The Monthly Edit | September 2024
Image via Afterpay, Solving the Consumer Equation Report 2024
We've purposefully crafted The Monthly Edit to equip our community with the latest industry insights designed to empower you to thrive. Navigating the complexities of retail, wholesale, eCommerce or multi-channel business is challenging, which makes staying connected, fostering a growth mindset, and continuously levelling up essential.
To elevate your business, staying informed is key. Explore our curated September 'Monthly Edit,' packed with valuable resources to help you overcome challenges and seize new opportunities.
Author: Elizabeth Formosa | 23 Sept 24
MONTHLY FE HQ ROUNDUP
We attended Ragtrader LIVE!
The recent Ragtrader Live event in Melbourne brought together some of the most successful names in Australian retail and fashion, delivering a wealth of knowledge for those eager to innovate in this ever-changing industry. From multi-brand entrepreneurs to tech-driven innovators, the event was packed with actionable insights and powerful anecdotes from leaders who have shaped Australia's fashion and retail landscape.
Ragtrader Live Melbourne: Key Insights from Industry Leaders
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Jack Gance, the founder behind brands like LeSpecs, LeTan, Australis, and LePardum, shared his journey from pharmacy beginnings to building an empire across multiple sectors. His story highlighted the importance of staying connected with customers and remaining curious about trends. Gance's method of contra advertising, paying just $2.50 per pair for advertising through agencies like Singleton, demonstrated his strategic prowess in marketing. He emphasised collaboration, recalling how Ken Done's artwork for a fragrance brought a unique "smile factor" to the brand.
After selling part of his business to Graham Smorgan in 2014, with a team of 500 staff and $250 million in stock, Gance successfully launched a marketplace second only to eBay in 2017. His portfolio also includes selling businesses such as MenuLog and his latest venture, Chemist Warehouse, remains an industry giant. For Gance, the key takeaway was knowing your customer and always staying curious.
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Gabby Leibovich, co-founder of Catch, gave an inspiring account of building an eCommerce powerhouse through persistence and innovation. Launched in 2006, Catch grew exponentially, with no social media but with an innovative “One Deal a Day” model that attracted millions. Leibovich emphasised the importance of knocking on doors (or windows, if necessary), sharing stories of moving warehouses five times in the early years to accommodate the business’s rapid growth.
His advice? Stay hungry, break boundaries, and embrace the relentless pursuit of growth. Leibovich’s mantra of “remain curious” echoed through his narrative, encouraging businesses to always push beyond conventional boundaries.
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Founder of Deals Direct, Paul Greenberg delivered a powerful message on the necessity of automation in retail, proclaiming “Automate or Perish.” Drawing on his years of experience as a merchant, he reminded attendees that strong retail foundations, like understanding the customer and offering value, are critical. Greenberg's admiration for Culture Kings founder Simon Beard, and their approach to building a business on strong cultural identity, was notable. The key lesson? Retailers must stay nimble, adapting quickly in a world driven by technology.
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Kelli Hush, former editor of Harper’s Bazaar and now a key figure at The Volte, presented a compelling vision for the future of fashion in the context of sustainability. With a peer-to-peer marketplace model, The Volte capitalises on the growing consumer interest in the circular economy. She highlighted that young consumers are increasingly drawn to second-hand and rental options, with rental services growing 10-20% faster than traditional apparel.
Hush also pointed to the global rise of fashion tech and peer-to-peer platforms, emphasising that businesses need to make sustainability profitable. She advocated for fashion’s shift towards a circular economy and urged brands to move away from creating products that aren’t needed, a sentiment echoed by many speakers at the Copenhagen Fashion Summit.
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David Briskin, who played a pivotal role in transforming Sass & Bide, shared his insights on maintaining financial discipline. His journey with Sass & Bide—from investing $15 million to turning it into a $70 million brand—was driven by a focus on managing stock, ensuring transparency, and controlling costs. Briskin’s investment in businesses like MJ Bale and Mimco shows the power of streamlined operations and strong financial leadership. His message was clear: growth needs to be sustainable, with conservative modelling and a solid CFO to navigate challenges like cost control and sales fluctuations.
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Wassim Gazal, known for his involvement with PE Nation and Rebecca Vallance, emphasised the importance of scale and brand maturity. According to Gazal, success in today's market needs to happen quickly, and businesses must respect the distinct roles of creativity and strategy to thrive. With PE Nation’s rise from “zero to hero” in just two years, Gazal discussed the need for brands to develop beyond their founders, establishing an identity that can stand alone.
Gazal’s focus on the importance of partnerships and respecting each other's skill sets was particularly insightful for brands looking to scale globally. He highlighted how Australians crave international exposure, but entering international markets requires strategic foresight and careful planning.
