The Debrief
The Business of Fashion
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How Nike Ran Off Course
The Debrief
09/04/24 • 30 min
Nike’s streak as the undisputed leader in the activewear category spans generations, but the brand is facing its most significant hurdles in decades. However, recent shifts in leadership, oversupply issues and a botched direct-to-consumer strategy have chipped away at its once-untouchable brand image. As challengers like Hoka and On gain ground, and archrival Adidas surges, Nike faces mounting pressure to innovate and reconnect with consumers.
“Nike remains a behemoth, ... but all is not well,” says Miller. “The brand is on course for its worst financial performance in over a quarter of a century, and unfortunately for Nike, trouble is happening everywhere, all over the brand.”
This week on The Debrief, BoF executive editor Brian Baskin and senior correspondent Sheena Butler-Young sit down with sports correspondent Daniel-Yaw Miller to explore how Nike fell off track and the strategic moves it’s making to reclaim its market dominance.
Key insights
- Nike’s reliance on retro sneaker lines like Air Force 1 and Dunks is driving consumer fatigue, as these once-coveted styles now languish on shelves. “At one point not so long ago, they were like gold dust,” says Miller. “But now they’re sitting on shelves for months and sometimes being discounted.” This overabundance is diluting the brand’s appeal and paving the way for smaller, more agile competitors to capture the spotlight.
- Despite substantial investment in R&D, Nike’s innovation efforts have faltered, allowing rivals to define the next wave of sneaker trends, like performance sport styles and technology-driven designs. “Nike didn’t really have any new products to turn to and point consumers towards,” says Miller. Brands like On and Hoka have gained traction with innovations such as On’s CloudTec Technology and Hoka’s MetaRocker running silhouette.
- The “Winning Isn’t For Everyone” campaign marks a return to Nike’s swaggering marketing playbook of the 90s and 2000s, and a potential early sign of the brand’s resurgence. “It wasn’t just one simple video; it was meant to communicate a new brand ethos,” Miller explains. “This Nike campaign needed to be divisive. Consumers are looking for brands that have a point of view, and that’s what Nike is trying to bring back.”
Additional resources
- How Nike Ran Off Course
- Inside Nike’s Big Marketing Vibe Shift
- The Rise of Sportswear’s Challenger Brands, in Four Charts
- The Debate Over Nike’s CEO Bursts Into the Open | BoF
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How Tweens Took Over the Beauty Aisle
The Debrief
08/23/24 • 33 min
2024 has brought forth the arrival of the “Sephora tweens,” which refers to members of Gen Alpha (roughly defined as those born between 2010 and 2024) who have enthusiastically taken to buying up skincare and makeup. This phenomenon, driven largely by beauty-related chatter on social media, has resulted in a new wave of brands catering specifically to this younger demographic.
“There are now teen brands, tween brands, 20-something brands, 30-something brands. ... I think we can thank the DTC movement and everything that happened from 2014 on for this kind of innovation,” Rao says. “There's been a total disruption in beauty overall with challenger brands like Glossier that have come and really taken market share away from the big conglomerates and companies ... that have been household names for a really long time.”
This week on The BoF Podcast, senior correspondent Sheena Butler-Young and executive editor Brian Baskin sat down with Priya Rao, executive editor at The Business of Beauty at BoF, to delve into how tweens have taken over the beauty aisle and what this means for the future of the industry.
Key Insights
- Kids have long experimented with beauty products, but today, they’re starting earlier and earlier. "If you look at social media today, it's not just 10-year-olds or 11-year-olds. There are 5- and 6-year-olds putting on makeup and trying different lipsticks and lip glosses," shared Rao. This early engagement with beauty is not just a passing trend, but is becoming a norm, fueled by the accessibility of products to try in stores like Sephora and the influence of social media platforms like TikTok.
- Another driving force behind this trend is the rise of celebrity-led beauty brands that resonate with young people. For example, Rare Beauty, founded by Selena Gomez, not only offers products but also promotes mental health awareness. "Tweens and teens can identify with these brands not just because of the products, but because of what they stand for," explained Rao.
- The proliferation of skincare products has also led to some confusion and concern, with tweens using products like retinol that are meant for an older demographic. Brands and influencers play a crucial role in teaching young consumers what’s right for their skin. "Fear is not the way to lead here. It's about education first," advised Rao. Brands must strike a balance between engaging young consumers without overwhelming them with too many steps or products.
- As the beauty industry continues to evolve, brands that wish to stay ahead will need to be responsive to the needs of Gen-Z and Gen Alpha consumers. "Smart companies have to be agile and constantly communicate with their customers," noted Rao. This means reflecting the diverse experiences of young consumers back to them, whether through representation in ad campaigns or through the products themselves.
