Over the years, whenever I purchased a “party dress” — meaning an expensive dress for a specific occasion, mostly black tie — I always thought, why can’t I just rent the dress, wear it, and be done with it, instead of spending so much money on something that, while gorgeous, might be out of style or not look so great when the time comes to wear it again? Two Harvard Business School classmates, Jennifer Hyman and Jennifer Fleiss, had the same thought, but went so far as to turn it into an actual business. The first Jennifer, Hymen, was struck with the idea after her younger sister showed off a $1,600 Marchesa dress she couldn’t afford but bought anyway to wear to a wedding. What’s a girl to do when every event is photographed and appears on Facebook? Wear the same outfit twice? Not anymore is the answer the two Jennifers provided when they launched Rent the Runway in 2009 with $1.5 million of venture funding from Bain Capital Ventures. [Read more…]
About a dozen years ago, sitting in her blue and white David Hicks and Billy Baldwin design-inspired kitchen in her 6000-square-foot Pierre Hotel co-op overlooking Central Park, Tory Burch set about to create an affordable clothing line that she and her friends would like to wear. By this time, Tory Burch was already something of a socialite and had appeared in the pages of Vogue and on the cover of Town & Country. Not entirely to the manor born, but close enough, Tory, a graduate of the University of Pennsylvania, had worked in the fashion industry, not in design, but in advertising and public relations. Perhaps this is where she learned about marketing and branding, or perhaps she just has very good instincts.
The first Tory Burch boutique opened in 2004 on Elizabeth Street in Manhattan’s Nolita, now a fashionable retail stretch, but a somewhat more pioneering location at the time. With a $2 million dollar investment from then-husband Chris Burch and additional funds from friends and family, the store launched with multiple categories of clothing and accessories. In 2005, Oprah Winfrey discovered a Tory Burch tunic and pronounced it the next big thing. With Oprah’s endorsement, a unique fashion point of view that struck a chord with a certain crowd in Manhattan in its early days and some good exposure on Gossip Girl, fashion history was made. [Read more…]
Like most New Yorkers I made it through last winter’s Polar Vortex with many layers and ‘Hot Hands’ in my pockets, but going into this season, I knew I had to replace my very well worn 10-year-old Bogner and 12-year-old Moncler down jackets. I asked a friend, younger and hipper than I, what she recommended. “Canada Goose” she said, “cheaper and cooler than Moncler.” I’d never heard of Canada Goose, but, once aware, the red white and blue Canada Goose expedition patch logos were suddenly everywhere in New York City. The parkas are more function than fashion, many trimmed with coyote fur around the hood. PETA has objected, but celebrities, including Matt Damon, Daniel Craig and Claire Danes have been photographed in theirs. Last season, Canada Goose was featured in the US Magazine “Who Wore it Best” section. Was it Lucy Liu, Cameron Diaz, Maggie Gyllenhaal or Emma Stone? Kate Upton wore a white Canada Goose parka over a white bikini bottom on the cover of the 2013 Sports Illustrated Swimsuit issue. Photographed in Antarctica, the headline reads, “Kate Upton Goes Polar Bare.” [Read more…]
My closet is filled with a variety of on-sale purchased high-end designer clothing and shoes, nearly all black and suitable for almost every New York occasion, but not for the trip to Israel I was planning in March, 2014. I consulted my chicest, best-dressed friend, a long time fashion industry executive and insider who’d taken a similar trip a year earlier. “What clothes did you wear?” I asked, searching for wardrobe clues. “Chico’s, I think. Mostly black, matte jersey.” Chico’s!!! I couldn’t quite believe it. This is a woman who is a fashion icon, but clearly not a fashion snob. So, I followed her lead and headed to Chico’s in search of clothes that would be comfortable, suitable for multiple occasions, seasonless, packable and, dare I hope, fashionable.
What I found surprised me.
I heard good things about Joe Fresh from a friend a couple of years ago, so I visited the Madison Avenue store, which initially opened in October, 2011 as a pop-up. It was a bright, fun place in a convenient neighborhood location. I bought a cotton V-neck cardigan in orange, Joe Fresh’s signature color, for about $19. I returned several times to buy Christmas gifts that season. Joe Fresh seemed a good resource for low priced, colorful, clean looking, basics. A poorer woman’s JCrew, perhaps a bit younger, certainly much, much cheaper — decent enough quality for the price, with a teeny bit of a contemporary edge. Joe Fresh has a much narrower, more classic and basic-focused assortment than H&M, with equally low prices, and is a refreshing, lower priced alternative to the now muddy Gap.
