As luxury online marketplace, Farfetch, debuts on the New York Stock Exchange, I ask, is it a worthy investment?
This isn’t particularly scientific, but, recently, I was looking for a particular AW18 Dries Van Noten jacket I’d seen, in store, in Selfridges. It wasn’t on their website, so I tried Mr Porter. Nothing. So, then I thought I’d search FarFetch. With over 600 boutiques said to be affiliated to their network, and 375 luxury brands, you’d expect a decent selection to come up. Nothing again.
Left - Is Farfetch high on the list of your luxury searches?
Dries Van Noten isn’t the most ubiquitous of fashion brands, but without a large network of own brand shops, it is usually sold wholesale to designer boutiques and is found in the majority of luxury department stores. It’s big enough. It felt strange nothing was on Farfetch. This isn’t the first time this has happened and the reason why it wasn’t my first place to search.
Farfetch just had its valuation lifted and is set to be valued at between $4.9bn and $5.5bn in its initial public offering in response to investor interest in technology stocks. The shares have a price range of $17 to $19, according to an updated regulatory filing published this week. The original range was $15 to $17.
Joseph Wong, an investor in luxury fashion stocks such as Burberry, ASOS, Bvlgari and Mulberry, says “Farfetch assimilates some of the best independent boutiques into a common platform. What’s valuable is the technology and the list of stores they represent. For that diehard enthusiast, he/she can do a quick search for that elusive Off-White piece or vintage Chanel piece, with a click to buy option.”
The majority of IPOs are often overpriced. They are filled with hot air to give healthy profits to the founders and early investors. Not to mention the fees to the money men to maximise the price and get the listing on its way. Farfetch, established in 2007, is being marketed as more of a tech company, where the prices are higher, rather than a retail marketplace model which takes a percentage from each transaction sold through its website.
The most recent Farfetch results show revenues of $267.5m in the six months to June 30, 2018, and losses before tax of $68.4m. Farfetch had total revenues of $910 million last year.
To put this in the context of the market, Yoox Net-a-Porter (YNAP), which was acquired by luxury conglomerate Richemont recently, valuing the business at €5.3 billion, and matchesfashion.com was sold to private equity firm Apax for over $1 billion last September. In the 12 months ending Dec. 31, YNAP saw year-end preliminary sales reach 2.1 billion euros ($2.5 billion). Matchesfashion.com recorded group revenue of £293 million ($393 million) to 31st Jan 2018.
“From our research of the luxury fashion market, FarFetch led in terms of traffic capture between 2015 and 2017, and maintains a good reputation. It has a sound business model, good commercials and no flagged operational or customer issues.” says Fleur Hicks, Managing Director of onefourzero, a data analytics and digital research agency based in London.
“It is an ambitious listing price, but in the context of the growing luxury fashion market, this could see returns within the next months and years, depending on how ambitious your investment strategy.” she says.
The global fashion industry is, according to a 2017 McKinsey report, valued at $2.4 trillion. If it were ranked, alongside individual countries’ GDP, it would represent the world’s second largest economy. From 2014 to 2018, the luxury fashion industry was expected to grow from 3% to 17% of the total fashion market. Annual online sales growth was expected to be 17% in the US, 18% in the UK, 12% in Germany and a whopping 70% in China, according to the report.
“It’s a good business model within a growing marketplace.” says Hicks. “The return risks of minimised stock and holding outlays look to outweigh the risks associated with reliance upon 3rd party operations, such as delivery. It averages a 30% mark up and thus a 50-odd% margin on operations. Incredible for the fashion industry. Also, the growth rate - 60% this year - is impressive.” she says.
Right - Is the value in Farfetch in its tech?
“Of the competitor set we analysed, Farfetch represented 3.8% of the captured online traffic market, representing the market lead. This competitor set only represented 17% of the potential traffic available (based on digital demand and traffic) and therefore the headroom for brand and revenue growth is huge.” says Hicks.