Additional resources
- How Tweens Took Over the Beauty Aisle | BoF
- How Should We Feel About Tweens at Sephora? | BoF
- Tweens Obsessed With Skin Care Drive Brands to Say: Don’t Buy Our Stuff
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Goodbye from Lauren Sherman
The Debrief
01/25/23 • 1 min
Hello Lauren Sherman here, we are interrupting our regularly scheduled programming today to share some news. After ten years of writing for BoF I am moving on to pursue some new projects and that means, sadly, that I no longer be hosting the debrief. It's been an absolute pleasure recording this podcast every week.
I want to thank you, to the tens of thousands of listeners who have tuned in each week this past year. I hope we entertained you and that you learn just a little bit more about this crazy industry that we all love. I have a feeling we'll meet again.
Stay tuned, we will be back!
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01/18/23 • 21 min
Occasionwear’s late-pandemic comeback may have felt like a reactionary fluke, but retailers and designers are betting it’s more than a trend.
Background:
Post-pandemic, occasionwear has been booming. During the second half of 2022 US and UK retailers introduced nearly twice as many dresses embellished with sequins, beads and jewels compared to 2019, according to retail intelligence firm Edited,. Over the same period, sequined dresses sold out 52 percent more compared to 2019, while high-heel shoes sold out 121 percent more. Retailers and designers don’t think the trend will slow any time soon as bold looks continue to flood runways and shop floors.
“It's natural that now that the world is even more open compared to last year when we had just gotten vaccinated, that there's this desire for a little bit of escapism,” said Cathaleen Chen, BoF retail correspondent.
Key Insights:
- Outside of work-from-home and sweatpants, there’s a growing appetite for loud, statement pieces that go beyond old occasionwear staples like sequins and bold colours, and expand into split-hem pants, corset tops and velvet shoes.
- Much about dressing up has changed too. Consumers are looking for versatility now more than ever, and demanding comfort out of occasionwear — opting for kitten heels rather than stilettos, and slip dresses rather than form fitting looks.
- Though some of the uptick can be chalked up to a pandemic hangover, and some styles will stay while others fade away, the statement dressing category will remain strong through 2023.
- Still, cycles of consumption and consumer sentiment remain unwieldy amid wider economic uncertainty.
Further Reading:
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How Harry Styles Built a Nail Polish Empire
The Debrief
01/11/23 • 17 min
Priya Rao, executive editor, Business of Beauty, joins Lauren Sherman to unpack how the singer’s lifestyle label has managed to build a loyal fan base — without his direct involvement.
Background:
Harry Styles has managed to pull off a feat that has eluded countless celebrities, despite their many attempts: Building a popular beauty brand. He’s managed to do so even while taking a backseat when it comes to running Pleasing, his lifestyle line which predominantly sells nail polish as well as skin care and sweatshirts. Since launching in November 2022, Styles has not talked much about Pleasing publicly or on social media. But, the brand, created in partnership with his stylist Harry Lambert and creative director Molly Hawkins, has generated a plugged-in community of loyalists nonetheless.
“[Celebrities] are coming out with these really full lines that have nothing to do with what they’ve been about before. Pleasing really feels like Harry ... like you’re getting a piece of Harry when you buy [products],” said Priya Rao, executive editor, Business of Beauty.
Key Insights:
- The Pleasing team, including stylist Harry Lambert and creative director Molly Hawkins, have distilled Styles’ aesthetic into a burgeoning brand — with fans who feel they’re buying a piece of the singer when they shop.
- Styles’ hands off approach has given the brand an interesting air of mystery, and his fanatical fans have helped build hype by visiting the brands’ maximalist pop-ups and collecting every colour of polish.
- Just because a celebrity or influencer has fans doesn’t mean their brand will be a hit — products have to be effective and messaging has to be on point for a label to have staying power.
Additional resources:
- Why Harry Styles Fans Can’t Get Enough of Pleasing
- Why Do We Root Against Celebrity Beauty Brands?
- The State of the Celebrity Beauty Brand
- Why Male Celebrities Are Launching Nail Lines
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Why Designer Shoes Are So Expensive
The Debrief
01/04/23 • 27 min
A new BoF Insights report tracks the evolution of the fast-growing high-end footwear market — and why luxury shoppers are willing to spend more than ever on the perfect shoe.
Background:
Luxury footwear is booming as consumers opt to spend more than ever on shoes with soaring prices. The market for designer shoes is set to grow to $40 billion by 2027, up from $31 billion in 2022, according to Euromonitor International. As consumer demand grows, competition is heating up for brands from Manolo Blahnik and Christian Louboutin to Chanel and Prada who stake much of their businesses on the core segment. The market is much-changed: shoppers crave comfort, but also newness and uniqueness. They also have more choices than ever: cowboy boots, Mary Janes, stilettos and mules have been trending recently.
