Vicki Fulop

Thrilled to have taken the main stage at Grow NY last week alongside Adrial Jaan Bhatia, President of Primitive Apparel, to wrap up the event. Thanks Ryan Criswell for hosting the panel. At Hodinkee, we hold two core principles dear: Community and Credibility. Here’s a bit on why they matter to us. Credibility at Hodinkee is about trust and reliability. We achieve this through: --> Accuracy: Precision in our reporting. --> Authority: Recognized expertise, often cited by reputable sources. --> Consistency: Continual delivery of high-quality content. --> Engagement: Building respectful and responsive relationships with our audience. --> Objectivity: Presenting multiple perspectives fairly. --> Transparency: Clearly identify sources and disclose any conflicts of interest. Beyond credibility, the power of community distinguishes us significantly from just having an audience. Hodinkee grew into an eight-figure business with virtually zero traditional marketing spend, propelled by a robust community. This illustrates not just audience reach, but deep engagement—where members actively contribute, share, and champion our brand. The distinction? An audience watches, but a community participates. And that participation has been a cornerstone of our success.

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Thanks Beauty Independent and Erica La Sala for sharing my thoughts on the Saks Fifth Avenue / Neiman Marcus Group deal and how it might impact the luxury beauty market and the department store channel overall. Some of my key takeaways: ▶ The Saks/Neimans merger is occurring amidst significant department store challenges as growth has shifted to specialty retailers like SEPHORA and Ulta Beauty. ▶ The declining department store channel has historically been key for luxury beauty brands which could face reduced retail options and leverage as a result of the merger. ▶ This further emphasizes the need for luxury beauty brands to pursue direct-to-consumer growth strategies leveraging their high AOV and gross margin profiles to support profitable new customer acquisition growth. ▶ Perhaps the combination of Saks and Neiman Marcus will allow for a more enhanced retail experience overall that is even better suited for luxury beauty in the future - only time will tell. Great insights also shared by Kelly St. John, Tina Henry Bou-Saba, Karen Hayes and other beauty industry colleagues! True Beauty Ventures #beautyinvesting #beauty #VC https://lnkd.in/eswm8YD3

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‘Chinese fast fashion giant Shein has been seeking an initial public offering for over a year now. The company was rejected for membership to the U.S.-based National Retail Federation, and numerous U.S. lawmakers including Senator Marco Rubio have expressed their support for the SEC blocking any potential U.S. IPO for the Chinese company. But now Shein has apparently abandoned its attempts to go public in the U.S. Instead, Bloomberg reported that Shein will likely IPO in London as soon as this week. The IPO would reportedly value Shein at over $64 billion, making it one of the largest IPOs in the history of the U.K. Shein, which is based in Singapore, still needs approval from the China Securities Regulatory Commission for the IPO to go through. Shein is clearly shifting its strategy for reaching Western consumers. The ongoing trade war between the U.S. and China has made Shein’s U.S. inroads more difficult. In the last year, specifically as a counter to China, the U.S. has introduced legislation like the Americas Act aimed at strengthening trade and manufacturing ties between countries in the Americas.’ #apparel #retail #ipo #fastfashion

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The Hidden Risk for Execs: Misunderstanding the Resale Surge In a candid conversation with the CEO of a well-known fashion brand, we were, of course, discussing resale and its implications. He wasn’t convinced it was a threat to his brand. His teenagers thrift all the time, yet he saw no danger. Why? He believed it was just a phase, like Gen X’s flirtation with sustainability in the late 90's and early 2000's. It hit me—this mindset is common among today’s executives. They remember Gen X talking about sustainability but shifting back to conventional shopping once they had money. They see today’s thrifting trend as similar, destined to fade. But in my work at Trove, I’ve seen firsthand that this is not the case. Here’s the twist: Millennials and Gen Z aren’t thrifting out of necessity. They’re digital natives who have found a smarter way to shop, almost like they know a secret that older generations don’t understand. They grew up with everything at their fingertips, and thrifting fits perfectly into their lives. It’s not just about saving money or sustainability; it’s about the thrill of the hunt, finding aspirational brands at a fraction of the cost. It’s a way to upscale their wardrobes without breaking the bank. This isn’t a temporary phase; it’s a fundamental shift. These younger generations have discovered a "hack": buying better items used and selling them back reduces the cost per use or wear. Instead of focusing solely on the initial purchase price, they see the bigger picture. They mix used fashion, fast fashion, and premium new pieces seamlessly. It’s perfectly consistent to buy some resale, some fast fashion, and some high-end new items. They’re making a statement, curating unique styles, and being part of a community that values access over accumulation. Thrifting and resale are growing at five times the rate of fashion retail because it’s not just about sustainability or finances, though those are great bonuses but they are no longer the primary drivers. It’s about being smarter shoppers. It’s a desire for more, smarter, better. Not being aware of shifts in shopping is dangerous, but even more risky is seeing the change and thinking it’s the same as what you’ve seen before. Dismissing it as something already understood overlooks the fundamental shifts in consumer behavior. Thrifting today is a smarter, more aspirational way to shop in the digital age, and recognizing this can make all the difference. Adam Werbach Ken Pucker Cynthia Power James Reinhart Terry Boyle Trove Chris Riley Andy Murray Wayne Kulkin Joel Makower Joe Macleod Adam Rome Roy Notowitz Sasha Radovich Brook Porter Shelley Bransten J.R. Siegel Dara O'Rourke Gayle Tait Shaun Ellis Gam Dias Kerry Whorton Cooper Cathy Halligan Peter WhitcombShalini Unnikrishnan Zach First Molly Wood Ellen Weinreb Steve Hoffman Cyrus Wadia Nellie Cohen Wilson Griffin Matthew Nichols Paul Straub Adam Siegel

