something so strong that our current system can no longer neglect it.”For Wen, fashion education must evolve to prepare students for the realities of a saturated market. While fostering creativity, institutions should also teach practical skills like budgeting and business management to ensure graduates can navigate the industry successfully. “They need a lot more business advice and opportunities … they also should know how to use Excel, make a budget sheet, and … learn how the big machines work so that they’re not struggling with their own machine.”Independent brands must focus on the unique value they bring to the industry, such as craftsmanship, small-scale production, and authentic creativity. Ilincic highlights the importance of educating consumers about these distinctions, explaining, “the quantities that we produce are much smaller than the quantities of the big brands. So just understanding that you’re buying a very unique and specific product. That should be championed.” Hosted on Acast. See acast.com/privacy for more information.