Saturday, May 25, 2013

Future of Luxury Fashion: Imran Amed

Imran Amed, founder and editor, The Business of Fashion

This radically different luxury market requires a new sort of chronicler and journalist. No one else fits that bill quite like Imran Amed, the creator of the seven-year-old industry must-read, The Business of Fashion. The McGill and Harvard Business School-educated London import went from advising professional investors about trends in the luxury sector to reporting on them. If you want to know how tech and fashion are transforming each other, ask Amed.

Going Mobile: "Smartphones are the single most important device a consumer owns, managing every aspect of their lives. In the U.S., there're 700,000 new smartphone consumers every week and some online fashion retailers are now doing 30% or more of their sales over mobile devices. That’s just the start. We're still at the beginning of what is a fundamental shift in consumer behavior. This is not something that luxury brands can ignore, no matter how rarefied, special, or exclusive they may be."

The New Boutique: "Going into a physical store will always be important. Eventually, we will see a real blurring of the lines between the two, where digital tools will enhance the physical retail experience, and vice versa. Physical retail will depend more and more on a brand’s ability to create an experience that the customer values, not just facilitate a transaction."

The Future of Luxury "Social media is upending traditional media, making fashion more open and real-time than ever before. The idea of serving customers in separate retail channels is beginning to disappear. The media and fashion landscapes are changing so fast, it’s hard to say what their future looks like. What’s clear is that in order to thrive in times of rapid change, we will have to adapt and iterate quickly, and embrace the pace of change. But, even if the fashion landscape is unrecognizable 10 years from now, it will still rely on one thing — creatives and business people working together."

Photographed by Eva K Salvi, grooming by Anna Gibson.  Content originally published from Refinery29.
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1 comment:

  1. I love all the changes that are happening to the fashion/retail industry.