Farfetch’s future growth is potentially going to come from its ‘White Label’ service supporting brands such as Manolo Blahnik, Christopher Kane, DKNY and Thom Browne in their e-commerce offerings.
Farfetch have announced many strategic partnerships recently to further enhance the value of the company. These include Chanel, Chalhoub Group, one of the biggest distributors of fashion and luxury goods in the Middle East and the modesty luxury retailer, The Modist. They have also partnered with brands such as Harvey Nichols and Burberry. This is spreading their risk and also leveraging their technical expertise. It’s what Ocado has done in food.
Wong says, “You also need to consider what they will be using the cash raised from the flotation for. When Prada was listed, it was to relieve the billion Euro debt, open more stores and provide an exit plan for the founders.”
Farfetch are investing heavily in technology and this does explain some of the losses. They hope they will be able to charge other brands handsomely for this and the ever important 'big data'.
Are there any potential waves on the horizon? “Digital commercial disruptors are most likely to threaten large behemoths like Farfetch.” says Hicks. “This would most likely come from Amazon or AliExpress fashion lines and/or new ways to purchase fashion in a more interactive way. It’s unlikely that this will be a quick transition, so if FarFetch remain on pulse with technological change and consumer movements then they should be agile enough to move with the technical and operational trends as well as fashion trends.” she says.
Wong says, “Businesses are keen to connect directly to consumers, and cut the middlemen: think Kylie Cosmetics, Pat McGrath. This is happening to media industry too: Netflix originals instead of via Sky or Virgin Media. Not sure if Farfetch have addressed such concerns before.”
“There is also the downside for retailers: I once noted a £1500 price difference on a stunning new season McQueen coat: the result of a weak sterling and import taxes levied by a store from the Far East.” he says.
According to Bain & Company, the luxury goods market reached a record high of €262 billion in 2017. Online sales jumped by 24%, reaching an overall market share of 9%. Bain & Company predicts the market will be worth $446 billion market by 2025. Online’s share is expected to be its fastest-growing segment, rising from about 9% to 25% by 2025.
I think you need to look at Farfetch in the context of being a major player in a fast growing market. The valuation seems to be based upon its potential and the appetite for this type of technology stock.
I don’t think the name ‘Farfetch’ is particularly well known with general consumers. They need to work on the parent brand and getting its name into the luxury consumer’s head for that initial search. They also need to feel like the Amazon of luxury: all the choice on one site, which takes me back to my disappointing Dries Van Noten search. They could do better with packaging and more Instagrammable things to raise awareness of the consumer side of the brand.
There also have a lot of variables. They have different stores buying different things in different currencies and it loses something of that personal touch that other retailers seem to nurture and one of the reasons you go to a retailer.
Left - The online market is growing massively and is set to grow from 9% to 25% of the luxury market
As for selling the tech. to other brands, I think this is where the long-term value is, but they need to be careful not to overstretch themselves and have too many fingers in too many pies. It’s better to do fewer things well. It feels like they are still working out the direction they are going in. They could easily focus on either sides of this business and quietly reduce the other. They need to grow revenues while keeping the costs constant or reduced. They just don't want to lose the momentum.
The price seems, initially, far fetched, (soz), but the long term prospects for luxury online is looking good.
Burberry has opted to put all its checked eggs into Riccardo Tisci’s basket. Before a single collection, except for a couple of teaser T-shirts, they’ve changed the logo - 2018 is the year of the bland, officially - found an old monogram in the archive - plastered London (& the world) with it - and really committed to this creative director before a single industry or customer reaction.
Unlike Gucci, who rushed out a quick collection with Michele, and tested the water, this has had a six month build up. Need I remind you what happened at Roberto Cavalli or Brioni when they changed everything for a new creative director.
Left - Burberry's new monogram from the archive
Following the departure of Christopher Bailey - more here - whose rainbow swan song ended an era when Burberry was a fashion leader. The winds of fashion changed, Burberry was no longer as relevant and it’s been playing catch up recently.