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I’m excited to announce that Hill & Co. is launching its first-ever industry report - The Business of Jewelry. This report marks the beginning of a unique series exploring the most significant themes shaping the future of the diamond, gemstone, and jewelry industry. We all know how challenging the market landscape is at the moment: supply chains are consolidating, consumer demands are evolving and technology is transforming how we do business. Generational brands are disappearing from our malls and main streets. With every challenge, there lies a golden opportunity. This is a pivotal moment for you to reflect on the future direction of your business, and we are here to support you in this journey of growth and adaptation. Demand for fine jewelry isn’t changing, but businesses must work harder to capture their customers' attention. That may mean fine-tuning your approach or transforming your business altogether. With our market changing rapidly, we wanted to produce a report that shares our insights and gives a platform to leading business thinkers in our industry and beyond. The first edition is all about the supply chain consolidation we’re witnessing and how you should respond in your business. We normally reserve our frameworks and strategic thinking for some of the fastest-growing businesses in our industry that we’re privileged to call our clients. But today, we’re providing it to you. Download your copy at the link below, I’d love to hear what you think in the comments. Breaking the Chain — Hill & Co. https://bit.ly/3XXmtTa

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I was quoted in this article on the FTC trying to block the merger between Tapestry and Capri. What I find interesting is that, like me, most of the other people quoted find the ruling incredulous. This includes an executive from a competitor brand, who admitted that while they should be happy about the attempt to block, they actually think the FTC is anachronistic and has no understanding of how the market works. I go further. I think the FTC has become a menace. It is attacking the companies that generate wealth and make the country stronger. It does so under the camouflage of 'protecting consumers' but, in reality, the only thing it's protecting in this instance is its own warped worldview. Thanks to WWD for including my thoughts alongside many other interesting musings... https://lnkd.in/e-qqm_z6 #retail #retailnews #luxury #handbags #FTC #competition

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Luxury Market Weekly Round-Up: Key Developments (June 1-7) 🌍 Saks Parent Company Acquires NMG for $2.65 Billion Hudson’s Bay Company, the entity behind major U.S. department stores including Saks Fifth Avenue, has announced the acquisition of Neiman Marcus Group, further expanding its luxury retail portfolio. The move signals a significant consolidation in the luxury retail sector. 🥇 Louis Vuitton to Outfit Olympic Medal Bearers for Paris 2024 In a glamorous twist to the upcoming Paris 2024 Olympic ceremonies, French luxury fashion house Louis Vuitton will be designing the outfits for the medal bearers, adding a touch of haute couture to the global sporting event. ⌚ Innovative Timepieces from Chanel and Hermès Both Chanel and Hermès have been lauded for infusing creativity into their latest watch collections, demonstrating that innovation in horology is far from stagnant. 📈 Leadership Reshuffle at Richemont Following a strategic reorganization by chair Johann Rupert, Vacheron Constantin’s head will now lead the prestigious Cartier brand, marking a significant leadership shift within the Swiss luxury group Richemont. 🛍️ Cartier and LVMH Bet on Retail Boost Outside Paris During Olympics With the 2024 Paris Olympics expected to draw global crowds, luxury retailers like Cartier and LVMH are optimizing their stores in other European cities to attract tourists looking to escape the congested French capital. 🔝 LVMH Names New CEO for Givenchy Alessandro Valenti has been appointed as the new CEO of Givenchy by LVMH, marking a pivotal change in leadership for the high-end fashion brand. 🌨️ Moncler's Fall/Winter 2024 Collection Unveiled Italian luxury fashion brand Moncler has introduced its Fall/Winter 2024 collection, featuring French actor Arnaud Binard and his daughter, showcasing a blend of classic and modern styles in Milan. 🇯🇵 Hermès Expands in Tokyo Hermès continues to expand its global footprint with the opening of a new store in Tokyo's Ginza district, located in the Mitsukoshi department store, promising an immersive shopping experience influenced by the city’s vibrant culture. 💃 Dior Couture Champions Athletic Elegance Dior Couture's latest Autumn/Winter 2024-25 collection by Maria Grazia Chiuri, presented an athletic yet elegant line, inspired by historical and modern influences on gender equity in sports. Stay tuned for more luxury insights and updates on global fashion and retail trends. #fashion #retail #ecommerce #b2b #market #fashionmarketnews

