The Business of Fashion Podcast

• Is This the Year Discount Mania Finally Ends?

  As the holiday shopping season approaches, consumer sentiment is slumping, yet spending is bifurcated – the top end keeps buying while the bottom 80 percent is more cautious. With Black Friday looming, brands are recalibrating promotions around value, desirability and hero products rather than blanket discounts. In luxury, upheaval at several department stores has created white space for rivals to woo high-spending clients through aggressive clienteling and tighter, faster vendor partnerships. In this episode of The Debrief, hosts Brian Baskin and Sheena Butler-Young speak with BoF reporters Cat Chen and Malique Morris about how brands are planning the season.Key Insights: Consumer spending hasn’t vanished, but it’s shifted toward shoppers who still feel flush. As Chen notes, “people are not really feeling rosy about the state of the economy, but the irony is that they’re still spending money.” Since Covid, “spending has been driven by the wealthier segment,” and it’s clear that “what consumers want is value… they want to get a good deal, but they don’t want to buy a cheap product.” For retailers, that means “more sophistication around price architecture” and using AI “to price products perfectly.”“Black Friday–Cyber Monday is not a fix for a mediocre year,” says Morris. Instead, winners are “prioritising desirability over discounts,” introducing “new products specifically for this time” and pushing “hero best-selling product.” The old playbook is out, and “slapping a 50% off everything discount on Instagram is not gonna cut it,” says Morris. In the “age of curation,” even deal-hunters expect editing, storytelling and reasons to stop scrolling.Morris argues that even in a discount-driven moment like Black Friday, shoppers still want offers to feel edited and intentional, and brands are responding with more curated tactics rather than blanket markdowns. “We’re in the age of curation and so even when people are expecting deals, they don’t want to feel like they’re just getting slopped,” says Morris. Tariffs and margin pressure mean many brands cannot afford a race to the bottom, pushing them to plan inventory more carefully, introduce new products specifically for this period and reserve discounts for hero items.Chen explains that this holiday season is especially high stakes for luxury multi-brand retailers because a few big players are stumbling – and everyone else is trying to capitalise. “Saks and SSENSE and Luisa Via Roma are three players that have faced pretty bad challenges this year,” she says. “They have opened up white space for their competitors on healthier financial footing to come in and basically eat their lunch and acquire their customers, acquire their sales.” The response is an aggressive push on clienteling and talent: retailers are not just targeting wealthy individuals, but also the salespeople and stylists who already manage those relationships.Additional Resources:Brands Try to Get the Tone Right for Holiday 2025 | BoF Inside Luxury Retailers’ Bare-Knuckle Fight to Win the Holidays | BoF Black Friday Beauty Goes Beyond the Discount | BoF Hosted on Acast. See acast.com/privacy for more information.

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• Prada Group CEO Andrea Guerra on Fixing the Luxury Business Model

  Over the last two years, demand for luxury fashion has softened as aspirational shoppers have pulled back and consumer fatigue has crept in. Yet, Prada Group has continued to grow, by prioritising brand DNA, employing disciplined curation and creating strong connections to contemporary culture.“Prada is culture, culture is discussion, culture is opinions. The more you’re discussed, the more you’re able to be influenced by other people's opinions. I think this is unbelievably fruitful,” says Guerra. “This is not a vertical thing; it's a total constant confrontation and change of opinions. This is how things are born in the Prada brand – and I love it.”This week on The BoF Podcast, BoF founder Imran Amed quizzes Mr Guerra on the luxury business model from developing pricing strategies to the importance of creative tension and cultural relevance.Key Insights: To navigate a shaky market, brands need to simplify and go back to their DNA. “Brands have gone all over in the past 10 years. And I think that today it's a time that you simplify and you do your own thing,” says Guerra. “Your brand has a DNA, and that DNA cannot be killed in the long term …This is where people are recognising you, so you need to go back there. There are certain things we need to do better again, but better again means to go back some years. ” On the industry’s post-pandemic price hikes, Guerra says “If I’m not able to sell you an emotion, then we discuss pricing. If we discuss pricing, then I’ve failed on the first part.” Some brands, he adds, have been spoilt by certain trends, like inflation. “At a certain stage for some brands it was easy just to increase prices,” he says. Now Guerra says, “we’re back to normal” — and the conversation should return to “creativity, innovation [and] our ability to tell people about emotions.”The decision to acquire Versace was a strategic, long-term bet.. “Versace is a fantastic Italian, authentic, unique, credible brand which has a huge complementary role inside our group … hitting different aesthetics, different consumer bases,” yet sharing roots in culture. The mandate is steady, patient value-building. “There are no broken things. We have an opportunity, and the opportunity is long term. I’m not expecting any sort of tangible numeric result tomorrow morning. We have fixed certain milestones which are very important, but it will take time. And we have the patience.”For Guerra, durable desirability is born from managed friction. “There is a history of relationship and tension between the DNA of a brand and a creative impulse, and this tension in the long term must be a positive equation,” he says. “When I talk about culture, we are doing culture ourselves … When you are buying a Prada product, you are buying an opinion, and I am happy that you’re buying an opinion.”Additional Resources:BoF VOICES 2025: Untangling the Fashion Industry’s Future Prada’s Lorenzo Bertelli to Become Versace Executive Chairman | BoF Hosted on Acast. See acast.com/privacy for more information.