Control, alt, trenchcoat?! The new Chief Executive, Marco Gobbetti, previously at an accented Céline, inserted Tisci, whom he worked with at Givenchy. and proclaims to want to ‘elevate’ the brand and take it away from ‘accessible’ luxury. I’m not sure how accessible the current £1500 trench coats are, btw?
The stock market likes the idea - the share price is up 20% so far this year - and is salivating at the higher prices and bigger profits these more expensive items should generate. If only fashion was that simple.
Cut to Vauxhall, and the first show from Tisci’s new ‘B Series’ Burberry. You can shop his first pieces now – available for 24 hours, only on Instagram.
Right - New Burberry projected onto Global Harbor, Shanghai
First impressions is, it’s big - 133 looks (crazy) - but doesn’t have a clear viewpoint. I would have done a smaller collection - say 40 looks - and kept its message very focussed, strong and styled.
It looked like a Parisian’s take on Burberry, and maybe something Phoebe Philo would have done, if she’d got/wanted the job. It’s probably too tasteful for the current Burberry customer; they want more check and logos. People go to Zara for these types of clothes, these days. When people buy ‘designer’ they want a statement, they want a recognisable piece and there didn’t seem to be much of that here.
If Burberry wants to do clothes like this, at these prices, then the quality and cut needs to be flawless. There was a couple of nice takes on the trench. I liked the silk scarf details on one.
Brands need to highlight something they’re getting behind for that season, be it a bag or a type of coat, and really ram it home. I couldn’t see any key bag styles, and, if they’re going to elevate the brand, like they hope, then it will all be from accessorises to drive the revenue growth.
The male models, with their 80s gelled back hair, had touches of Tisci’s Givenchy in the baggy sweat shorts and luxury sportswear, but there was nothing here you couldn’t get at Boss or Louis Vuitton.
Left - Armed with an umbrella, but where was the Britishness? Burberry SS19 Menswear
I was expecting the new monogram to be on everything, it wasn’t. I feel like that’s a mistake, no matter how tacky it could be. It would be a major sales driver in the all important Asian market and I’m sure we’ll see more in these ‘drops’ of collections we keep hearing about. There could have easily have been a logo segment in this huge collection.
It was chic, at the beginning, with some nice detailing, then the men’s section arrived, and then it got all confused towards the end. Sadly, these aren’t the type of clothes you’ll be thinking about until they come out, there’s just too much good competition.
It would be hard for a documentary about Alexander McQueen not to be good. His talent was such that, twenty year’s later, the clothes and production can still hold their own against anything produced since.
I can remember watching CNN Style with Elsa Klensch - fashion, beauty and decorating! - this was the 90s remember: no internet and hardly any fashion on TV or in the media - when the ’13’ show with Shalom Harlow being sprayed by the robots was shown and I can remember looking at the TV and feeling the energy through the television. This was fashion as performance, as art, yet relatable and totally modern and contemporary. It opened my eyes and raised the bar.
This documentary is much more personal than the sell-out exhibitions at the Met and, subsequently, at the V&A, and that’s the joy of fashion documentaries - read #ChicGeekComment Is ‘Peak Fashion Documentary’ Killing The Fashion Tome?
The ‘brand’ doesn’t dominate and this is McQueen’s life story split into different sections while highlighting specific shows. His family features heavily - his sister and his nephew - who talk open and honestly about McQueen and things that shaped him, affected him and motivated him.
It was interesting to be reminded of the raw yobbishness of 90s McQueen. The Burberry check shirts, the gold necklaces and the complete lack of self image. For somebody with such good taste in designing and cutting clothes, it never really moved onto him or around him He didn’t seem interested in dressing the part or living that kind of life surrounding by beautiful things and I think this is where Isabella Blow came in. She was everything he wasn’t: obsessed with how she looked, aristocratic, living surrounded by antiques and beautiful heirlooms in her country house.
