Fashion, Politics & Innovation
Despite the political turbulence the US is currently experiencing, the fashion industry is, in some areas striving to stay relevant and in others thriving to keep pace with customer expectations and technology opportunities.
IFAB Member Jennifer E.S. Millspaugh, Fashion Business PhD, recently commented on the ever-changing landscape.
"The state of American fashion is really affected by national and global economic and political trends. Regardless, we are operating in a global industry that is strengthened by the international relationships of individuals. It is our diversity of fashion businesses and entrepreneurs that will show the way forward through the disruptions they create in every level of the supply chain and every stage of product development."
Many parts of the industry are ripe for disruption (or ready to evolve), as we're noticing already in processes such as - simpler payment gateways, distribution & logistics, blockchain, mixed reality and fit-accuracy technology to name a few.
If businesses see disruption as a threat or political ambiguity getting in the way, it's likely they'll react with a defence mechanism rather than a truly innovative objective to staying relevant and valuable with the customer in mind.
It's a great opportunity to recalibrate a business's vision, mission, purpose and values. Aim to be transparent and encourage people to rally behind the business to continue providing great products and stellar customer service.