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• Can Fashion Still Meet Its Climate Promises?

  As COP30 gets underway in Belém, a port city on the edge of the Brazilian rainforest, the mood is sober. A decade after the Paris Agreement was adopted internationally to limit global warming, many of the world’s largest fashion companies have fallen short on emissions cuts — and some are moving in the wrong direction, emitting pollutants at an even higher rate than in previous years.In this episode of The Debrief, senior correspondent Sheena Butler-Young and executive editor Brian Baskin are joined by BoF reporters, Sarah Kent and Shayeza Walid, to examine why progress has stalled, how fast-fashion growth is reshaping the landscape, and what practical steps — from decarbonising supply chains to adapting factories to extreme heat — are needed next. Key Insights: Kent says, “I would not say any brand has a credible pathway right now to meet their targets for 2030,” “Even companies that have shown that they’re able to reduce their emissions to date, driving down their carbon footprint over the next five years is going to be harder, more complex and more costly… and really no one company can do that alone.”Kent highlights the industry’s deep structural bind: “The fundamental conflict at the heart of the fashion industry’s climate commitments is that you’ve got a business built on extracting stuff and producing stuff and selling stuff. The more stuff they sell, the better the business does, but the worse the environmental impact is,” “Profitability and sales growth are fundamentally at odds with the environmental commitments companies have made.”Short-term thinking still in the boardroom locks in higher climate impacts, adaptation costs and supply-chain risk. As Kent puts it, “On climate, if you don’t act, you don’t have to make these big investments, and you can keep growing your business and things will trundle along for some time. But the longer you wait to act, the worse the climate impacts you’re going to have to deal with are going to be, and the higher the cost of mitigating them, adapting to them, and trying to continue this business in a climate-constrained world.”Voluntary commitments aren’t enough at fast fashion’s scale. Walid points to Shein: “Shein’s case is very instructive. There’s limits to voluntary commitments, which is what the majority of these brands have made.” She continues, “When the business model is built on speed and volume… it just shows that voluntary commitments are maybe not enough for a fashion brand – especially a brand as big as Shein – to actually tangibly reduce its emissions when its entire business case doesn’t stand for that.”Climate impacts are now serious human and corporate risks. “It’s not just a corporate issue anymore,” says Walid. “People who have the visuals recognise the reality of what’s happening in these factories and the people who are making clothes at the end of the day.” Kent adds: “People who are suffering from heat stress are not as productive… floods are disruptive to production, to logistics, to supply chains. Just because we have not yet seen a major disruption to the apparel supply chain from these climate crises yet is more luck than anything else.”Additional Resources:Can Fashion Still Meet Its Climate Promises? | BoF The Frayed Edge: Is Fashion Quiet Quitting on Climate? | BoF Hosted on Acast. See acast.com/privacy for more information.

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• Amber Valletta: ‘Do What You Love. Serve a Higher Purpose.’

