In the beloved film Devil Wears Prada, Andrea Sachs’s friend, Doug, educates her on the true purpose of fashion: “Fashion is not about utility. An accessory is merely a piece of iconography used to express individual identity”.
This is as true today as it was in 2006. With the rise of fashion influencers and virtual clothing, it appears ever more evident that fashion is all about the identity and–in the case of sustainable fashion–about values.
As a result, the fashion industry must keep abreast, if not ahead, of the latest cultural and technological shifts to meet the needs of customers and society.
To understand how fashion is responding to this need and the opportunities of the post-pandemic era, The Choice spoke with titan of industry Victor Herrero about his vision and experience with the transformation of the business of fashion.
ESCP alumnus and current CEO of jewellery specialist, Lovisa, Victor Herrero is also a board member of several structures, including the Global Fashion Group, and previously held top leadership positions at Clarks, Guess? Inc. and Inditex.
While talking to Victor Herrero, the idea of “All we can do is EVOLVE” that Dr. Kenneth Wang (founder of Alvanon) quoted, came to mind. Committed to sustainability, slow fashion, digital transformation and leadership, Victor Herrero’s view of the transformation of the fashion industry portrays that evolution.
What are the main opportunities and turning points that you see in the post-pandemic fashion world?
I think fashion is going to always be there, but in the post-pandemic world, customers are going to become more demanding. Fashion is becoming even faster than it was in the past with trends changing on a weekly or monthly basis.
An important thing that I’m seeing is that collections are using more colours and have more complexity in terms of how to be trendy. Because there will be plenty of trends in the market, this will raise the question of which are the ones that match with the DNA of your company.
Fashion companies have to reinvent themselves every season, but I think that now there will be no seasons. Instead, there will be new trends that you will need to produce. Companies will need to become trendsetters.
This will be challenging, but also exciting, and this will result in an increase both in quality and sustainability, which is very important in the fashion industry at this moment.
I could summarise this in four main points: more trends, quicker reaction to trends (faster fashion), more colour and quality, and sustainability & ESG.
Fashion companies have to reinvent themselves every season, but I think that now there will be no seasons. Instead, there will be new trends that you will need to produce. Companies will need to become trendsetters.
What is sustainable fashion and why do we need it?
Sustainability is one of the priorities of every single fashion company. As the Chair of the Sustainability Committee of the Global Fashion Group, I think it’s utterly important to have better planning and a deep understanding of circular production and the political situation at the moment as it can influence the implementation of sustainable actions.
A company must have a real commitment to sustainability, and ESG overall.
The mindset has changed. In the past, companies had organic products because it was a trend or a fashionable thing to do, but now they have them because it’s a must. You need to have organic materials, work on the blockchain and take care of where materials come from.
When it comes to sustainability, everyone in the company has to be on the same page. Everyone makes a difference, and it is essential to understand that this will contribute to reaching sustainability goals.
The world’s resources are limited; we need to be conscious about how we use those resources. Sustainability is not a trend. It’s not because it’s cool; it is because it’s important.
As a leader, you need to focus on always being vocal about how both digital transformation and sustainability play a key role in the coming years and are a priority in both completing the digital journey and preserving our planet. We need to be conscious about what is happening around us.
Do you think that customers are willing to pay more for a sustainable product?
With the inflation we are experiencing worldwide, I think customers are changing their price perception patterns little by little. They are ready to pay more for a product than what they used to pay pre-pandemic. I don’t know how long it’s going to last, but I think it’s going to stay, especially for products that are sustainable or sustainability driven.
Customers want to buy a premium product because it’s healthier, it’s sustainable, or because the company is making a difference on that particular product. The value perception of customers has completely changed. People are living healthier and better, so they want to pamper themselves by buying these kinds of products.
It’s very important to listen to the customers because they are evolving very quickly, and if you don’t see that, you will lose a little bit of your drive.
How have you managed the main business transformations as a leader and what technology-related solutions are you implementing from your company?
I’m trying to serve our customers by using technology in an appropriate way. I believe it’s very important that systems be updated, constantly, and that the mindset of the people running the systems is like if they were the business owners.
They need to have a deep understanding of the company’s business model in order for things to progress.
What ingredients are necessary for a successful digital transformation?
At the end of the day there is not a single rule on what type of leader the digital transformation needs. I think what is important is that the leader is a person who is technologically savvy and driven, who understands and listens, and who makes decisions in a way that is good for the advancement of technology.
At the same time, it is very important that that leader really understands and applies technology in a way that it adds success to the business model. The technology should be aligned with the business model of the company. It’s essential to be very strategic with the digital transformation that you are implementing in your company.
My professional career and my personal life have been about turning challenges into opportunities. And the bigger the challenge the bigger the opportunity.
What challenges or obstacles have you overcome and what did you do?
I have had many challenges during my career. So for me, it is very important to see the glass half full, never half empty, and try to be very positive. Sometimes, you have a big challenge ahead but, at the same time, you have to see the positives sides of the challenge and try to find the solution.
My professional career and my personal life have been about turning challenges into opportunities. And the bigger the challenge the bigger the opportunity. Sometimes you lose, and you can’t sort it out in a proper way but you still try it.
What professional challenges have you set for yourself in 2022?
It’s very important to listen to the customers because they are evolving very quickly, and if you don’t see that, you will lose a little bit of your drive.
The post-pandemic is going to be completely different from pre-pandemic. You have to understand your customer behaviour, and for that, you have to observe in order to understand their needs and what is important for them, and listen to their motivations.
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