The Monthly Edit | July 2024
To continually ELEVATE in business, we believe that staying informed and connected is more important than ever. Let’s dive into sharing with you our curated collection of rich resources and benefits in our July 'Monthly Edit'. Our mission is to empower you to work through any business challenges, knowing that you are not alone, and encourage you to seek and embrace new opportunities.
Author: Elizabeth Formosa
MONTHLY FE HQ ROUNDUP
During June I had the pleasure attending the Global Sourcing Expo in Sydney and moderating an Industry Panel as part of the Seminar Series.
The event truly was a dynamic showcase of global trade and we know that many of the attendees left having forged powerful connections with global suppliers.
The Global Sourcing Expo is a must-attend event for industry professionals associated with buying and global sourcing of apparel, footwear, textiles and homeware products. Save the date for the Melbourne Event 19 - 21 November.
Elizabeth Formosa with Dr Vaibhav Gaikward, Head of Sustainability at @elkthelabel and Rosanna Iacono, Managing Partner & Advisor The Growth ActivistsNavigating The Conscious Fashion Evolution
Tune into the replay of the seminar below
In this session, we explored the ever-changing landscape of conscious fashion, where each choice becomes a step forward in a transformative journey. From considered design practices to ethical sourcing, sustainability, circularity and transparency, our panellists shared navigating the intricate elements of embarking on a path of positive change. Tune in to gain valuable insights that will support your implementation of a more sustainable future, one mindful decision at a time.
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INDUSTRY NEWS
One thing is guaranteed in the fashion industry, nothing is ever static!
There has been a lot of change with Founders and Executives stepping down.
A time of transition is an opportunity for a business to reflect and reset and ensure they are well poised to embark on the Future of the Fashion & Retail Industry.
Australian fashion brand Bassike has announced that co-founder Mary Lou Ryan would leave the business.
It’s been an 18-year journey for Mary Lou, working with her co-founder Deborah Sams to build one of Australia’s most iconic Fashion Brands. Bassike has 80 employees and a network of eight retail stores.
Elizabeth had the pleasure of speaking with Mary Lou on the Fashion Business Mindset Podcast. You can tune into that inspiring episode here and learn more about Lou and Deborah’s journey building bassike from the ground up.
Ms Ryan’s exit is the third major departure of a fashion founder in recent months.
Earlier this year, Claire Greaves announced she was leaving P.E Nation, the label she co-founded with Pip Edwards in 2014, and more recently, Genevieve Smart left Ginger & Smart, the business she launched with sister Alexandra in 2002.
You can read more in this article in The Financial Review.
After six years in the role, Fashion executive Elle Roseby has stepped down from her position as managing director of Country Road and Trenery.
“After six years with Country Road Group, Elle Roseby has resigned to explore other opportunities,”
“During her tenure, she has focused on building enduring partnerships with Country Road suppliers, established CR as a market-leading brand, and built up business credentials as an industry leader in sustainability.
Elizabeth has the pleasure of speaking with Elle on the Fashion Business Mindset Podcast. You can tune into that dynamic episode here.
You can read more about Elle’s exit in this Ragtrader Article
INDUSTRY EVENTS
Ragtrader Live
We’re excited about the upcoming RagTrader LIVE event in Melbourne!
With a stellar lineup, including the original founders of Country Road, Saba, Mimco, Le Specs, Catch, and Deals Direct, this event promises to be insightful.
These legendary thought leaders will headline the latest instalment of Ragtrader's 'Breakfast of Big Ideas,' sharing firsthand insights into how they built some of Australia’s most successful brands.
This is a fantastic opportunity for you and your team to network and connect with industry leaders over a brand-new breakfast event—fuelled by big ideas and big players.
Use our VIP code RAGTRADERVIP for discounted tickets.
See you there!
8AM – 11AM
WEDNESDAY, 28 AUGUST 2024
STATE LIBRARY VICTORIA
328 SWANSTON ST, MELBOURNE VIC 3000
LIFE IN STYLE
We make adding Industry Tradeshows to our calendar a priority.
There are so many reasons to attend events such as Life InStyle, but here are just a few:
Research: Scope the event if you are considering exhibiting in the future and discover who else is participating
Buy: Discover new brands for your retail store
Network: You never know who you are going to meet at an industry event and that connection could be a ‘game changer!