Opposites attracted, but they had an affinity with their darker sides. Both committed suicide and would use their creativity as a mask as well as a crutch.
This documentary is intense and it’s comprehensive - about 95 minutes - I think by the time it hits Netflix I would split it into 2 episodes. People like looking forward to watching a second instalment.
What Alexander McQueen had was not only imagination, but the technical skills to make clothes worth spending money on. As Tom Ford says in the film, when the theatrics and show-pieces were stripped back what was left on the hanger was some of the best cut and more stylish clothes ever.
Eight years after his death we’re still just as fascinated by his life and his place in the fashion history books alongside people like Yves Saint Laurent and Balenciaga is assured. It’s just a shame his career wasn’t as long, because, being selfish, I wanted so much more.
A mysterious style icon has suddenly appeared. Inhabiting the hallowed halls of Tate Britain, this new character looks like a badger from a Shakespearean fantasy. Called ‘The Squash’, it is an immersive installation combining performance and sculpture by 2016 Turner Prize nominee Anthea Hamilton.
The Squash has been created for the annual Tate Britain Commission, supported by Sotheby’s, which invites contemporary British artists to create new artwork in response to the grand space of the Duveen Galleries.
Left - All about the stripey Squash
Right - Loewe - Striped Asymmetric Cotton-Canvas Shirt - £795 from matchesfashion.com
Anthea Hamilton has transformed the heart of Tate Britain into an elaborate stage for a continuous 6-month performance of a single character, dressed in a colourful squash-like costume. Over 7,000 white floor tiles have been laid to span the length of the galleries encasing a series of large structures that serve as podiums for a number of works of art from Tate’s collection, chosen by Hamilton.
Right - The Squash has seven costumes designed in collaboration with Creative Director Jonathan Anderson at the fashion house Loewe
The artist is influenced by the early 20th century French writer and dramatist Antonin Artaud and his call for the ‘physical knowledge of images’, it is this bodily response to an idea or an image that she wishes to examine in The Squash.
Hamilton has designed seven costumes in collaboration with Creative Director Jonathan Anderson at the fashion house Loewe, that incorporate the colours and shapes of varieties of squash or pumpkin. The performers get to select a costume each day, informing and reflecting their individual presentation of the character as they inhabit the space.
On trend, The Squash is rocking vertical stripes and ruffled shirts in his clinically tiled play area. Get the look with a striped shirt or go for white ruffles; the bigger, the better.
Right - Burberry - Herringbone Cotton Tie-Neck Riding Shirt - £495
Left & Below - The Squash gets to play in Tate Britain's Duveen Galleries
Like Stripes? See The Beetlejuice Striped Suit
Burberry announces Riccardo Tisci as Chief Creative Officer effective 12 March 2018.
Well, the cat is out of the bag and Christopher Bailey’s replacement isn’t Phoebe or Kim, but Riccardo. Something of a Creative Director curve ball, he was speculated to go to Versace, this is an exciting signing - how Premiership?! - because he could take Burberry in any direction.
Left - A sign of things to come? Tisci's Burberry Cromwellian warts 'n' all portrait
While it was all about luxury sportswear at Givenchy, during his 12 years there, his style was more American, masculine and darker in feeling, but it all started to look a bit done when Vetements arrived with its dress-down aesthetic. I think Givenchy wanted to make the brand more feminine and focussed on women’s accessorises. While he grew the ready-to-wear he seemed to neglect the beauty and accessory side.
Burberry is more slanted towards ready-to-wear, so this could be good, but I thought they wanted to grow their accessorises business?
So, Burberry opts for an Italian. Tisci’s studied and worked in Britain before, he used to be a branch manager of Monsoon, which I love, so he’ll have some idea on Britishness and also bring a fresh perspective to it. Out go the Rottweilers and sharks, and in come Corgis, Greyhounds and Beagles maybe?!
