“The fashion industry’s always concerned with the millennial consumer and the next wave of consumers and I think they’re pretty firmly planted ‘anti-fur,’ ” said Robert Burke of the luxury fashion consulting firm of the same name. “The last thing fashion likes is feeling dated or old.”
“Versace has struggled with its accessories business, and Michael Kors could help them with that,” said Robert Burke, a former Bergdorf Goodman executive, who is now a consultant.
“The consumer has changed enormously and then retail has changed. I think designers are doing exactly what they did 10 or 15 years ago. That could be one of the issues — that the consumer has changed at a much faster rate than the designer has. The consumer today is so educated and so demanding for newness. Prior to [now] it was all in a very nice, little food chain that went from fashion shows to magazines and editors…and fed down to the consumer. Magazines would say, ‘These are the 10 handbags you have to have, and the five designer outfits you have to have.’ All of that got wiped away basically because of the Internet, and because the consumer started calling the shots, not the industry. Today, in many ways, it doesn’t matter what the fashion industry says or speaks to each other about. It’s really ultimately the consumer’s decision. That’s relatively new.” — Robert Burke, founder, Robert Burke Associates
Don’t base a collection on the product, base it on a concept. If you become well-known for a super-soft v-neck t-shirt, focus on what makes that t-shirt special: its soft fabric. “Own your key characteristics,” said retail advisor Robert Burke. Alessandro Michele’s Gucci, for instance, had an early hit with the creative director’s interpretation of the Italian house’s classic loafer.
“Product is product, and buying items becomes the basic expectation,” said Robert Burke, chief executive at advisory firm Robert Burke Associates. “Being able to have a custom item no one else has — that raises the bar.”
Robert Burke, chief executive of luxury goods consultancy Robert Burke Associates, views drops as an improvement on the “see now, buy now” concept.
Basically, streetwear is fashion today,” said Robert Burke, of luxury-goods consultancy Robert Burke Associates. Prices range widely, such as $155 for Nike Air Force high-top sneakers and $575 for a logo hoodie by the label Off-White.
But streetwear alone won’t draw younger consumers. Stores have to mix up the selection, offering high-fashion options, too. Traditional retailers’ practice of compartmentalizing brands and categories “is not appealing today,” to millennials and Generation Z, Mr. Burke said.
“Well, everyone loves a comeback, and now the dust has settled,” said Robert Burke, founder of the luxury consultancy that bears his name and former fashion director of Bergdorf Goodman (which sold, and continues to sell, Marchesa).
Yet, Mr. Burke said, “It was smart of Georgina to start with the Met instead of the Oscars, as the Met is really an event for the fashion world; it’s a kind of safe space for her.”
“I think that [Ssense] has been extremely smart and laser-focused in their approach to attracting this customer,” said Robert Burke, founder and chief executive of retail consultancy firm Robert Burke Associates. “They’re not trying to be everything for everyone.”
“Today, the customer expects content over straightforward advertising,” said Robert Burke, the CEO of retail and fashion consultancy Robert Burke Associates. “What these retailers can offer, that no one brand can, is industry context. That’s why content sounds fluffy, but is so critical.”
“Claudio has been very disciplined and measured on how he has grown Brooks Brothers, focused on where the brand will go, upping the quality, not going for the quick sales and not opening too many stores,” Mr. Burke said. “He’s elevated Brooks Brothers without deviating from its heritage and tradition.”
“The big question for investors is, 'How long can a business that’s made up of a single shoe last?'” asked Robert Burke, chief executive of advisory firm Robert Burke Associates. “Can they go beyond what they’ve done in the past or is it a one-trick pony?”
"What this offers is more control on the quality and timing and product," said luxury consultant Robert Burke, who has counted Canada Goose among his clients. "The risk is to ensure you buy [a facility] that's big enough for future growth but not cumbersome."
“They want to own the brands and own the sourcing. That’s important to them,” says Robert Burke, who consults for designers such as Marc Jacobs, Ralph Lauren and Vera Wang. “The problem is that building a fashion brand takes a long time, even for Amazon.”
While the ultimate goal is to remain full-price for as long as possible, “What we see happen more often now is that brands are being selective about what products they put on sale,” Burke said. If a piece has sold well, it will be kept at full price. Take, for instance, Balenciaga’s Bazar Python Shopper XL, which is reduced by 50 percent on the brand’s site, while Graffiti and leather shoppers remain at full-price. The brand did not immediately respond to a query regarding the differences in markdowns.
According to Robert Burke, the chairman and chief executive officer of retail consultancy Robert Burke Associates, as well as being a clever marketing tool, these installations give brands a chance to feel out the market and the appetite of connecting with an artist without launching into a major collaboration globally.
“I think brands are always looking at how to collaborate with art and artists. We’ve seen many good collaborations lately, such as Gucci, and the art world is a natural connection to the fashion world, so it makes sense,” he said. “There is money to be made, but primarily this is about elevating the brand and distinguishing it from another.”
What makes a private label successful? For one, the retailer needs to have a positive brand image. “If you don’t have a strong retail brand, then it’s going to be a real struggle to convince the customer to buy private label,” says Robert Burke, chairman and chief executive of consulting firm Robert Burke Associates.
Retailers also need to have a clear strategy of what the private label is going to offer, at what price point and for what specific audience. “These retailers are extremely close to their customer and understand them," says Burke. "That is what is making this work.”
Robert Burke, whose New York-based company has consulted on retail strategies for industry players including Ralph Lauren, Chloé and Bulgari, has seen such thinking emerge in recent years. Even the larger retailers, he said, “are looking at just how many flagships or large stores they really need. That format worked for decades and decades. With the growth of online, it doesn’t seem to be working. Bigger isn’t better, necessarily. More focused is better, I think. And more intimate and more personal.”
Robert Burke, founder of an eponymous luxury consultancy, said: “This is a sign LVMH is getting serious about growing their smaller brands. A few of them, such as Céline and Givenchy, have the potential to be big global companies, and there is no one better suited to get them there than Sidney. He understands both the silhouette of a handbag and global strategy.”