Educate: often there are free talks or seminars at events such as this
Life Instyle is a go-to destination where carefully curated products and the brilliant business minds behind them can learn, grow and thrive. An opportunity for discovery and connection served with a side of inspiration and education.
A place where retailers can source from some of the world's best curated collections of well designed, well intended products.
BUSINESS OPTIMISATION INSIGHTS
Our tip of the month is:
Harness the Power of Data in Fashion and Retail
In the ever-evolving fashion and retail landscape, leveraging data-driven decision-making is essential for staying competitive.
By incorporating data-driven decision-making into your fashion and retail strategy, you can enhance operational efficiency, increase customer satisfaction, improve profitability and drive sustainable growth.
Embrace the power of data to take your fashion business to the next level!
Here’s how to make the most of data in your fashion business:
Understand Customer Preferences: Use data analytics to gain insights into customer preferences and buying behaviours. This information can help you tailor your product offerings and marketing strategies to meet customer needs.
Enhance Personalisation: Create personalised shopping experiences by analysing customer data. Offer product recommendations, personalised promotions, and targeted marketing campaigns to boost customer engagement and loyalty.
Optimise Inventory Management: Track sales data to manage your inventory more effectively. Identify which items are best-sellers and ensure they are always in stock while reducing overstock of less popular items. Drill down into colours, prints, and sizes to fine-tune your inventory and meet customer demand precisely.
Predict Trends: Use data to spot emerging fashion trends and adapt your collections accordingly. Staying ahead of trends can set your brand apart and attract trend-conscious customers.
Improve In-Store and Online Experiences: Analyse data from both your physical stores and e-commerce platforms to enhance the shopping experience. Optimise store layouts, streamline checkout processes and improve website navigation based on customer interactions. It’s all about curating a seamless yet memorable customer experience.
Measure Marketing ROI: Evaluate the effectiveness of your marketing campaigns by tracking key performance indicators (KPIs) such as conversion rates, customer acquisition costs, and return on investment. Adjust your strategies based on what the data reveals.
Stay Agile: The fashion industry is dynamic and fast-paced. Use real-time data to make quick, informed decisions that allow your business to adapt swiftly to market changes.
Podcasts & Books to Elevate Your Business
Big Business with Brittney Saunders
Seven years ago, Brittney Saunders started a business in her garage. Today, it’s grown into an 8-figure empire with almost 60 employees, four retail shops, and a booming online store. Want to know how she did it? Listen to Big Business! On Big Business, Britt will take you behind the scenes of her businesses to teach you all the lessons she wishes she’d known from the start. She also interviews other inspiring founders to hear their entrepreneurial wisdom.
eCommerce Australia with Ryan Martin
Ryan Martin, Founder of eCommerce SEO Agency Remarkable Digital, interviews Australian eCommerce experts to discuss trends, strategies, and best practice methods to run a successful online business.
Fashion Business Mindset with Elizabeth Formosa
Fashion Business Mindset is your FROW seat to 'real' stories from Brands, Designers, Entrepreneurs, Makers and Mentors. Our mission? For you to tap into a dynamic fashion business elevation eco-system. Fashion Business Mindset provides access to rare conversations with industry thought leaders and changemakers. You'll gain insider access to The Future of Fashion. Hosted & created by Elizabeth Formosa.
What we’re reading: Atomic Habits
In this ground-breaking book, James Clear reveals exactly how minuscule changes can grow into such life-altering outcomes. He uncovers a handful of simple life hacks (the forgotten art of Habit Stacking, the unexpected power of the Two Minute Rule, or the trick to entering the Goldilocks Zone), and delves into cutting-edge psychology and neuroscience to explain why they matter. Along the way, he tells inspiring stories of Olympic gold medalists, leading CEOs, and distinguished scientists who have used the science of tiny habits to stay productive, motivated, and happy.
I love an audio book because I’m always listening to a podcast or a book when driving, walking or cooking dinner! Always embrace every chance to stack learning opportunities!
Tap into our Continued Partnership with WGSN!
Want to access WGSN, the #1 Global Trend Forecaster and Analytics platform?
This is a UNIQUE and INVALUABLE opportunity to elevate your business.
By becoming a member of our 'Start Your Fashion Business' Programme and Community you will access the option to tap into TWO powerful resources that will give you access to global analytics and industry best practice resources that will empower you to embark on the future of fashion.
Contact Elizabeth directly at elizabeth@fashionequipped.com.au to learn more about these leading platforms and how we can help you gain immediate access.
