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Business of Fashion
4 days ago
- Business
- Business of Fashion
Giancarlo Giammetti on Securing Valentino's Legacy
Listen to and follow the 'BoF Podcast': Apple Podcasts | Spotify | Overcast Background: Giancarlo Giammetti met Valentino Garavani by chance on July 31, 1960, setting in motion one of fashion's most enduring — and most successful — creative partnerships. Together, they transformed Valentino into a global fashion powerhouse, celebrated for its elegance, craftsmanship and cultural influence. In 2016, Giammetti co-founded the Fondazione Valentino Garavani e Giancarlo Giammetti to preserve their remarkable legacy, promote creativity and foster charitable initiatives. This week in Rome, BoF founder and CEO Imran Amed had the honour of sitting down with Mr. Giammetti at PM23, the newly opened home of the foundation, located right next to the Valentino headquarters where their journey together first began. In this exclusive interview, Mr Giammetti reflects on the founding days of Valentino, the importance of protecting creativity in a fashion market that prioritises commercialisation and why it's critical for the industry to support future generations of designers who are overlooked by a fashion system under pressure. 'This continuous change of people, using people to cover jobs … it makes a big confusion. None of them really becomes a part of the legacy of the company. That's what is a big problem today,' says Giammetti. Key Insights: Giammetti highlights the strength of his decades-long partnership with Valentino, emphasising their deep personal and professional connection. 'We grew up related so much to each other that we cannot be separate,' he says. 'Even when we had some rupture in our private life, after a while, we kept our family. That's why we have such a big family — because all of our friends became friends of our family with us.' Giammetti expresses concern about the fashion industry's current state, noting the disconnect between creative integrity and business pressures. 'Designers have become their own stars, they have their own style, and they don't want to really become a witness to the work of the companies where they are hired to prolong life – they want to work for themselves,' he says. Giammetti believes in preserving the heritage of fashion through new means. 'I hate fashion museums. I think that to see all the mannequins like Madame Tussauds look really like wax things. I don't think there is a life inside,' he says. 'With digital work, you have to work with that to project your legacy in a different way.' Giving advice to aspiring creatives, Giammetti encourages young designers to remain true to themselves and avoid distractions. 'Be yourself. Don't get distracted. You have to believe in yourself and do what you want.' The author has shared a YouTube video. You will need to accept and consent to the use of cookies and similar technologies by our third-party partners (including: YouTube, Instagram or Twitter), in order to view embedded content in this article and others you may visit in future. Additional Resources:
Business of Fashion
27-05-2025
- Business
- Business of Fashion
Beauty Is in Its Flop Era
Listen to and follow the BoF Podcast: Apple Podcasts | Spotify | Overcast Background: The beauty sector historically thrived during economic downturns, earning a recession-proof reputation encapsulated in the 'lipstick index.' However, recent earnings from major beauty conglomerates like Estée Lauder, L'Oréal, Coty and Shiseido indicate that beauty's resilience is being tested. Sales are declining, layoffs are coming and consumer habits appear to be shifting dramatically. BoF Senior Beauty Correspondent Daniela Morosini joins Brian Baskin and Sheena Butler-Young on The Debrief to examine what's driving this slowdown and how the industry is adapting. Key Insights: Traditionally, small luxury purchases like beauty products thrived during economic pressure. But the landscape has changed. 'Prices have really, really grown, and there's just so much more to choose from,' says Morosini. The combination of escalating prices, excessive market saturation, and a shift to online platforms like Amazon and TikTok has diluted the impact of small luxury indulgences. 'It's really hard to get seen. So even if you have a more affordable product that more people can afford, you still have to get people to come and look at you and come and interact with you,' she adds. Brands once benefited from consistent replenishment and customer loyalty. Today, consumers are more transient, constantly seeking newness. 'Customers seem to have this insatiable appetite for more products and more newness,' Morosini notes. But after years of heavy consumption, shoppers are starting to tire of new for the sake of new. 'Something that's really starting to come into focus is that, specifically, American middle-class shoppers are starting to buy fewer beauty products – and that's having a big knock-on effect.' As consumers become more price-sensitive, brands need to redefine value beyond just pricing. Morosini suggests brands return to basics, emphasising their core strengths and fostering loyalty through consistent, quality products rather than frequent launches. 'People are really, really attuned to perceptions of value,' says Morosini. Additional Resources:
Business of Fashion
23-05-2025
- Business
- Business of Fashion
Inside The Great Luxury Reset
