In an impressive gathering held at Hotel Chelsea in Manhattan, executives from some of New York’s most influential independent fashion brands assembled to discuss customer engagement strategies within a challenging retail landscape. This event, co-hosted by Nick Blunden, President of The Business of Fashion (BoF), and Emma McFerran, CEO of Lyst, spotlighted how New York’s “power brands” are adapting to connect with consumers more effectively.
Since its establishment in 2010, Lyst has aimed to enable brand success in a crowded online marketplace. Today, the platform sees over 160 million shoppers annually and partners with more than 17,000 leading brands, employing a proprietary data engine to create personalized shopping experiences. Emma McFerran revealed, “We are focused on elevating the shopping experience and leveraging our data to make it enticing and personal. Our aim is to build deeper connections not just with shoppers, but also with brand partners.”
Indeed, the digital marketplace has evolved into a complex ecosystem where consumer engagement is paramount. A report from Activate Consulting highlights that the average U.S. consumer experiences what amounts to a 32-hour long day by multitasking across various channels. This scenario has made it increasingly difficult for brands to secure consumer attention. The BoF State of Fashion 2024 report indicates a shift in focus: 71% of executives plan to increase spending on brand marketing, while only 46% will boost performance marketing expenditures.
McFerran emphasized the importance of retaining the joy of online fashion shopping. “The U.S. is our most advanced market, with a significant number of Lyst users based in New York. Our customers are eager for the unique offerings of our New York brands,” she noted, further signaling that the city remains a beacon of style and inspiration in the global fashion landscape.
During the event, several industry leaders shared insights on fostering consumer loyalty and brand connection.
Robert Rizzolo, Chief Merchandising Officer of Marc Jacobs
Rizzolo emphasized authenticity in brand-consumer relationships, stating, “There is no standard formula for connecting with customers. It’s not about doing what everyone else does; it’s essential to have fun with it.” He noted that building intimacy with consumers involves engaging in genuine conversations, not just meeting key performance indicators (KPIs). “Consumers crave authenticity,” he said, highlighting that shoppers seek interactions with brands that feel honest and true.
Brendon Babenzien and Estelle Bailey-Babenzien, Co-Founders of Noah
The founders of Noah expressed their commitment to maintaining an intimate shopping experience akin to a local store, even as they expand globally. They pointed out the fragility of social media reach, emphasizing the crucial need for authentic connections. “We’re on a journey to build a heritage brand and a lasting community,” they asserted, recognizing New York’s culture as a foundational element for emerging brands.
Honor Brodie, Creative Director of Tory Burch
Brodie discussed the need to adapt to where consumers engage with brands, whether through physical stores or digital platforms. “Does our store experience reflect our brand story? Are we effective online?” she questioned. Highlighting the vibrancy of New York post-pandemic, Brodie elaborated on the importance of tangible connections in a predominantly digital world.
Jacques Agbobly, Founder and Creative Director of Agbobly
Agbobly remarked on his community-centric approach to brand development. “My growth has always intertwined with the community that has supported me,” he said. He highlighted the significance of New York Fashion Week as a showcase for community and culture, emphasizing the resilience and creativity blossoming from collaborative efforts among emerging brands.
Mimi Fukuyoshi, Senior Vice President of US Retail & Wholesale at Tom Ford
Fukuyoshi brought a perspective on high-spending customer dynamics, indicating that a small percentage of clients contribute significantly to revenue. “We are focusing on enhancing the experience for these high-value customers while also looking to address discoverability issues for other segments,” she explained. “Retention is key.”
By highlighting individual perspectives from the dinner attendees, the conversation painted a rich tapestry of how New York power brands are dedicated to nurturing intimate relationships with their consumers. The emphasis on authenticity, community, and elevated experiences comes through as essential strategies in a highly competitive and dynamic retail environment.
In conclusion, the assembly of these leading figures in fashion underscores a collective commitment to rethinking engagement strategies to foster meaningful connections with their consumers in a surreal blend of the colorful, competitive, and community-oriented fabric that New York City epitomizes today.
