The Test of Time
The question that arises for all brands is: Can they withstand the test of time? Do they have the right association in consumers’ minds? But the accessible luxury market is here to stay, there will just be brands that come and go, except those that last.
Recreating Success
One thing to consider is whether it’s possible to recreate the success of a billion-dollar American fashion brand in today’s market. Could the same steps be taken to achieve this goal?
A Case Study: Veronica Beard
A notable example is Veronica Beard, a company that has been invested in since 2013. What interested investors about Veronica Beard at the time was the jacket with a detachable tail. Women’s jackets are generally a very loyal category, with over 35 percent of sales coming from jackets. This makes it a perfect case study, and it’s likely that one day it will be a billion-dollar business.
Applying Lessons
The same lessons that apply to successful brands can be applied to Veronica Beard. The founders, Veronica Swanson-Beard and Veronica Miele-Beard, and President Stephanie Unwin have been great stewards of the brand and have leveraged their board to grow it into an omnichannel company focused on product, consumer, brand, and market. A 360-degree view is necessary, and most designer brands don’t focus on everything. They may focus on the brand or product, but not the consumer. It’s essential to be consumer-centric, product-centric, and brand-centric.
Opportunities and Challenges
There are opportunities for investors in the fashion and retail sector, but it’s essential to understand the values and needs of Generation Z. Existing companies need to engage with the values of Generation Z to understand how they feel about the brands they like. However, fashion brands need to withstand the test of time, and for first-time founders, it’s hard to figure out how to be succinct and to the point. The fashion industry is a difficult industry to break into, with less success than most other industries when it comes to people bringing ideas to market.