In 2004, Loblaw’s, Canada’s largest retailer with 1000 corporate and franchised stores, serving 14 million customers weekly, reached out to Joe Mimram, the co-founder, of Club Monaco, to create a clothing line to be sold in Loblaw’s supermarkets. Loblaw’s had extensive and successful experience with private brands, including President’s Choice, the maker of the Decadent Chocolate Chip Cookie, the number-one selling cookie in Canada. But those cookies were not enough to meet the threat of Walmart’s ever expanding Canadian Supercenters. And so, a well priced, well designed clothing line for Loblaw’s made sense. Joe Fresh was launched with women’s apparel in 40 Loblaw stores in 2006 and exceeded sales expectations. Today, Joe Fresh is sold in 340 Loblaw’s stores and includes women, children and men’s clothing, shoes, accessories, cosmetics, bath and body. In 2010, Loblaw’s launched the first Joe Fresh stand-alone store in Vancouver, and there are now 16 in Canada. [Read more…]
A Brief History and Consumer Perspective
Women’s underwear, its euphemistic pseudonym ‘intimate apparel,’ or its more sophisticated sister, ‘lingerie,’ is difficult in so many ways. For all of us women consumers, it is a necessity; a purchase that must be made and replenished regularly. And, trust me, as a consumer who has been buying her own underwear for more years than I’d like to count, it is not always an easy, satisfying, fun, or self validating purchase.
Underwear is a category of apparel that gets us down to the bare bones of ourselves. Our bodies. Our comfort. Our sense of self. Our sex appeal. Our underpinning. The foundation for all of our clothes. Women’s underwear has been marketed to us for generations reflecting deep-seated emotions and attitudes about ourselves, our roles, and our history as women. From long before the time women discarded their bras in the late 1960s as a symbol of second-wave feminism, bras have had a history of women’s emancipation and independence. In 1873, writer and activist, Elizabeth Stuart Phelps, wrote: “Burn up the corsets! … No, nor do you save the whalebones; you will never need whalebones again. Make a bonfire of the cruel steels that have lorded it over your thorax and abdomens for so many years and heave a sigh of relief, for your emancipation I assure you, from this moment has begun…” [Read more…]
Ok, I confess, I am in love with Ralph Lauren. Not the man, whom I’ve seen up close only once, but the brand, which I think is by far the greatest and most iconic American brand in the both the retail and apparel space and beyond. Ralph Lauren has created a world in which his brand lives. The brand is referred to as “The World of Ralph Lauren.” This is how the company refers to it, and, this is how we, as consumers, have been educated, by Ralph to think about and experience the brand. The World of Ralph Lauren is a place of elegance and luxury, of classic and rugged American style. The World of Ralph Lauren has its roots in a rich and glamorous American past. In an old world “WASP” lifestyle with touches of the American West; of polo players and yachts; of country houses, of Palm Beach, Nantucket, Southampton and the Maine coast; of old-school Boston and the New York establishment; of the Virginia hunt country and the ski slopes of Colorado, Utah and Idaho. The World of Ralph Lauren presents very specific images of effortless and timeless style and taste. It is not pure fantasy. The images are rooted in an other-worldly reality that some people have actually lived. Picture the extended Kennedy family tossing a football in Hyannis on a fall afternoon, and then dressing for dinner at Downton Abbey. [Read more…]
Shoes are not that easy to buy. Or wear. If you find the style you like they are often out of stock in your size, don’t fit, are uncomfortable or too expensive. Shoes are the one item of clothing I almost never purchase on sale. Well, I do try to find shoes on sale especially at the twice-yearly Bergdorf markdowns when the high-end shoe department on the second floor of that usually staid and elegant emporium is turned into a partially self-serviced frenzy for a few weeks. But, for me, the calculus of a shoe sale doesn’t work. It is just too difficult because there are so many variables. Like most consumers, I am looking for style, fit and comfort. Especially now, as heels have risen to ever greater heights; five-inch stilettos are de rigueur among stylish women (myself excluded from that category). Finding a shoe that is comfortable, fashionable and fits at the price you want to pay is a tricky business.
Today, we ladies need shoes for every occasion, function and style. A range of sport-specific athletic shoes; mud covered outdoor shoes for gardening and general mucking out; business and evening shoes in a variety of heel heights, colors, finishes and textures for different outfits and occasions; sandals, also in a variety of heel heights; rubber flip-flops, the go-to, all purpose beach and summer shoe; boots for all varieties of weather and fashion in various lengths and heel heights, leathers, patents or suedes; slippers and slip-ons for at-home wear. It seems that only yoga, practiced barefoot, requires no footwear at all.
JC Penney, now JCP, and Macy’s are at war over Martha Stewart. The Appeals Court ruled recently that Penney could sell Martha Stewart product temporarily, but, not under the Martha Stewart brand name. The question of why the now-departed JCP CEO and former Apple and Target superstar, Ron Johnson, and the lifestyle guru and home goddess, Martha Stewart, agreed on a relationship under the umbrella of the existing Macy’s contract – kind of like having two husbands or wives at the same time – is best left to other experts. But the question of why all the fuss about Martha, why two major and competing retailers are willing to fight for her, goes well beyond the legal challenges. It goes simply to the strength of the Martha Stewart brand which is arguably the leading non-apparel brand in the country, perhaps rivaling only Ralph Lauren in the strength of its conviction, equity, vision and imprimatur of its founder, the inspiration providing, Non-Executive Chairman, and, convicted felon, Martha Stewart. [Read more…]
The correct answer I believe is: “All of the above.” I’m not a handbag person, per se, although I own several. I don’t think of status so much when I buy a purse, yet I realize that, in addition to function, which for me means not too heavy and enough room for my stuff, I am conveying something about myself when I tote around my handbag. As Nora Ephron said in her very funny essay, I Hate My Purse, “…your purse is, in some absolutely horrible way, you…”
Whether real, fake, or my new favorite, ‘luxury pre-owned,’ handbags are an expression of who we are and where we belong in social, economic and fashion terms. As our most visible fashion accessory, our handbag is both functional and symbolic, conveying to others the tribe to which we belong. A form of self-expression and signal of personal style, handbags are also an entrée to luxury and glamour. One may not be able to afford that penthouse apartment on Fifth Avenue; or, the private tented safari in Africa; but, one could, perhaps, feel a part of that world with say, a Louis Vuitton bag. [Read more…]
I’ve long been a Michael Kors fan, buying gorgeous double-faced wool dresses on sale at Bergdorf Goodman or in the Michael Kors store on Madison Avenue—only at 70% or more off, after Christmas and in the early summer.
These dresses, and some pants, skirts, jackets and wonderful cashmere sweaters, are lined up like so many soldiers in my closet ready for almost any outing. The styles remain basically the same year-in and year-out. Beautiful fabrics such as the double-faced wool, along with heavier wools and tweeds, matte jersey, raw silk, satin, and cotton twill for summer. All styled classically and elegantly. Feminine. Flattering. Simple sleeveless sheaths and separates with some accessories, handbags and shoes to round out the collection. Wearable, luxurious, classic American style.
But now, since Michael Kors has gone public, the positioning of a lower tiered line, Michael by Michael Kors, into a global lifestyle brand seems a distinctly different brand proposition and one that is, perhaps, at odds with the couture line. Of additional concern is the thought that the couture line has suffered as a result of the greater attention to, and investment in, the lifestyle brand.
The lifestyle brand is designed and merchandised for a different and younger customer who likely has never seen, heard of, or cared about the Michael Kors collection or its understated, classic American positioning and style. These customers know Michael Kors from his successful appearance on Project Runway; from Michael Kors advertising; and from Michael Kors licensed watches, handbags and small leather goods featuring a prominently displayed MK logo in shiny brassy, brass. The new Michael Kors brand is described by management as a “global luxury lifestyle brand with a multi-channel strategy, unique design and strong infrastructure…a compelling assortment of luxury merchandise and exceptional service in a Jet Set store environment.”
The term “Jet Set” appears often in company communications. As a child of the 60’s when ‘Jet Set’actually meant something—picture Princess Margaret flying off to Mustique, Bianca Jagger going anywhere. And before international travel became so much more like getting on a bus at the Port Authority than departing in style at the Eero Saarinen designed TWA terminal at Kennedy— “Jet Set” was defined as: “An international social set made up of wealthy people who travel from one fashionable place to another.” [Read more…]
A few years ago, I noticed a woman in Central Park with what I thought was a tag or store sticker on the outside of her pants. “You still have the tag on your pants,” I told her as I passed her on the track. “That is the label, it belongs there!” she explained. This was the first time I noticed the Lululemon brand icon. The logo is featured on pant legs in a way that looks like it was stuck there. An rounded A shape that appears like an upside down U, it is inconspicuous, but, for those in the know, it is the sign of membership in what is one of today’s most powerful brands.
Lululemon was founded in 1998 in Vancouver, British Columbia by Chip Wilson, a 20-year veteran of the surf, skate and snowboard business, who noted a need for a more technical and performance-based product after he took, and loved, his first yoga class. Wilson, now a Forbes ranked ‘Yoga Billionaire,’ stepped down from his role as CEO and passed the reins to Christine Day, a former Starbucks executive. Wilson remains Chairman. Together Wilson and Day hold approximately 32% of the company’s outstanding shares. “We like that management has skin in the game,” a Morningstar report noted recently.
Lululemon opened its first store in 2000. The company now has 147 stores in North America. Lululemon is one of the fastest growing companies in the retail and apparel space and is outperforming the industry on almost every level. Lululemon management is projecting FY 2012 growth of 25% with same store sales growth at 25% and direct to consumer growth, which accounts for 14% of sales of 179%. Last year the company reached a billion dollars in sales; this year the company is projecting revenue in the range of $1.3 billion. And it holds no debt. [Read more…]