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Charlotte Palermino is the CEO & cofounder of Dieux Skin. I was Blown Away by her transparency. If you are someone looking to partner with friends and make a business this episode is for you. Charlotte, @joycedeezy and @marta came together with a perfect balance of strengths to launch Dieux Skin. Entrepreneurship can be lonely and talking to Charlotte I realized that partnership is not only possible it can be one of the biggest assets to accelerated growth. “The first 3 years were very very hard.” - @charlotteparler On Episode 19 of @ittakesavillagepod, co-founder and CEO of @dieuxskin, Charlotte Palermino, shares with us the intricacies of building a clinically vetted and price transparent skincare line even when she was told that “it was a bad idea.” We delve into various topics including: *making friends with beauty founders in the industry *addressing the impact of diet culture on women’s health and well-being *dispelling myths in skincare. * the early work as a brand founder * not taking a salary the first couple years * balancing being a consultant while building a company * finding a manufacturer * how to find an investor and what to look for Join us at @ittakesavillagepod, available on Apple Podcasts, Spotify, and you can watch THE FULL episode on YouTube. https://lnkd.in/e4Ke4_Vc https://lnkd.in/e6HePwEb #entrepreneur #entrepreneurship #entrepreneurpodcast #podcastshow #ittakesavillagepodcast #raisinganentrepreneur #businesstips #businesspodcast #businessgrowth #businessstrategy #BeautyPodcast #BusinessPodcast #PodcastClip #BeautyTips #BusinessAdvice #Entrepreneur #PodcastEpisode #BeautyAndBusiness #BusinessGrowth #ContentCreation #PodcastLife #BeautyCommunity #BusinessCommunity #Inspiration #SuccessStories

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Dear mass fashion: the big picture is that the US consumer continues to set spending records Up nearly 6% yoy in March to $19 TRILLION What exactly is this macro environment fashion exec bros keep blaming for their utter failure to keep up w/girls on TikTok? NYX does not suffer this issue have ya’ll not heard?? #duckplump IT’S FOR LIPS ONLY #iykyk That’s how you get the #1 video on TikTok TODAY It's no accident sales followed B/c the TikTok consumer is spontaneous She’s a power user And actively engages in her own trend research She can’t wait to share her #dupe She craves new experiences, variety, freedom, & trends Your job this era is to get her attention + motivate her to act Product & content development must intersect w/creator passion & audience interests - this is how you win the era of social commerce A market worth $11.1T by 2030 run by digital natives unlocking products communities can’t wait to promote is simple Well if you have the right tools ;) Stop paying millions for one-off one size fits none mass campaigns For trend forcing reports And inventory no one asked for Toss kpis based on reach & frequency Get down to the neighborhoods b/c I can all but guarantee the super user in her bedroom understands more about community than any exec bro Hence historic stockouts, unsold inventory, profit loss totaling $1.77T ly WE'RE GOING THE WRONG WAY TikTok was a cultural disruption that unsettled the capital TikTok Shop gives ALL people in the districts financial freedom This is why the ban Most social listening or ai platforms I’ve demo’d are arduous b/c you have to know that something’s already happened or go down hours long rabbit holes to find out where the conversation originated, who has the most influence, & why it resonates NONE of them dig into communities This is THE opportunity B/c this is where social commerce originates & gets amplified trends are irrelevant if you don't know who to connect them to I want to know what the problems are, what people are talking about to help them NOW I want to know the people getting others to participate in the dms, in the comments Social listening is a result of a conversation that’s already happened– I want to know happening NOW to join w/content + products while it still matters and to serve Given these insights, brands could become the conduits for the remix... Just ingest what's working now & produce something similar, fast At scale Not 6 months later The market is real time - creators will start to use every ai tool up & down the video value chain And your job is to keep pace if you wish to sell stuff The inability & unwillingness to serve is a massive 150-door closing problem Macy's can't enter a bold new chapter until they identify their power users w/ precision & understand that speed + relevance trumps everything in social commerce #thegreatfashionreset #creatoreconomy #communitycommerce #contentistheproduct #tiktokisthestore

