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business e-commerce Editor's pick Podcast Retail technology

From recession into a prosperous new normal

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Entrepreneurialism is about tackling fundamental problems and trends that the world faces today, says billion dollar investor and leading internet entrepreneur, Kevin Ryan, on the latest episode of the Innovators podcast.

Ryan has founded and sold several billion dollar businesses, including Gilt Groupe, Business Insider and MongoDB. He credits his success with taking a problem-centric approach, directing his attention next to crystal meth, autism and maternal health with his new ventures. He advises entrepreneurs and business leaders to do the same – focusing on long-term trends, great products and consumer needs, as opposed to short-term pressures, something he believes traditional retailers have failed to address.

“Creative destruction is an important part of our economy. And it’s working,” he explains. “If you’re in football, and you’re down two touchdowns, you’re gonna have to throw the ball. You may not win, but it’s the right move to start throwing the ball. And Macy’s didn’t throw the ball. And so I think they really deserve where they are.”

Moreover, during a time when we’re surrounded by stories of retail’s struggle to adapt – it’s easy to feel despondent. But as long as you focus on creating a great product, you will win in the long term, he notes.

“The number one priority is don’t run out of cash. […] The reason that traditional retailers don’t win is their products are not very good. And so that’s what they didn’t focus on – the basics. Batten down the hatches, get through a difficult year, because next year, we’ll be back.”

During this conversation, Ryan explains why, in light of the global pandemic, creative destruction is an important part of our economy, how businesses can survive by focusing on building better products, and despite feeling like life is contracting, we’ll actually end up with more choice.

Catch up with all of our episodes of the Innovators podcast here. The series is a weekly conversation with visionaries, executives and entrepreneurs. Get in touch to recommend a guest you’d love to hear from. 

 

Categories
business e-commerce Podcast product Retail sustainability technology

Taking risks for long-term return

The most important question everybody needs to ask themselves relative to a more sustainable fashion industry is around cost and long-term thinking, explains Nicolaj Reffstrup, founder of Danish fashion brand, Ganni, on the latest episode of the Innovators podcast.

“If you really want to do something, you need to look at the fabrics that you’re using and see if you can convert those to recycled fabrics, or at least organic fabrics. But that comes with a cost. So the biggest and most important question everybody needs to ask themselves, is literally how much are we spending on converting our company or our brand and our product towards a more sustainable future?” he asks.

Oftentimes, the immediate follow-up query to what is the cost, is who is going to pay for it. The majority of brands in the space – including those actively making moves towards adapting their business processes – are measured on short term returns. And yet sustainability is not an overnight fix. To make the changes that are really necessary throughout the supply chain is a big and long-term investment.

So how do we convince CFOs and shareholders that it’s worthwhile – that we have to take a hit now in order to benefit in the future. Or more importantly, that there is indeed a business case there to do it full stop?   

Ganni is one exploring it from all angles. The fact it’s small and agile means it has more ability to do so, but it also means it relies entirely on an outsourced supply chain to drive the agenda forward. Power is therefore limited, but ambition is not.

Rachel Arthur, co-founder & chief innovation officer at Current Global & Nicolaj Reffstrup, founder of Ganni

Join us as we discuss with Reffstrup how the brand is flexing its muscle as well as making investments to drive towards a more sustainable future. We also explore how he’s watching innovation from other industries like food, the new rental business model he’s testing, and why he believes sustainability and fashion is a contradiction that needs to be faced by all brands.

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Catch up with all of our episodes of the Innovators podcast by the Current Global here. The series is a weekly conversation with visionaries, executives and entrepreneurs. It’s backed by the Current Global, a consultancy transforming how consumer retail brands intersect with technology. We deliver innovative integrations and experiences, powered by a network of top technologies and startups. Get in touch to learn more. 

Categories
business Podcast

Ozwald Boateng on why creatives need to think like startups

Ozwald Boateng
Ozwald Boateng

Designers need to reposition their businesses as startups to tap into much-needed investment, says menswear designer, Ozwald Boateng, on the latest episode of TheCurrent Innovators podcast.

In conversation with Liz Bacelar at a Spotify event in Paris, Boateng, whose body of work propelled the craftsmanship of London’s Savile Row to international recognition, says he believes the creative world needs to learn from technology in terms of how it approaches funding.

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The fashion industry’s model of investors taking control of designers’ names early on is broken, he explains, saying that we can all learn from new direct-to-consumer businesses that have overcome this by approaching differently the way that they’re backed instead.

“What amazes me is when you see these young creative talents, still owning sizeable chunks of the business after raising so much money and getting these valuations of a billion plus – you kind of go, my god, can that really happen, it’s almost like a dream, but in the tech world, it’s the norm,” he notes.

“This creates a huge amount of independence and opportunity for the designer – you’re no longer forced to follow the rules, so that’s exciting. For me as a business, I’m looking at ways to take advantage of that.”

Conversely, he says the technology world also needs to learn from creatives. “I think if more designers looked at the world of technology and applied their creative to the tech, I am sure we would see some very interesting and groundbreaking ideas,” he comments.

He explains that designers are trained to always look forward, to spot trends and understand needs, so it’s something he believes would work exceptionally well when applied to technology.

“I would happily use a body scanner [for my made-to-measure suits], it makes a lot of sense. But there’s a lot of things I could add in terms of how I need the technology to work,” he notes.

“So I see a partnership. Eventually both [designers and tech companies] will see they need each other, and then they’ll just make it work.”

During the conversation, the duo also talk about his new uniform designs for British Airways, his time as creative director at Givenchy and the role of race and diversity in the industry.

Catch up with all of our episodes of TheCurrent Innovators here. The series is a weekly conversation with visionaries, executives and entrepreneurs. It’s backed by TheCurrent, a consultancy transforming how consumer retail brands intersect with technology. We deliver innovative integrations and experiences, powered by a network of top technologies and startups. Get in touch to learn more.