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Steve Bennett, founder of Country Road, and Joe Saba, renowned for creating the iconic Staggers jean and Saba, both shared their decades of experience building some of Australia’s most recognisable fashion brands. Bennett reflected on the evolution of retail, from his early days of opening 12 Country Road stores on his own to expanding to 70 stores with the support of Myer. He also touched on the importance of making products that last—an ethos that resonates in today's sustainability-driven market.
Joe Saba took the audience on a journey through his love for Japanese fashion and the early days of vertical retail. His commitment to quality and his 24/7 dedication to the business underscored the drive needed to build a lasting business and iconic brands.
Key Takeaways from Ragtrader Live 2024: Curiosity, Sustainability, and Resilience
From the pioneers of eCommerce to fashion entrepreneurs, one consistent theme from Ragtrader Live was the importance of curiosity, resilience, and adaptability. Whether it’s embracing sustainability, scaling quickly, or building a unique brand identity, the event offered rich insights for fashion businesses looking to thrive in an increasingly competitive and tech-driven marketplace.
As the retail landscape continues to evolve, these stories of innovation, perseverance, and discipline provide a blueprint for success in both emerging and established brands.
A big congratulations to Assia Benmedjdoub, Christopher Kelly, the entire team at Ragtrader and their support crew for hosting yet another insightful and impactful Ragtrader Live event.
Reel via @fashionequipped
Industry News
The Business of Fashion Joins Forces With Australian Fashion Week 2025
With leading Australian brands like Zimmermann, Camilla and Aje putting the country’s design talent on the fashion map, Australian Fashion Week, presented by Pandora, is furthering its support of homegrown creatives through its upcoming schedule and sponsorship.
Carla Zampatti runway show at Australian Fashion Week 2024. - Image via Business of Fashion
Image via Ragtrader
Consumer Confidence is up.
ANZ-Roy Morgan Consumer Confidence is now 0.9 percentage points away from its highest point in one and a half years, up 1.8 points to 84.1 w/c 18th Sept.
Adairs names former Country Road MD as new CEO
Adairs has appointed Elle Roseby, former MD of Country Road and Trenery, as its new CEO and MD, effective on or around January 20 next year.
The appointment marks Roseby’s first chief executive role in an ASX-listed company.
“Managing vertical speciality retail brands and enhancing service-centric store environments has been a consistent feature of my career,” said Roseby.
Image via LinkedIn Elle Roseby
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INDUSTRY REPORTS
Image via Afterpay
Solving the Consumer Equation by Afterpay
For brands and businesses, global changes are not only raising the stakes, but are also presenting new challenges and opportunities.
Key Findings:
1. Technology is transforming from a nice to have to a need to have.
2. Next generations are looking to brands that cut through the noise of the algorithm and enable them to realise their true selves.
3. People are gravitating towards brands that embody their values and drive positive change amid global shifts.
4. The boundaries of commerce are blurring. Consumers, overwhelmed with ‘stuff’, are looking to the brands that facilitate experiences.
5. By 2030, alternative currencies will provide new ways for people to spend, save and live.
6. Artificial intelligence is set to take centre stage to inform a world of hyper-personalised experiences.
7. By 2030, personalisation will move beyond consumers’ past shopping behaviours to develop a deep understanding of their personality.
8. The future retail-consumer relationship could transform from B2C to O2O (owner to owner) – creating more egalitarian relationships between brands and their communities.
Download the full report to stay ahead of these trends and capitalise on new opportunities below":
Image via Melbourne Fashion Week
INDUSTRY EVENTS
M/FW 2024 will be held from Monday 21 to Sunday 27 October 2024.
M/FW is renowned for showcasing emerging, independent, and established designer brands, driving strong visitation, retail sales and a significant economic impact to a range of businesses across the city.
M/FW connects runway to retail, with most looks featured in showcases and exhibitions available for purchase from local Melbourne retailers. The week-long celebration of fashion will see runways and a diverse range of fashion experiences take over unique and unexpected spaces, featuring over 300 designers and retailers across 100 events.
Podcasts to Elevate Your Business
The Retail Wrap-Up
Interviewing some of the world's best retailers to understand how they are succeeding and then draw insights into the changing world of retail
Selfdom is defined as the essence of one's self. I want to share my own journey to help inspire others to live their best life. Life throws you curve balls, and change is inevitable so I hope to help you see how adversity leads to growth, and that you are not alone.
Fashion Business Mindset with Elizabeth Formosa
Fashion Business Mindset is your FROW seat to 'real' stories from Brands, Designers, Entrepreneurs, Makers and Mentors.Hosted & created by Elizabeth Formosa.
Tap into our Continued Partnership with WGSN!
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By becoming a member of our ‘Start Your Fashion Business’ community you can tap into this powerful resource 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.
Via WGSN