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M.M.LaFleur & Perigold are teaming up and Modern Retail asked me why brand collaborations are important and what makes them successful. Some thoughts: - When you think about what consumers are craving, it’s really being a part of a community - When brands are purposeful, they think through what that lifestyle would be, and they give you a more holistic experience around that - When you’re more inventive about these strategy partnerships, instead of just getting them in the door to know your brand the one time, the value proposition you’re delivering is also much stronger From a strategy perspective, not only does a collaboration help save on acquisition costs but it can lead to a stickier customer. See the full piece: https://lnkd.in/erk_KuP3 Cc MG2 Design

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Reinventing and shaping your brand for the future without loosing the values of what made you successful in the first place is what we do at BDA London

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I have suggestions to help fashion ecommerce: The demand for functional fashion is on the rise, and pockets are leading the charge. The Wall Street Journal's article, "Women’s Clothes Finally Have Pockets. What Took So Long," highlights the evolution of women's garments, now featuring pockets that offer both utility and style. This shift reflects broader societal changes, promoting equality and recognizing women's active roles in public and professional spheres. As an avid supporter of pockets, I appreciate how they can be designed to either stand out with a cargo style or blend seamlessly into the garment's design. For e-commerce retailers, this trend presents a significant opportunity to enhance the online shopping experience. Here are some actionable insights: 1. Add a "Pockets" Filter: Introduce a filter option specifically for pockets, allowing customers to easily find clothing items that meet their functional needs would improve navigation and discoverability. 2. Detailed Product Descriptions: Clearly indicate the presence and type of pockets in product descriptions. Don't rely solely on images; specify the functionality and design of the pockets. Added benefit of improving SEO. 3. Highlight Functional Fashion: In your marketing and product listings, emphasize the practical benefits of pockets, supporting the growing trend towards functional equality in fashion. By integrating these features, retailers can cater to the increasing demand for practical and stylish clothing, ensuring a better shopping experience for their customers. If you make these updates please let me know any data insights.

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👀 Every Brand's Worst Nightmare Is Another Brand's Opportunity... This Bloomberg article talks about a Neutrogena brand manager who finds out that their daughter was buying CeraVe facewash instead of Neutrogena because she had discovered CeraVe on TikTok. The story isn't an isolated incident, but the canary in the coal mine for when big CPG/FMCG brands get complacent and suffer the consequences. Kenvue (the parent company of Neutrogena) has seen its market share in the skin care category drop dramatically between 2019 to 2023. In contrast, CeraVe has become the #1 most recommended skincare brand in America and the most popular amongst the teen girls demographic. A lot of this can be attributed to CeraVe's forward thinking and bold marketing, particularly through new platforms TikTok where influencers are a key part of their strategy. Simon Andrews and I wrote about CeraVe's activities on TikTok back in Feb 2021, which included the brand leaning into the platform and working with influencers in a thoughtful way. CeraVe first started posting TikToks that were videos repurposed from other channels, which didn't work well. Then they started creating more bespoke campaigns that fit the grammar of the TikTok platform. This involved working with both massive broad reach TikTokers like Charli D'Amelio and also a group of smaller, but more specific "dermfluencers" focused on skin care topics, like DermDoctor and DermBeautyDoc. CeraVe knew that people would take advice from beauty and skincare influencers. Brands that have taken a similar approach to CeraVe have also found success, like e.l.f Cosmetics, who have achieved massive growth through influencer-driven campaigns on channels like TikTok. Today, new product innovation on its own is not enough for your brand to win. The way you differentiate in connecting with your customers is much more important - influencers are becoming the most influential brand advocates and this relationship building is happening most prominently on platforms like TikTok. Neutrogena recently closed their LA office, went through a series of layoffs and has now experienced three straight quarters of sales decline. On the other hand, digitally native brands like CeraVe and e.l.f. Cosmetics are continuing to grow. https://lnkd.in/exVHSAxf #skincare #neutrogena #cerave #tiktok #marketing #brand #beauty #influencers #cpg #fmcg