  Amber Valletta grew up in Tulsa, Oklahoma, spending time on her grandparents’ farm. Her childhood was defined by open fields, a freshwater creek and a simple rule from her mother: go outside and use your imagination.At 15, a local modelling class set her on an unexpected path that would take her first to Milan, and then around the world. Within a few years, Amber became one of the defining faces of 1990s fashion — the Tom Ford Gucci era, the great editorials and the campaigns that shaped a generation’s idea of beauty.But by her mid-20s, success had taken its toll. Amber stepped away from modelling, got sober, became a mother, pursued acting and found purpose in environmental advocacy. Today, as a United Nations Environment Programme goodwill ambassador, she’s using her influence to push for real change on climate, biodiversity and pollution.“I don’t make my life all about me,” she told me. “I make it about other people too — about connection and love. When you have that, life is so much more enjoyable.” This week on The BoF Podcast, BoF founder Imran Amed sits down with Amber Valletta to trace her journey from Tulsa to the world’s fashion capitals, how sobriety transformed her life at 25 and why she believes fashion must finally take responsibility for its impact on the planet.Key Insights: Valletta’s childhood in nature forged a creative compass and the ability to adapt anywhere.That self-reliance became a career asset when she landed in Europe as a teenager: “I have this strange thing that I’ve always had — it’s like wherever you plant me, I grow. I’m like a weed or something, like an Oklahoma weed.” Those early years also taught her to observe and self-teach: “No one taught me. I just started figuring it out … you look, you watch, you listen.”Opening Tom Ford’s Gucci Fall/Winter 1995 show gave Valletta a once-in-a-career jolt. “When I walked out on the runway, it was probably one of the few times I’ve had that adrenaline rush … that spotlight came on and boom,” Valletta recalls. The moment was so impactful because it diverged from what dominated the time: “Nothing looked like that … it was like a shot of adrenaline for everybody,” she says.Valletta was recently named UN Environment Programme goodwill ambassador, where she is focused on climate change, biodiversity loss and on “fashion’s role as one of the biggest polluters.” The brief is practical: “We need to invest in innovation and investment in decarbonisation … We need all hands on deck. We need collaboration,” she says, warning, “If it doesn’t change, we’re going to implode on ourselves.”Valletta’s guidance for a fulfilling life is simple: “Do what you love. Serve a higher purpose. Enjoy the moment. Enjoy where you’re at.” She couples that with practical habits for staying power. “I ask questions, I show up with a lot of gratitude … I try not to do too much so that when I show up to work, I’m fully present for everybody.” Additional Resources: Amber Valletta | BoF 500 | The People Shaping the Global Fashion Industry Can Fashion Still Meet Its Climate Promises? | BoF Hosted on Acast. See acast.com/privacy for more information.

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• Why Is Everyone Obsessed With Accessories?

  Colourful charms, Labubu-laden handbags and a ring on every finger – accessories sales are booming. A surge of necklace stacks, playful rings and quirky charms is being driven by Gen Z’s push for personal style, using add-ons to customise minimalist wardrobes on a budget. With apparel prices up, accessories act as “little luxuries” and entry points into brands. Retail is responding, with buyers widening small-leather-goods assortments and e-commerce shoots now styling bags with charms to encourage add-on purchases. BoF reporter Diana Pearl joins The Debrief to unpack what’s fuelling the accessory pile-on, how labels are capitalising on it, and how far the trend can go before the cycle turns. Key Insights: According to Pearl, Gen Z is reaching for accessories as a way to personalise their minimalist wardrobes. “Gen Z, which is really looking to define their sense of personal style, is leaning on accessories to do so, especially because minimalism in clothing is still very popular… but they also wanna have a little more fun and accessories are a way to do that,” she says. Regarding the longevity of this trend, Pearl adds, “I think we'll see a consumer that is primed to think of accessories as a more important part of their wardrobe – not just like a finishing touch, but a core element of it.”The Labubu craze captures the mood of the accessories trend – playful, collective and endlessly customisable. “There’s so many different Labubus. There’s a bit of that thrill of the hunt to try to find the right one. You can add it to an Hermès bag or a $100 leather tote from J. Crew,” says Pearl. For many shoppers, she says, “it really speaks to that desire for fun and adding a personal touch. People want things that make them feel good.”While luxury houses profit from entry-level add-ons, Pearl sees independent makers riding the wave. “I think it probably is helping luxury brands but I think even more than that, it’s helping small brands that really can make these cute accessories that feel distinct and different from what everyone else has, because I think a huge part of this is that quest for personal style, wanting something unique,” says Pearl. Pearl frames the moment as a behavioural shift rather than a transient trend. She argues, “trends go away, but they never fully go away. I think every trend leaves a lasting impact or impression on us. Maybe Labubus, toe rings, and bag charms won’t be quite as popular, but maybe they’ll evolve.” Crucially, “I think that this has unlocked something in people… it will have a lasting after effects of this trend, even if not everybody is wearing five necklaces at once in a year from now.”Additional Resources:How Far Can Fashion’s Accessory Obsession Go? | BoF Why Jewellery Feels Like a Better Deal Than a Handbag | BoFLuxury’s Untapped Opportunity in Men’s Jewellery | BoF Hosted on Acast. See acast.com/privacy for more information.

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