I think ‘See Now, Buy Now’, will be shelved and his first, proper full collection will be for SS19. It’ll be interesting to see whether he takes on everything like Bailey did. If the Creative Director does the stores, windows, campaigns, beauty, everything… you get a feel, faster, of how the brand is changing and its new direction. He'll give menswear as much focus as womenswear which is good.
Burberry has a big, new store opening in Knightsbridge, so it’ll be interesting to see if Tisci has time to have any input and make changes before that opens.
Burberry is Britain’s biggest luxury brand. It’s strongest market is arguably the Chinese, at home and abroad. Keeping these consumers happy, buying and increasing will be the main future goal of any Creative Director. But, if he can please the fashion crowd, and instil much needed excitement, then it’ll keep the business growing and the shareholders happy. I think his window to make this happen will be much smaller at Burberry than at Givenchy and they’ll want to see positive change and fast. Will an Italian do it better?!
See TheChicGeek's Ode To Christopher Bailey - here
Happy New Year, Chic Geeks. What a crazy year. Things all went a bit Back To The Future II with our Trumpian dystopia, jaffa cakes got reduced from 12 to 10 in a box - the tragedy! - and online started to really eat into, and effect, traditional retail models.
It feels like we’re in an in-between period, right now, looking to the past, while waiting for the future. Prepare yourself, it’s definitely coming. Here’s a bit of TheChicGeek looking back, rewarding and remembering the past year.
Join in on social media with #TheChicGeekAwards
Best Label of 2017 Balenciaga
You had me at ‘rubber car mat skirt’. Anybody who can make a blue leather Ikea bag, at £1800, desirable, is on to something. Demna Gvasalia, the Georgian fashion designer, has made looking drab and unglamorous an art form. While not a massive fan of Vetements - his own label - Balenciaga still has some of the luxury polish left which makes something desirable. ‘Interesting’ could be the word, but what he does with this label is make you think about what you are looking at. It makes you question what you like and what you don’t, and that has to be interesting, no?
Left - Balenciaga Lookbook SS18 Glamour!
Best New Label of 2017 Martine Rose
Before you scream 'it’s not new' at me, I know, but this year Martine Rose broke through. After 10 years on the margins, and, I’ll be honest, I never really quite got it, everything changed and fashion turned towards her style.
She also started working at Balenciaga, above, and, used their manufacturing, giving her collections the polish it needed. She's making some of the best items of the season and if you’re into fleeces and cycle shorts, you’ll be in 90s heaven.
Left - Martine Rose SS18 - One of the must-have menswear pieces of the season - more about that later
Below - Boohoo has just launched activewear for men
Best High Street of 2017 Boohoo Man
Manchester based Boohoo has expanded hugely over the last few years. It was founded in 2006 by Mahmud Kamani and Carol Kane who previously supplied high street chains such as Primark and New Look.
Boohoo recently announced plans in June 2017 to build a 600,000 square feet (56,000 m2) warehouse, costing £150m over the next three years, and would offer the capacity to deliver annual sales of £3 billion, alongside their existing Burnley warehouse.
One of the most successful British online retailers, Boohoo has massive potential and is doing really well in the US. In fashion terms, it’s fast and cheap, and this is the only way to survive and thrive in this market, aimed at 16-24 year olds.
While they nod to the trends, Boohoo makes clothes these people want to wear and while they aren’t all hits, there’s enough choice to be able to make a selection to reflect your personality or the character you want to be that day. Affordable, yes, disposable, yes, but this market is fickle and you’re only as strong as your last product, but there’s plenty here to get excited about and it’s only going to get bigger.
Best Grooming Product 2017 La Roche-Posay Anthelios Anti-shine Invisible Fresh Mist SPF50
Anything that protects, is easy to use and you’re not conscious of wearing, is the Holy Grail of grooming products. This spray goes on like a light mist and offers a high SPF protection. Sun damage is the biggest factor in visible ageing and anything that makes it simple and quick to add a layer of protection has to a good thing. You’ll actually enjoy using this and it shouldn’t just be restricted to the summer months.
Left - Get one of these for your holiday and then carry on using it - more here
Best Grooming Brand 2017 Perricone MD
The best grooming brands are those which make you feel like you’re in a knowledgable and safe pair of hands. Dr Perricone’s MD brand launched this 3-part men's CBx range, this year, containing a face wash, post-shave product and a moisturiser.
The 'CBx' part is a reference to Phytocannabinoids. Phytocannabinoids are non-psychoactive cannabinoids derived from the cannabis sativa plant - hemp.
Expensive, but it feels like you’re getting more than fancy packaging here and with a new supplements range out this year - 2018 - and twists on his cult products, I think I’m going to carry on being a big fan.
Above - Dr Perricone's first men's range - read more here
Fragrance of the Year 2017 Tom Ford’s Fucking Fabulous
Picture the scene: Tom Ford walks into Esteé Lauder’s New York headquarters. He’s here to talk about the future of his cosmetics and fragrance business. It gets to new fragrance names. We have a new ‘oud this’, ‘something leather’ that, it’s all very predictable, and then, suddenly, somebody suggests, how about ‘Fucking Fabulous’? The room laughs. We all say it, don't we?!
The execs at Esteé Lauder look at each other, want to carry on laughing and then move over the joke. But, Tom’s feeling cheeky and he wants the name to stick.
No other brand would do it and that’s the power of having your name, and the power that goes with it, on the product. Nobody is going to question Mr Ford. What he says goes and this is why many fashion companies struggle. It’s all bit beige, a bit done by committee, nobody is willing to stick their neck out. Especially in conservative America.
Okay, so I’ve made this story up. But, this will be the fragrance people will remember from 2017. It’s just a shame the actually scent doesn’t live up to the name and is a cult for more than its name. If this had a memorable and individual scent it would be unstoppable. I just love how they have to blank out the f-word on the adverts.
Above - More than a name? Fucking Fabulous by Tom Ford
Most Stylish Programme 2017 The Deuce
If you know me, you’ll know I love a bit of 70s style. Think the pimps from ‘Live & Let Die’, and you’ll get an idea about the wardrobe for The Deuce. James Franco, annoyingly, and unnecessarily, plays twins in this, but Maggie Gyllenhaal steals the show. It’s a mix of mafia, prostitutes, pimps and punters in this grimy yet quite glamourous take on bankrupt 70s New York.
Left - The Deuce's pimps getting pimped
Best Menswear Collaboration 2017 Topman X Stranger Things
The right product, at the right time, driven by a massively popular Netflix series made this a big success for Topman and Topshop. It’s been a tough year for Topman and they need to think clever in order to take on the ASOSs and Boohoos of this digital world. Think ringer tees and washed denim in a collection of early 80s teen-wear.
Left - Taking a trip to Hawkin
Special ChicGeek Award 2017 - Christopher Bailey
Bailey is Burberry and Burberry is Bailey. The giant luxury goods company we see today has been created thanks to his creative design, direction and his attention to detail. This doesn’t mean it can’t change, it just means, in my opinion, it will never be as good.
For many years, Burberry was flying high. It tightened up its licensing and became a must-have for the newly rich Chinese.
It’s hit the buffers recently, so it’s probably time for something new, but some of those Bailey/Burberry collections were some of the best of their time. Leather sleeves on jackets? Yes, Mr Bailey. He made heritage Britishness modern and exportable and gave it a gloss that made you proud that Burberry was British. Read more here
Left - 2018 is the year Burberry waves goodbye to Christopher Bailey, what will he do next?