Listen to and follow the 'BoF Podcast': Apple Podcasts | Spotify | Overcast Background: Instead of his usual place in the host's seat, BoF founder and CEO Imran Amed appears this week as a guest in an interview with Jonathan Wingfield, editor-in-chief of System Magazine, alongside Luca Solca, senior research analyst at Bernstein — as featured in the debut issue of System Collections. This conversation was recorded on March 14, about two weeks before Donald Trump's shock announcement of so-called reciprocal tariffs on countries around the world, most notably China. Together, Amed and Solca explore major shifts in the global luxury market, the growing fatigue with high prices and mass production, and why creativity, innovation and strategic alignment between business and creative leadership are more crucial than ever. 'These companies are run by human beings, and if you don't give people incentives to change, they will kill you. If you see that you're making as much money as you like, and the business is as good as it ever was, then you probably will not change very much,' says Solca. 'I think that adjusting to a more normal environment is causing a lot of soul-searching and is getting these companies back in line.' Amed adds: 'Where brands work best is where there is that impeccable alignment between the creative leadership and the business leadership. Many creative directors feel like a lot of decision-making and creativity is being dictated to them rather than being in conversation with them. And I think that's what we need to see now.' Key Insights: Excessive price hikes and product ubiquity are causing consumer pushback. Amed says, 'When customers look at a €10,000 bag that used to cost half of that, there's real pressure because the value proposition no longer adds up.' The industry's future success depends on brands' abilities to innovate and excite consumers. Solca stresses, 'If people need to pay these prices, they must be excited; they need to feel they haven't seen these products yet, and that they desire them.' Amed adds, 'Brands need to inject new creative energy to get customers excited again.' In a stagnant market, luxury brands can no longer rely on organic demand and must instead compete aggressively for market share. 'In order to grow now, brands need to actively win market share from competitors,' says Imran Amed. This shift has forced operational changes across the industry. 'Fashion shows are getting smaller, not just for intimacy, but also to cut costs,' he adds. Luca Solca agrees: 'You need to take into account that a lot of the costs in this industry are fixed ... When sales decline by as much as 20 percent, you really need to cut the fixed portion of your costs.' Maintaining exclusivity remains challenging yet essential. As Solca puts it, 'The nature of the industry is that you need to sell exclusivity or perceived exclusivity.' He warns that high visibility can backfire for smaller brands: 'We've seen it a number of times; smaller brands hit gold, but at one point, they succumb to that very success because they become too visible and people move elsewhere. They tend to be a bit of a flash in the pan or face a glass ceiling around €2 to 3 billion, which is very difficult to break through.' Effective luxury strategies hinge on strong creative-business collaboration. As Amed explains, 'Where brands work best is where there is that impeccable alignment between the creative leadership and the business leadership.' He continues, 'Many creative directors feel like a lot of decision making, a lot of creativity is being dictated to them rather than being in conversation with them. And I think that's what we need to see now.' Additional Resources:
Business of Fashion
09-05-2025
- Business
- Business of Fashion
Modest Fashion at a Crossroads
The author has shared a Podcast. You will need to accept and consent to the use of cookies and similar technologies by our third-party partners (including: YouTube, Instagram or Twitter), in order to view embedded content in this article and others you may visit in future. Listen to and follow the BoF Podcast:Apple Podcasts | Spotify | Overcast Background: It's a pivotal moment for modest fashion. Spending by Muslim consumers on fashion is projected to hit $428 billion by 2027, marking significant annual growth. Yet despite booming demand, modest fashion remains commercially fragmented and struggles for global recognition. Emirati fashion designer Rabia Zargarpur founded her namesake brand after confronting the severe lack of modest clothing options in post-9/11 America. Driven by a personal need, she launched her brand from her grandfather's garage in Silicon Valley, determined to bring modest fashion to mainstream runways. 'In 2000, you couldn't even find modest basics — long sleeves, or something that would cover your hips,' Zargarpur says. 'That was a huge aha moment for me. We are so neglected. Why isn't there a single label catering to the needs of our women? And so I took charge and created my brand, Rabia Z.' Kerim Türe, founder of the Istanbul-based modest fashion e-tailer Modanisa, initially tried to convince existing brands to move online. When they declined, Türe took matters into his own hands, building a global e-commerce powerhouse from scratch. 'The clothes we put on ourselves, a piece of fabric, it's part of our identity, part of our self-confidence,' Türe says. 'We believe all women deserve to look their best without compromising their beliefs.' For Linda Anggrea, founder of Indonesian modest fashion brand Buttonscarves and CEO of the Modinity Group, the absence of modest fashion brands in major Indonesian shopping malls was glaring. She seized the opportunity, growing her brand from a single scarf line to a multi-brand group with over 100 retail locations across Southeast Asia. 'We want to feel good about ourselves, we want to feel comfortable,' Anggrea says. 