The Business of Fashion Podcast The Business of Fashion

BoF’s Imran Amed sits down with Priya Rao, executive editor of The Business of Beauty, to go inside the findings of our new report ‘The State of Fashion: Beauty.’
Background:
The global beauty industry is booming. 
“Beauty remains one of the most dynamic, challenging and sought-after industries, much more than other consumer goods — or even fashion,” says Priya Rao, executive editor of The Business of Beauty. “What we've seen is that consumers are so rabid and fervent for their beauty products… and brands are still really excited about bringing a new proposition to market.”
This week on The BoF Podcast, editor-in-chief Imran Amed sits down with Rao to break down the five critical themes covered in BoF’s new report, “The State of Fashion: Beauty,” created in partnership with McKinsey & Company.
Key Insights:

In the oversaturated beauty and wellness market, it can be difficult for new brands to gain consumer attention. To break through, they should first focus on one product or theme before moving to other categories. “[Rihanna’s] Fenty Beauty was known for colour cosmetics until they most recently launched skin care,” says Rao. “They didn't try to launch hair care and injectables and sexual wellness devices all at once.”Expert voices are key when it comes to building trust as a beauty brand. “What dermatologists or aestheticians have done for skin care, we need that in wellness,” says Rao. “The way that wellness really grows is with credibility from the people who are founding these brands and selling these products.”Gen-Z wants beauty products that are more environmentally friendly but also affordable. According to Rao, brands like E.l.f and Milani have been able to address that demand. “They are giving the best experience to beauty consumers, but they also check those boxes of being socially conscious and value driven,” says Rao. Beauty M&A will consist of smaller deals driven by strong underlying financials. Big deals like L’Oréal buying Aesop for $2.5 billion will be a more of a rare occurrence. “Profitability is going to come into play much more… that's across the businesses out there in consumer goods,” says Rao. 
Additional Resources:

The State of Fashion Special Edition | The New Face of Beauty: The special edition of The State of Fashion report by BoF and McKinsey & Company explores the reshaping of the global beauty industry. Download the full report to learn about the key dynamics that will impact all categories in the years ahead, from the rise of wellness to the influence of Gen-Z.The Business of Beauty Global Forum 2023: Streaming Live from Napa Valley, California on May 30-31.
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BoF’s Marc Bain and a group of panellists break down the state of web3 in fashion and where the technology is headed.
Background:
Over the last couple of years, the fashion industry couldn’t stop talking about the potential of NFTs, the metaverse, known in tech industry speak as web3. Now, the fervour around web3 has cooled and the speculators are long gone. But for those committed to the web3 space, the work continues, even as the discussion has shifted.
“People are pulling back, but people are investing,” said Brian Trunzo, metaverse lead at Polygon Labs. “If folks are still at the education stage, doing research either internally or through agencies, they may have cut budgets and pulled back a little bit, whereas folks who have beefed up and built out teams to execute against their web3 strategy, who have had that requisite education, they're doubling down.”
This week on The BoF Podcast, we share a conversation from The BoF Professional Summit: An Inflection Point in Fashion Tech, where our technology correspondent Marc Bain speaks with three web3 experts — Brian Trunzo, Alice Delahunt, founder and CEO of Syky, and Milton Pedraza, the founder and CEO of consulting firm the Luxury Institute — to debate the future of web3 and fashion. 
Key Insights:

“Something that we say in web3 is that it's not so much a bear market, it's a build market,” says Trunzo. Rather than letting a drop in investments define how brands should approach the digital world, consider the performance of the brands that are actually putting resources towards building in the space. Still, there are details that still need to be figured out, the panellists acknowledged. For Delahunt, purchasing a digital Gucci bag on Roblox made her realise how murky digital ownership could be, because virtual items must exist on the platform where they’re purchased. She believes blockchain has the power to change that standard. “Think about the physical world. We’ll go out on the street and there's public infrastructure that is owned by the US government… It’s public, but private enterprise sits on top of it,” she said. “I think of the blockchain as the public infrastructure that people start to build on.”According to Pedraza, this idea of digital identity will only become more paramount as the lines between the online and offline worlds continue to blur. “The technology keeps evolving… but the core principles of data identity, controlling your identity, taking control, monetising or doing whatever you want with your data… will all be supported by these emerging technologies,” he said.No matter what’s trending, Delahunt said the fact that digital tools like Blender and Fortnite can free users of the physical world’s limits. “You've always wanted to be a butterfly, you are not confined in the same way physically… and your ability to express yourselves in those spaces will inevitably be a huge part of the future,” said Delahunt.
Additional Resources:

How AI and Web3 Are Shaping Fashion’s Future: At BoF’s tech summit experts in technology and creative innovators share their insights on how emerging technologies are impacting the fashion industry. 
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BoF’s Imran Amed speaks with Alec Leach about his manifesto on how we can move towards a better relationship with fashion.
Background: 
For nearly five years, author Alec Leach worked as an editor at streetwear website Highsnobiety, where he spent his “career telling people to buy stuff.” Leach saw up close the contribution his content was having on overconsumption and the lack of responsibility brands and consumers took for their own part on the climate crisis, both subjects he tackles in his book, “The World Is on Fire But We're Still Buying Shoes.” 
“I love working in the industry. I really, really do,” says Leach. “I think we just all need to accept that we're part of this consumerist machine. And once you accept that, then the kind of potential for positive change becomes clearer.” This week on The BoF Podcast, Leach sits down with BoF’s founder and editor-in-chief Imran Amed to discuss how the fashion industry and consumers must change. 
Key Insights:

During his time at Highsnobiety, Leach attended several events, including the Global Fashion Summit in Copenhagen, focussed on sustainability in the industry. But for all the discussion of supply chain and new technologies, he felt that there wasn’t enough talk about what he saw as the core issue. “No one's really asking why we buy so many things,” he said. “It always comes down to overconsumption.”In Leach’s book, he says shopping is part of a consumer's identity because of the role it plays in self expression. “It's important to acknowledge that fashion is intimately connected to our sense of self. That makes shopping a pretty existential experience,” said Amed, quoting Leach’s book. According to Leach, the supply chain is a “nonsensical system” that allows brands to take little accountability for their own manufacturing processes. “Brands aren't really that responsible for what happens in their supply chain, and they're not really responsible for what happens to all these clothes when they're no longer wearable,” said Leach. Leach’s personal experiences in therapy over the course of years helped him dig deeper while writing his book. “That's where a lot of the more psychological and philosophical elements of the book came out, it was about me being in therapy every day, every week and asking myself some very difficult questions afterwards,” he said.
Additional Resources:

“The World is On Fire But We’re Still Buying Shoes” by Alec Leach: Leach’s debut book or manifesto explores society’s relationship with overconsumption and how consumers can have a better relationship with fashion. 
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The Ugandan-born model how he is finding purpose in pursuing an unconventional career to support his family and the community he comes from.
Background:
At BoF VOICES 2022, fashion model Dennis Okwera spoke about his childhood in Uganda, fleeing home to avoid the violent life of becoming a child soldier in the rebel group Lord’s Resistance Army, coming to the UK as a refugee at the age of nine. 
Though he was scouted multiple times while living in the UK, it wasn’t until he was attending university that Okwera decided to pursue modelling. 
This week on the BoF podcast, model Okwera discusses his childhood escaping a guerilla army in Uganda, his adult life as a model in the UK and how he used his success to give back to his community. 
“Let's just be a little bit kinder to each other, especially to refugees. Just see them with an open mindset; we're just looking for security and freedom, that's it really,” said Okwera. 
Key Insights:

After Okwera was scouted he said at first his father objected to the idea of him modelling. “The first time I got scouted, my dad was like; ‘No, no, you're not doing it.’ You know, this is an African dad who thinks anything outside of education is a complete failure,” he saysWhen Okwera first started his modelling career he had the opportunity to work with designer Grace Wales Bonner when she was still a student attending Central Saint Martins. Thanks to his career in modelling, Okwera was able to put his cousins through school and support his aunt who was diagnosed with HIV. Okwera says the “sole purpose” of him pursuing a modelling career was to support his family. After travelling back to Uganda to donate sanitary essentials like diapers and formula, Okwera reunited with his mother after 24 years of being away. “I didn't know what it was like to have your own mum,” said Okwera. 
Additional Resources:

BoF VOICES 2022: Live Your Best Life: During last year’s BoF VOICES model Dennis Okwera discussed his childhood escaping the rebel group, Lord’s Resistance Army and fleeing Uganda to live in the UK. 
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Labour rights activist Kalpona Akter and chief sustainability correspondent Sarah Kent reflect on where the industry stands a decade after the deadly factory collapse. 
Background:
Ten years ago this week an eight-storey factory complex in an industrial suburb of Dhaka, Bangladesh collapsed, killing more than 1,100 people and injuring thousands of others.
The Rana Plaza disaster ranks as one of the worst industrial disasters on record. It shook the fashion industry, shining a spotlight on critical safety failings in major brands’ supply chains. In its wake, hundreds of brands signed a groundbreaking safety agreement that helped improve conditions in thousands of factories in Bangladesh, but elsewhere little has changed.
This week on the BoF Podcast, labour rights activist and founder of the Bangladesh Centre for Workers Solidarity Kalpona Akter reflects on where the industry stands a decade later, while BoF’s Imran Amed and chief sustainability correspondent Sarah Kent discuss what still needs to change.  
“If you ask me then, ‘what did you achieve in the last ten years?’ I can say then only the improvement of safety,” says Akter. “The other areas of workers’ rights, like wages, it is still poor.”
Key Insights:

Fashion remains a dangerous business, with hundreds of people killed and injured in its manufacturing supply chain every year. “You see fires, electrical safety issues, issues around the handling of toxic chemicals, issues with unsafe boilers, really serious incidents that lead to injury and death on a regular basis,” says Kent. Efforts to address dangerous working conditions have been undercut by relentless demand for faster, cheaper fashion. “[It] leads to this race to the bottom, where manufacturers get squeezed and then start to cut corners in different places, from safety to wages to worker well-being. That is a huge systemic macro problem,” says Kent.Consumers have the power to make a big difference by letting companies know they care about how the people who make their clothes are treated. “When they're in the store, if they can go beyond size, colour, style and price and start asking questions from the store managers… I think that would start ringing the bell in bosses’ offices,” says Akter.
Additional Resources:
How to Avoid Another Rana Plaza | Case Study: In the wake of 2013′s deadly factory collapse in Dhaka, more than 200 brands signed the Bangladesh Accord. BoF unpacks why it’s widely viewed as fashion’s most effective safety campaign.The BoF Podcast: Activist Kalpona Akter on Improving the Lives of Bangladeshi Garment Workers
Credits: 
0:24 - CBC News0:46 - ITV News0:57 - Ronald Ellis
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Ahead of the opening of “Karl Lagerfeld: A Line of Beauty” exhibition, the Costume Institute’s head curator discusses the legendary designer’s work and lasting impact.
Background:
Andrew Bolton, the head curator of The Metropolitan Museum of Art’s Costume Institute, first dreamed up the idea for a Karl Lagerfeld-centric show at Lagerfeld’s 2019 memorial service.
Next month, that vision will be realised with a new exhibition, “Karl Lagerfeld: A Line of Beauty,” focussed on the late Chanel and Fendi designer. With the exhibit, set to run from May 5 to July 18, Bolton’s goal was to focus on the designer’s prolific career rather than the man behind it.
“We wanted to focus on the work rather than the words or the man because he was problematic,” said Bolton. “There were those things he said that were difficult … the one thing that was authentic, real and tangible was his creative output.”
This week on The BoF Podcast, BoF editor-at-large Tim Blanks sits down with Bolton to discuss the upcoming show and Lagerfeld’s legacy in fashion and beyond. 
Key Insights:
Lagerfeld was a trailblazer in fashion, helping to inspire countless designers who followed him, according to Bolton. “One of Karl's greatest legacies was creating the blueprint for the modern day fashion designer impresario,” said Bolton.His influence transcended fashion, too. “He was somebody who didn't restrict his creativity down to one outlet. He was an interior designer. He was a photographer, he was a writer, he was a theatrical designer as well as a designer,” said Bolton.Bolton said that Lagerfeld was “nostalgic and sentimental,” going as far to recreate his childhood bedroom in his home. That was often reflected in his work, and is examined in the exhibition. “For somebody who loved history so much and consumed history, he could not not look back, and you see those recurring motifs in his work.”Synonymous with Lagerfeld was his signature suit, which featured a severely tailored black jacket and crisp white shirt. Bolton saw that outfit as a simple ensemble not designed to draw attention. “To me, his greatest disguise was a black and white uniform; he created it because it deflected away from anything,” he said.While the exhibition focuses on his work, more of Lagerfeld’s personal life and relationships with collaborators like Amanda Harlech and Patrick Hourcade are detailed in the book that accompanies the show. “I wanted that to be their relationship, their voice,” said Bolton. “They had very specific relationships with Karl, and they're illuminating, but I didn't want that to be infiltrating the thesis of the exhibition.”
Additional Resources:
Met Curator Andrew Bolton, Quiet Defender of Fashion as ArtKarl Lagerfeld: A Line of BeautyHere’s Why People Are Angry About 2023’s Met Gala Theme, Karl Lagerfeld: When the 2023 Met Gala theme was announced, “Karl Lagerfeld: A Line of Beauty” the museum received some backlash due to Lagerfeld’s problematic past. 
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