Turkey of 2017
Jeff Koons for Louis Vuitton was a double take when it first appeared on Twitter. What looked like a collection of bags straight from the back of a Chinese counterfeit operation, was, in fact, a collaboration with one of the world’s most successful artists. This tacky collection hijacked some of the world’s greatest artists and their most famous paintings and then emblazoned their name all over it: as if you were too dumb to recognise them. If you need a gold “DA VINCI” on your Mona Lisa then this collection was for you.
Left - Never actually seen one on the street, maybe rarer than the real thing?!
What are your thoughts? #TheChicGeekAwards
News just in - Burberry president and chief creative officer, Christopher Bailey, who has been with the Burberry brand for 17 years, will stand down from its board in March 2018 and work with CEO Marco Gobbetti and team on a transition period until December 2018.
When Burberry’s renaissance began in the late 1990s, it was the perfect time to turn around a recognisable British name, dust it off and grow it into the new desire for luxury and branded products. We’d witnessed it at Gucci, under Tom Ford, and other languishing brands were thirsty for the same.
Burberry initially started with the Italian designer, Robert Menchetti. That didn’t last long and was soon replaced by an unknown designer, Christopher Bailey.
Left - Christopher Bailey who turned Burberry into the billion dollar business it is today
Initially, and this was pre-Google, so you can forgive me, I thought it was the same Chris Bailey who had started Jigsaw Menswear and the soon-to-be defunct Uth. A great designer and businessman, I thought it was a perfect fit.
I quickly realised they were different people and I bought a shirt from that first 2001/02 collection. Admittedly, it was in the Harrods sale and it was very expensive, if I remember, and I still have it. It was in a stretch, striped fabric, one I hadn’t seen before, with metal Burberry branded buttons and epaulettes. There was something beautiful yet innovative which became the signature of the new Burberry.
I quickly became fan. Every collection had a strong theme and the pieces were well designed and had that all important desire factor. The brand got bigger, the shows became fancier and major events with Christopher Bailey overseeing every detail, from store fits to the music to the Testino campaigns.
Those Bill & Ben hats, the paisley collection and then there was the coats with the leather arms which are still yet to disappear off the British high-street.
Bailey is one of the greatest Creative Directors of our time. He’s up there with Tom Ford for a progressive and consistent luxury handwriting. Burberry’s growth and success is down to his balance of updating Britishness while respecting the past and knowing exactly what consumers want now.
While the average Burberry customer probably doesn’t know or care who Christopher Bailey is, for us fashion folk, we like to see the whites of the eyes of those designing and leading the brands we look at.
Seventeen years in fashion is a lifetime, especially today, and while “See Now, Buy Now” pushed him into a creative cul-de-sac, Bailey produced some great clothes and images.
I think he’ll probably take a break. Burberry has made him a very rich man. But, it is exciting what this talented man decides to do next. Perhaps he’ll join Angela Ahrendts at Apple, maybe a bigger fashion job such as Louis Vuitton, his own label or maybe something really radical like Amazon. Who knows?
See more Burberry related comment pieces:
Time to Ditch “See Now, Buy Now” here
Choose Your Rip-Off here
If somebody said they could make you any suit you wanted, that fitted perfectly, simply by sending a few photographs of yourself, you’d be sceptical, right?
That’s how I felt when “The Drop” got in touch. The Drop is a startup that allows men to create their clothes, in their sizes at a price which suits their budget.
I’ve seen many apps, come and go, that allow you to take a picture of an item you see in the street. Like Shazam for clothes, they let you know where you can buy it from. Unfortunately, this only works for clothes in season and available in your size, so can be a disappointing search. It also doesn’t allow for you imagination or dream item.
Left - TheChicGeek smiling in his finished suit
The Drop business was founded on the premise that lots of men know what they want when they see it (whether on Instagram, Pinterest or on the street) but often find it hard to locate it in stores, in their size - a fundamental disconnect between supply and demand.
Right - Inspiration - Burberry - But I wanted it cut like a Tom Ford
The Drop enables customers to submit an image of their ideal suit (from styles they've seen online, in store or on the street) along with images of themselves so that correct measurements can be assessed. Their suit is then made & delivered in their size in under three weeks. Prices start from around the £300 mark.