'If we put that concept into whatever we are doing, it will easily translate into a good collection but still fit modest values.' This week on The BoF Podcast, in a compelling conversation with Forbes Middle East presenter Sally Mousa, at BoF CROSSROADS 2025, Rabia Zargarpur, Kerim Türe, and Linda Anggrea explore the growing influence of modest fashion, discuss its evolving presence in mainstream markets, and outline the steps necessary for sustainable growth, authentic collaborations, and global recognition. The author has shared a YouTube video. You will need to accept and consent to the use of cookies and similar technologies by our third-party partners (including: YouTube, Instagram or Twitter), in order to view embedded content in this article and others you may visit in future. Key Insights: Authenticity is vital as modest fashion gains mainstream popularity. 'There needs to be authenticity and they need to understand our values and work with us. If they work with [us], they would have better solutions,' says Zargarpur. Highlighting the transparency of superficial engagement by mainstream brands she adds, 'We're not just about caftans. All we see in the Ramadan collections and edits is the blingy caftan again, but we're more than that. We're about sustainability, ethical practices, creativity and innovation. Why can't you make that kind of stuff for me the way you do for your other consumers?' The industry stands at a pivotal crossroads between short-term individual success and long-term collective growth. Anggrea underscores the importance of unity, even within her own brands: 'We're at a crossroads whether we want to go fast alone or go far together. Each brand has its own voice, but we have one shared mission. That modest fashion is not only accepted, but actually expected in all fashion runways, global fashion week, and every retail space all around the world.' Supporting emerging designers is essential for the future of modest fashion. 'We need more and more brands coming from inside,' says Türe. 'The designers and the business people need to come together.' He adds, 'We are the colonised South. We need to bring our own branch to the world right now.' Additional Resources:
Business of Fashion
02-05-2025
- Business
- Business of Fashion
Why Craft is the Soul of True Luxury
The author has shared a Podcast. You will need to accept and consent to the use of cookies and similar technologies by our third-party partners (including: YouTube, Instagram or Twitter), in order to view embedded content in this article and others you may visit in future. Listen to and follow the BoF Podcast:Apple Podcasts | Spotify | Overcast Background: It's been a complicated year for luxury. The sector was already grappling with slowing growth but now American tariffs have disrupted global supply chains, driven prices upwards and dented consumer confidence. But there's another, deeper long-term challenge that the industry needs to contend with: the perceived trivialisation of high-end fashion. Some brands have been able to overcome this value erosion by placing craftsmanship at their core, therefore connecting with customers in a deeper way. Mexican designer Carla Fernández has long been at the forefront of ethical, craft-based fashion. Her eponymous brand collaborates closely with Indigenous artisans across Mexico, promoting traditional craftsmanship and advocating for policies like collective intellectual property rights. 'The future is handmade because the objects that are handmade get inspiration from your community, from your environment,' says Fernández. 'It goes through your eyes, then it goes to your heart and comes out from your hands. And those are objects that have a soul.' After experiencing first-hand how the fashion industry overlooks contributions from the Global South, Tunisian entrepreneur Kenza Fourati co-founded OSAY The Label, a brand focused on elevating artisan footwear crafted in Tunisia and using sustainable materials and traditional techniques. This week on The BoF Podcast, in a riveting conversation from BoF CROSSROADS 2025, Carla and Kenza Fourati discuss the power of craft-based fashion, how to collaborate ethically with artisans and indigenous communities while redefining what true luxury means. The author has shared a YouTube video. You will need to accept and consent to the use of cookies and similar technologies by our third-party partners (including: YouTube, Instagram or Twitter), in order to view embedded content in this article and others you may visit in future. Key Insights: Fashion is an essential vehicle for storytelling. 'Textile and text are very connected. If you walk in someone else's shoes, you connect with that person, and you see the unseen and the irrelevant,' explains Fourati. Through this perspective, fashion becomes a powerful medium to foster understanding and build connections between diverse cultures and experiences. Fernández shares that growing up in Mexico, she realised early on that the fashion industry often ignored the contributions indigenous people make to craftsmanship. 'At the age of 12, I realised that the haute couture of my country, claimed not to be fashion, was made by artisans in the mountains, deserts and jungles,' she says. The disconnect between where fashion is designed and where it is made reflects broader inequities in the system. Fernández says, 'In the global north, they keep focusing on the individual as the big name. In Indigenous communities, creation comes from all of us. Collaboration is the most important part.' True luxury is ethical, inclusive and deeply connected to origins and values. Fernández concludes that authenticity is inseparable from ethics. 'In true luxury, there is no oppression. To be original, you have to go back to the origins.' Fourati adds, 'True luxury is being able to wear your values and wear your story.' Additional Resources:
