The Business of Fashion Podcast

• Fashion’s M&A Market is Heating Up

  After a prolonged slowdown, fashion’s M&A market is springing back to life. A combination of falling interest rates, shifting investor sentiment and optimism around economic policy has fuelled a wave of early 2025 deals. Within the first few weeks of the year, brands like True Religion and Kapital were acquired by private equity firms and holding companies, signalling renewed confidence in fashion investments.However, not all acquisitions are about aggressive growth. Some buyers specialise in “managed decline,” acquiring struggling brands to extend their lifespan through licensing or cost-cutting. Others, including private equity firms and strategic buyers, see opportunities to scale promising brands by injecting capital and expertise.“The key for a lot of these companies in finding buyers is proving that their brands are still worth it and can weather these economic cycles and lulls in the market,” shared e-commerce correspondent Malique Morris. Executive editor Brian Baskin and senior correspondent Sheena Butler-Young sat down with Morris to break down the latest deals, the brands poised for sale, and what it all means for fashion in 2025 and beyond.Key Insights: A number of converging factors are driving a new wave of fashion mergers and acquisitions in 2025. Falling interest rates, Trump’s re-election driving investor optimism, and shifting regulations have all played a part in fuelling new acquisitions. “Retailers reported strong holiday sales in 2024, and even though much of that was driven by discounting, it signalled that consumers were still spending,” says Morris. “That kind of activity gives investors more confidence in backing fashion businesses.”Buyers are looking for brands with strong customer loyalty, an engaged audience, and clear growth potential that can weather the ebb and flow of the market. Brands need “good stewards to help them find the best resources to expand without hurting their legacy, whether that be money, retail networks, or supplier relationships,” explains Morris. “It's important to have the resources you need to maintain relevance and compete for consumer attention.”Beauty remains a hotbed for M&A activity. “Unlike fashion, beauty hasn’t faced the same investor hesitancy,” says Morris. “Brands like Merit, Westman Atelier, and Makeup by Mario are seen as prime acquisition targets, while Rare Beauty could be the defining beauty deal of the decade.”Overall, buyers are prioritising brands with strong customer loyalty and cultural relevance. “They're seeking brands with ample customer loyalty and a passionate consumer base that will keep their names in the public consciousness, irrespective of what recent sales growth will look like,” says Morris. He adds, “The thing that is top of mind is, what is the value of your brand? That’s an honest conversation that I’m not sure all companies have with themselves, let alone with buyers.”Additional Resources:What’s Behind the 2025 M&A Wave | BoF Fashion’s Most Anticipated M&A Hot Spots in 2025 | BoF Hosted on Acast. See acast.com/privacy for more information.

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• The Luxury Crisis, Explained

  In a special episode, BoF founder and editor-in-chief Imran Amed joins Bob Safian on The Rapid Response podcast.“This is probably the most severe crisis that I've seen in the luxury side of the fashion industry since the Great Recession of 2008,” says Amed. “The business model and approach that the luxury industry has been using for the last decade or so is running out of steam.”In their conversation, Amed and Safian discuss the cracks in the current luxury formula, the untapped potential in older demographics, and how brand and product innovation have the potential to revive the sector. Key Insights: Amed warns that the go-to strategies for luxury brands, such as over-expansion and relentless price hikes, are no longer sustainable. He highlights how the slowdown in Chinese consumer spending and a sharp drop in aspirational buyers who “gorged on luxury products during the pandemic” are exposing the cracks in this long-established playbook.While the industry has long speculated on whether India might be ‘the next China,’ Amed believes real growth is finally within reach. Thanks to a flourishing middle class, improved retail infrastructure and widespread mobile internet, international brands are eyeing India’s vast consumer base with renewed interest. However, success demands culturally informed approaches: “The smart brands are going to really find the right talent, Indian local talent, and empower those leaders,” says Amed. “The Indian market is on the precipice of something really big but it’s not going to be easy.”Amed acknowledges the widespread but often discreet adoption of artificial intelligence: “I think as with a lot of things AI, everybody’s using it, but not everyone’s talking about how they’re using it,” he said. However, he cautions that “to create something really, genuinely novel, interesting, disruptive, creative, and beautiful, a human has to be involved,” reminding brands that while AI can accelerate ideation, authentic creative vision remains the domain of designers themselves.Amed believes the current turbulence will drive fashion leaders to rethink their strategies: “What’s exciting about a time like this is it forces companies to innovate because the market isn’t growing super fast anymore,” he said. He explains that to thrive under tougher conditions, businesses “have to take market share from someone else,” meaning it is no longer enough to repackage old ideas. Pointing to brands like Miu Miu and Brunello Cucinelli, which are still achieving significant growth, Amed sees promise in those who offer “something different and special,” rather than relying on the template approach that has dominated fashion in recent years.Additional Resources:The State of Fashion: Luxury | BoFLuxury Slowdown Could Last Longer Than Previous Crises, Chanel Watches and Jewellery President WarnsThe BoF Podcast | The Great Luxury E-Commerce Reckoning Hosted on Acast. See acast.com/privacy for more information.

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• How to Future-Proof Your Fashion Career in 2025

  The fashion workplace is evolving, shaped by a wave of technological advancements, leadership changes, and cultural dynamics. For many employees, adapting to these changes has become a challenge, while employers must navigate how to foster connection, retain talent, and drive innovation.Executive editor Brian Baskin sits with commercial features editorial director Sophie Soar and senior correspondent Sheena Butler-Young to unpack how businesses can create thriving workplaces in 2025, the role of soft skills in a tech-driven era, and what it takes to re-engage an increasingly disconnected workforce.“In the face of AI and more technology coming in, it is more important to have a human element. What does a human do well? That’s why soft skills are a huge focus,” says Butler-Young. Meanwhile, Soar highlights the growing challenges of employee disengagement, stating, “We are incredibly disengaged as a workforce. Trying to get employees to buy back into what they’re doing and be part of the workplace is going to be really challenging.”Key Insights:The turnover of leadership in fashion is reshaping workplace dynamics. “New leadership means change, even if they're using the same playbook,” explains Butler-Young. “Having someone new at the top of your company tends to affect morale for better or worse, or just makes people feel uncertain.” She adds, “Fashion workplaces are in this perpetual transition this year, which will inevitably shape culture.”In the wake of President Donald Trump’s executive orders targeting corporate DEI programmes, successful DEI strategies in 2025 will integrate horizontally across all business functions, rather than thinking about it as a vertical. “If something is horizontally integrated across the business and is a fundamental aspect of every single core pillar that this business touches upon, it's harder to roll back on those initiatives as a result,” says Soar. Butler-Young adds, “If you as a leader of any kind of organisation appear to flip-flop on your values based on the way the political winds blow, I think that's going to have a harmful effect on your workplace in the long term.”As AI becomes more prevalent, employers are placing greater emphasis on human-centric skills. “In the face of AI and more technology coming in, it is more important to have a human element to it. What does a human do really well? That’s why soft skills are a huge focus,” says Butler-Young. Soar adds, “It’s about engaging a workforce who are constantly striving to think about how they can take this particular tool or opportunity to the next stage and do so with that can-do, positive approach and attitude.”The impact of the attention economy has spread into our work lives. “We are incredibly disengaged as a workforce,” says Soar. “Trying to get employees to buy back into what it is that they're doing and be a part of the workplace is going to be really challenging, especially as they're navigating a hybrid or remote working environment.” Employers, Soar argues, need to address this to optimise their workforce for the future: “It is fundamentally changing the way that we are operating as people as well as employees.”Additional Resources:How to Future-Proof Your Fashion Career in 2025From Trump to Gen-Z, Fashion Faces a Culture QuakeBoF Careers Hosted on Acast. See acast.com/privacy for more information.

