The top 3 words that came to the minds of fashion executives, according to the BoF-McKinsey State of Fashion Survey, when asked to describe the industry, were “changing,” “digital” and “fast.”
So what does this mean?
The implication is that change is a key priority among industry leaders with an emphasis on digital and speed-to-market.
My next question for you...Is your organization positioned to excel in this new digital fashion landscape?
This is a question, small and large and regardless of fashion tier, that every organization should be asking and proactively addressing.
Where to start? Do a review and an assessment of your physical, people, and financial resources.
Then begin to list—What current resources can be optimized to increase speed, improve efficiency, and shorten lead/turn times?
And strategically address (action, not talk)—What resources will need to be added to meet your organizational goals. This could be the adoption or upgrade of development and/or production software, investment in equipment “and” people (current and/or new employees).
Now is the time to catch up if you are behind or to get ahead of your competitors.
Finally, you will need to make the often tough decisions on where you may need to reduce expenses...do you need to decrease payroll, revisit marketing budget, or reduce sales associated expenses.
Have more questions? Feel free to reach out to me.
Happy New Year and Happy New Opportunities!
#fashion #investments #optimization
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