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What went wrong at Beautycounter? The beloved clean beauty pioneer was valued at $1 billion when founder Gregg Renfrew orchestrated a sale to The Carlyle Group in 2021. On April 18, Beautycounter went into foreclosure. Renfrew abruptly laid off all employees with no severance. The brand's robust network of independent sellers—who had spread Beautycounter’s products on social media and beyond and helped build the brand into a titan—were suddenly on their own. Renfrew has since bought back some of Beautycounter's assets and is promising to relaunch. But the task ahead is daunting. Fast Company's Elizabeth Segran, Ph.D., who has been covering Beautycounter for years, takes a look at the rise and fall—and possible rise again—of this industry-changing brand. It's a story, she says, "of how complicated it can be for founders of venture-backed beauty brands to take their companies past the startup stage. It also provides a glimpse into how ruthless private equity firms can be when companies don’t meet targets, and how quickly founders can lose control of a brand they built from scratch." https://lnkd.in/edT_pSBY

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The business of beauty has changed remarkably in the last few years. I wrote about the changing beauty landscape and what brands need to do to compete: https://lnkd.in/eVkbzsfy

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🚨 Big Shakeup in Luxury Fashion: Burberry Replaces CEO Amid Industry Downturn 🚨 I always check major shifts in other industries. Here's what's happening in luxury fashion, courtesy of the NYTimes: • Burberry, Britain's largest luxury brand, is facing significant challenges: Revenue down 20% in latest quarter Dividend suspended CEO Jonathan Akeroyd replaced after 2.5 years • Joshua Schulman, former CEO of Michael Kors and Coach, steps in as new chief executive • The luxury market downturn is "proving more challenging than expected," said Burberry's chairman • Burberry's shares dropped 16% following the news This shake-up reflects broader turbulence in the luxury sector. There have also been leadership changes at Valentino, Balmain, Gucci, and others. What can tech learn from luxury's struggles? How might digital innovation help heritage brands navigate changing consumer behaviours? Thoughts? #LuxuryFashion #BusinessStrategy #LeadershipChange #TechInnovation https://lnkd.in/e5yCNuN3

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Beauty collaborations are having a big moment. As diverse players — from E.l.f. Beauty to Augustinus Bader — increasingly invest in the space, co-branded beauty drops are driving record value for brands looking to capitalize on culture and generate buzz. There are the seemingly left-field collaborations, such as E.l.f.’s recent Goth-punk makeup collection with the fast-growing canned water company Liquid Death, to the slew of “Bridgerton” tie-ins preluding the premiere of the show’s third season in May by brands including Lush, Pat McGrath Labs and Beekman 1802. “Brands often see these collaborations as an opportunity to tap into established fan bases,” said CreatorIQ’s director of research and insights, Alex Rawitz, adding that because such limited-edition collections often entail eye-catching packaging and multiple products, “they’re a chance to put a stake in the ground across different product categories…and [they’re] one of the more effective things a brand can do in order to make a splash across social media.” More on WWD, including the top 10 beauty collabs by EMV this year. https://lnkd.in/enqXyRq4

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For those of us working in Sustainability in fashion it can feel lonely. When I worked at Theory 19 years ago, one of my responsibilities was to develop all the trims. I insisted that all metal trims be "nickel free" Nickel is a hard silvery-white metal that may cause irritation to the skin. Exposure can harm the lungs, stomach, and kidneys. Exposure to nickel may lead to cancer. Workers may be harmed from exposure to nickel.This was not popular because nickel finishes are super shiny and appeals to design sensibilities and cheaper. Luckily I had the authority to insist that we only use nickel free products. Eight years ago when I was heading up production at 3.1 Phillip Lim we were faced with the dilemma of a coating on a fabric that would make it waterproof but contained PFAS, versus a coating that would only be water repellent that did not contain PFAS. Again I insisted we should proceed to not use the waterproof coating despite sales would like it to be waterproof. PFAS is a forever chemical that has health effects on immunological, developmental or reproductive, hepatic, hormonal and carcinogenic – basically everything from asthma to testicular cancer. There is now the beginnings of a ban on them. Often there may not be regulations or awareness of the harm many of the materials or substances used in the production of clothing. Sustainability at a fashion company is not a department that drives revenue, your actions are often not popular like turning over rocks in the supply chain. But your work is important and vital. As I reflect on actions I made in the past this week, I am grateful that I insisted and that they had impact for both people and the environment.

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