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• Tim Gunn on the Power of Staying True to Your Vision

  Tim Gunn is best known as the wise, empathetic mentor on television’s Project Runway, but before he found himself guiding the next generation of designers on screen, he spent time teaching and shaping the fashion curriculum at Parsons, where he helped nurture some of the most influential names in American fashion. His journey began in Washington, D.C., where early struggles with bullying and a desire to understand his own creativity led him toward mentoring and educating others.Now, as the industry grapples with change on multiple fronts, Gunn offers his unique perspective on what it really takes to succeed today — in life and in fashion. “Life is a huge collaboration. We need other people. We’re not intended to be solos. And no one should think, ‘I can deal with this and solve this myself,’” says Gunn.This week on The BoF Podcast, Gunn opens up about how his early trials shaped his remarkable career, why he left his art practice behind to focus on teaching and mentorship, and how he sees the future of American fashion.Key Insights: A graduate of the Corcoran College of Art and Design, Gunn once dreamed of being a painter or sculptor, but after just a few years in the classroom, he realised guiding students gave him more satisfaction than making his own work. “After two years of teaching, I thought, ‘I feel so fulfilled and so sated through the teaching process, I don’t need to make the work,’” Gunn says . “This is what I love doing and I’m just going to keep doing it.”During his tenure at Parsons, Gunn served as both a teacher and an administrator — eventually rising to Associate Dean — and was tasked with revitalising the school’s struggling fashion program. “The curriculum had not changed since 1952,” he recalls. “No computers, no fashion history... I was completely and totally horrified.” Determined to better prepare students for the realities of the industry, Gunn helped introduce new business training, creative independence, and a broader perspective on design. “The former curriculum was all about being totally and wholly dependent upon the faculty. You couldn’t do anything without faculty approval. And I thought, ‘These students are incredibly talented and bright. We need to let them fly and see where it takes them.’”The producers of Project Runway learned about Tim Gunn from industry insiders who pointed to his transformational work at Parsons. Gunn initially resisted the idea of reality TV, but curiosity won out, and his background as an educator shaped his signature style of mentorship on the show. Gunn believes emerging designers need more real-world business training, collaboration partners and a firm grasp of their own creative DNA to survive. “If you insist upon making every garment yourself, just be resigned to having a little boutique and not making any money. If you really want something big, you’re gonna have to let go and you’re gonna have to collaborate with a lot of people,” Gunn advises. “Any one of us, either individually or collectively, can only be as successful as our ambitions and our resources allow us to be.”Additional Resources:Television's Power to Launch Fashion Brands Remains Unproven | BoFHow Independent Brands Can Thrive in a Fashion World Ruled by Giants Hosted on Acast. See acast.com/privacy for more information.

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• The Evolving Art of Brand Collaborations

  Brand collaborations were once rare, highly anticipated events that generated significant buzz. But as they have become more frequent, the challenge lies in creating partnerships that genuinely resonate with consumers and cut through the noise.This week, executive editor Brian Baskin and senior correspondent Sheena Butler-Young sit down with BoF correspondent Lei Takanashi and editorial fellow Julia Lebossé to explore the state of brand collaborations, what makes them succeed or fail, and where they’re headed next.To work, collaborations need to feel authentic. For brands, “letting their collaborators take the wheel and just do what they want to do is really key,” says Takanashi. “When brands collaborate successfully, it’s often because they give creative freedom to the collaborator, allowing them to use the materials they want and tell a story that feels true to their audience,” adds Lebossé.Key Insights: Poorly thought-out collaborations often fail to connect with audiences and just won’t cut it anymore. “When it's done lazily, consumers can tell”, explains Lebossé. “We're becoming much smarter, really looking into brands and what they're doing and what makes sense. … That's why brands really have to step up in terms of what they're doing.”It’s not just big brands that can make waves with collaborations. Lebossé pointed to a sneaker collaboration between Bimma Williams and Saucony as an example where a smaller brand excelled. “They’re showing that, hey, we can do innovation,” explains Lebossé.Brands are finding even greater value in creating physical experiences around collaborations. Takanashi points to the Corteiz x Nike collaboration, where prospective buyers participated in scavenger hunts to buy the shoes. “If someone told me that kids would be lining up to buy Huaraches in 2025, I would not believe them at all,” he says. “But that’s the thing. This brand got kids waiting for hours in the freezing cold to buy their sneakers. It’s really that IRL experience that consumers are looking for when it comes to releases these days.”Additional Resources:Why Fashion Needs the Art World More Than Ever | BoFWhy Are Sneaker Collaborations So Boring? Hosted on Acast. See acast.com/privacy for more information.

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