“There was this vibe shift occurring post-pandemic. The shoes that consumers want today look and feel very different from what they had before,” said Diana Lee, BoF’s director of research and analysis, on the heels of publishing BoF Insights’ latest report “The Statement Shoe: Reimagining Designer Footwear.”
Key Insights:
- The footwear category is poised for growth this year: 84 percent of consumers surveyed across the UK, US and China told BoF Insights they were planning on investing in footwear in the coming year. At the same time, prices for women’s footwear have increased 10 percent from 2019.
- Shoes have gotten more expensive, partially, thanks to streetwear’s hype cycle, which has conditioned consumers to shell out for limited edition items. Of course, inflation and rising costs across the supply chain have contributed to increases.
- Much about the footwear market has changed. Mass trends toward casualisation have led consumers to seek out comfort, primarily, when buying shoes.
- Still, high heels are performing well following the return of in-person events. And, the high heel space has seen a sort of reinvention as brands opt for designs that grab consumers attention — like Loewe’s eggshell and balloon designs. Meanwhile, newcomers like Amina Muaddi are stealing share.
Additional resources:
- BoF Insights | The New Statement Shoe: Reimagining Designer Footwear
- BoF Insights | What’s Next for Luxury Shoes in 5 Charts
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What Happened With Fashion and NFTs?
The Debrief
12/28/22 • 16 min
Background:
For fashion, one of the most alluring prospects for NFTs is how they could help brands collect royalties — forever — on secondary sales of physical goods. Though the mechanics of doing so are not ironed out yet, brands could ideally code NFTs tied to physical products with smart contracts triggered by certain conditions and benefit every time an item is sold, not just at the initial sale. But, technical loopholes used to circumvent loyalties and finicky marketplaces leave brands and creators without ways to enforce rules.
“One of the big principles of Web3 is these royalties are the idea that it's a creator led economy, it wouldn’t necessarily be controlled by a big centralised organisation ... Except that’s not really playing out,” said BoF technology correspondent Marc Bain.
Key Insights:
- Marketplaces are responding to controversy over enforcing royalties. Opensea, one of the biggest Web3 marketplaces, wants to attract creators, so it has an incentive to honour creator royalties. Newer marketplaces just looking for sales are willing to cut fees for buyers.
- This has led to an existential crisis for the NFT community, showcasing that creators are not entirely in charge in a space that was touted as having enormous potential to empower them.
- Marketplaces and infrastructure for fashion brands that would want to get royalties for secondary sales don’t exist right now. It also remains to be seen how brands would scale such a system.
- A number of start-ups including EON and Aurora Blockchain Consortium are working on linking digital identities to physical goods, but doing so is complicated.
Additional resources:
- Is Fashion’s NFT Dream Over Before It Started?
- How Fashion Is Using NFTs to Sell Exclusive Physical Products
- The Secrets to a Successful NFT Drop
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12/21/22 • 21 min
Much has changed about the world since the last recession — meaning, fashion’s reaction will shift this time around, explains BoF’s workplace and talent correspondent Sheena Butler Young.
Background:
Fashion is bracing itself for a 2023 filled with uncertainty. An impending recession hangs in the background of executives’ conversations about the year ahead. Leaders will have to strike a balance between safe-guarding their companies (which, may inevitably will include layoffs) while continuing to fuel growth and retaining crucial employees“There’s this mindshift shift that’s happened that people truly aren’t disposable ... a lot of things that would have typically happened [during a recession] are now a last resort,” said BoF’s workplace and talent correspondent Sheena Butler-Young.
Key Insights:
- In the coming months, fashion executives will inevitably start pulling recession-reaction levers, including doing hiring pauses and layoffs, reorganising responsibilities across teams and reigning in focus on experimental spaces like the metaverse.
- But, market conditions are different now compared to prior recessions, and the industry has changed drastically.
- Because of the labour shortage, CEOs are first and foremost focused on keeping workers happy.
- Teams that were once considered “nice-to-haves” and “first-to-gos” — including sustainability and diversity and inclusion — have become crucial to business function for fashion companies in the past few years.
Additional resources:
- Advice From Fashion CEOs on Leading in a Recession
- Quiet Quitting, Labour Hoarding and Other Workplace Trends, Explained
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Is ‘Vegan Leather’ Better?
The Debrief
12/14/22 • 14 min
A number of products made from leather alternatives have begun to hit store shelves. BoF’s chief sustainability correspondent Sarah Kent unpacks why it's so hard to market — and scale — these new products.
