Launa Inman sums it up so well “For fashion
companies to be successful in this fast
changing world, no matter how big or small,
you need to ensure the customer feels valued
and that you are talking to them personally. It
will be all about how the company mines the
data they have collected on the consumer to
bring customisation and a unique shopping
experience that is exclusive to the shopper.
The likes of Burberry have been incredibly
successful at doing this. Technology and
service, in what ever format, will be key
to delivering this individual experience
to the customer” Launa Inman (former
CEO of Billabong and Target and now an
Independent Non- xecutive Director of the
E
Commonwealth Bank Australia)
So the question we pose and
probably the most challenging
decision business owners will
need to make:
Where will you be making
investments
into
your
business that will stimulate
revenue, shift profitability
and protect you from
international players?
• Increase in Working Capital
• Investment in your people
to lead, train and develop
• Investment in market
research and marketing
• Development of vertical
operations -retail, eTail,
wholesale and international
• External eyes to review the
business and offer critical
advice
And finally. Expose your vulnerability, let
your guard down to get the right people
involved to support and instigate change.
Having honest discussions about your
weaknesses may not be the Australia way,
but it should be. Maybe it’s time to change
with the times and end the progression of
fashion brands heading to the grave.