Background:
Leather alternatives have been called both industry-changing eco-innovation, and dismissed as mere plastic — covering up complexities in how products are made and how much better or worse for the environment they are. At the same time, brands are increasingly using buzzy terms like “vegan leather” and “plant-based” to sell products, without doing much to explain their environmental impact.
“You have to be very careful and very switched on to understand what it is you’re buying as a consumer,” said BoF chief sustainability correspondent Sarah Kent.
Key Insights:
- The emergence of items made with alternative materials — like mycelium, also known as mushroom “leather” — has sparked a conversation about how brands should name and market products without greenwashing.
- Because innovation is in its early stages, it's hard to understand, track and compare impact versus leather. Without clear data, the space is difficult to regulate.
- Plastic is a dirty word. But, the material is so useful, it's hard to replace in fashion. Most available leather alternatives aren’t plastic free, but rather, just feature reduced plastic content.
- For brands working with such materials, the best course of action when it comes to talking about them is to be transparent with the consumer — rather than leading them to believe they’re buying a magic, new harmless material.
Additional resources:
Join BoF Professional today with our exclusive podcast listener discount of 25% off an annual membership, follow the link here and enter the coupon code ‘debrief’ at checkout.
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Fast Fashion Disruption With Shein and H&M
The Debrief
09/10/24 • 26 min
Shein has fundamentally changed the fashion market, challenging fast fashion giants that were not so long ago in the disruptor position themselves. Once the category's upstart, H&M now finds itself struggling to keep pace as Shein redefines consumer expectations with ultra-low prices, endless selection and lightning-fast production. In response, H&M’s new CEO has unveiled a strategy to target the elusive middle market, hoping to position the retailer as more affordable than Zara but higher-quality than Shein.
This week on The BoF Podcast, executive editor Brian Baskin sat down with Senior Sustainability Correspondent Sarah Kent and Retail Correspondent Cat Chen to delve into the contrasting paths of these two retail giants and what it means for the future of fashion.
“H&M has been stuck in the middle with kind of a muddled identity ... It's trying to figure out how to differentiate itself,” said Chen. Meanwhile, Shein’s breakneck growth comes with a heavy environmental toll, raising questions about the industry’s efforts to reduce emissions.
“Shein’s growth is phenomenal, but its environmental impact has grown even faster than its sales... now outpacing all other large fashion companies,” Kent said.
Key Insights:
- H&M’s CEO Daniel Ervér is focusing on a strategy to occupy the middle ground between ultra-budget brands like Shein and more premium fast fashion like Zara. The goal is to appeal to both ends of the market with a mix of affordable basics and higher-end pieces, as Ervér explained to Chen in her interview with the CEO. “[Ervér] said they were committed to this position of wanting to offer something to everybody.
- Shein’s rapid growth has turned it into fashion’s biggest polluter, surpassing even Inditex in emissions. The company’s production model, reliance on cheap polyester, and coal-powered manufacturing contribute heavily to its environmental impact. “Over the last three years, their emissions have tripled as their sales have grown hugely,” Kent explained.
- Shein’s rapid growth has turned it into fashion’s biggest polluter, surpassing even Inditex in emissions. The company’s production model, reliance on cheap polyester, and coal-powered manufacturing contribute heavily to its environmental impact. “Over the last three years, their emissions have tripled as their sales have grown hugely,” Kent explained.
- As Shein continues its rapid growth, the company faces increasing scrutiny from regulators and potential investors regarding its environmental and labour practices. But Shein is unlikely to face major restrictions on how it operates anytime soon. “The hand of regulation moves slowly, and so far, most companies are being asked to provide a bit more transparency,” Kent said. “No one's facing any real penalties for being the worst polluter at the moment.”
- Shein’s growth may be peaking, creating opportunities for competitors like H&M. The market is always evolving, allowing established brands to find ways to stand out. “We are at the end of the beginning for Shein and Temu. ... And at the end of the day, there will always be new disruptors,” Chen shared.
Additional resources:
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FAQ
How many episodes does The Debrief have?
The Debrief currently has 61 episodes available.
What topics does The Debrief cover?
The podcast is about Fashion & Beauty, Podcasts, Arts and Business.
What is the most popular episode on The Debrief?
The episode title 'Why Getting Dressed Up Is Here to Stay in 2023' is the most popular.
What is the average episode length on The Debrief?
The average episode length on The Debrief is 23 minutes.
How often are episodes of The Debrief released?
Episodes of The Debrief are typically released every 7 days.
When was the first episode of The Debrief?
The first episode of The Debrief was released on Apr 13, 2022.
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