They can make a single item in Asia, and then they allow a small budget for you to take the finished item to be altered, if it needs any additional work, at a place of your choosing.
I wanted something different yet also something that I knew they could make. It would be pointless going all out Gucci if they didn’t offer those kinds of fabrics.
I wanted a brown flannel suit as it’s really hard to find a good chocolate brown suit. I found an old picture from a previous Burberry campaign, but I wanted a longer jacket and wider lapels.
I also wanted the fit based on a Tom Ford suit that I already own. After a couple of e-mails, swatches were sent through, which is difficult to choose online admittedly and they said they didn’t have brown flannel, so I just asked for a plain chocolate coloured suit.
I sent three pictures - front, side, back - of me in fitted clothing and then chose the lining and other details on the suit. I went for a peaked lapel two button wool suit with a pink lining.
They may get in touch to ask a few further questions and just to clarify the order.
Far Left - Tailored Made - Chic Geek - Pink lining with green lettering
Left - The Edward Sexton/Tommy Nutter/Tom Ford lapels that I wanted
A few weeks later the suit was ready. It was shinier than I envisioned, but not detrimental. The lapels were good, very Tom Ford/Edward Sexton like - move over Harry Styles! As for fit, the waist on the trousers and the jacket was too tight. They kindly had this altered for me, when in reality you would do this yourself and then bill The Drop.
Overall, the suit is good, I know I couldn’t buy another brown wool suit with a pink lining for the price they are asking.
Verdict - For the price of a high-street suit you get something individual and one-off. You could get something for a special occasion or if you find it hard to get standard suits to fit, but at these prices you could use this service everytime you want a new suit. This concept has the potential to play around and copy designer items quickly if the choice of fabrics allows.
I think The Drop needs to brand their name more on the items, as I couldn’t remember the name throughout the process, and they should also offer more inspiration and fabric choices to capture the more experimental and directional customers or for those guys who know what they want, but want a few images to base it upon. It would also be good to photograph the suits they make to give you more of a feel of what they do and create a community of passionate guys wanting something individual.
Left - Brown & pink suit from The Drop from around £300
See the full The Drop OOTD here
Burberry has to be admired for trying “See Now, Buy Now” - the new way of showing clothes in-season and making them available straight away to buy after the catwalk show. While many brands have used the term or jumped on the bandwagon, they were truly the only global brand to do it on scale and fully commit.
Left - The recent AW17 Burberry Show in Clerkenwell
Other brands have done capsules, collaborations and the like, but on a much smaller scale. Some are still doing it, while others have dropped it already, but, it’s Burberry who we’ve been watching to see whether it works or not.
Burberry has done a great job at the logistics. The job of getting things in place: to drop the minute the catwalk has finished, unveiling online and in their network of retail stores and wholesale partners.
They’ve experimented with it and while they’ve proved they can get things in the right places at the right time, unfortunately, it doesn't make for great clothes.
We are on the third collection now and they are no way as accomplished as the previous out of season shows. They still have the same Creative Director - Christopher Bailey - who I rate very highly, but it just shows that this way of working, restricted by manufacturing timetables, limits the ideas and collections.
With “See Now, Buy Now” you’re alway working backwards. What can we make in time? Can our manufacturers make that, in the quantities we need, in time? No? Then, next idea.
What can we do? doesn't make for the most positive start to any collection. It’s too restrictive. It just makes for clothes that are basics with little details tacked on. The latest collection, shown a couple of days ago, illustrated this, literally. Chinos with doodles on or a let’s stick a silver/crystal thing on a quilted sweat shirt to jazz it up a bit. It’s not starting from a strong design base. You’re always working backwards.
Fashion collections often come together a few days before a show. Stylists or designers often ask for little pieces or accessorises to help form looks which have a clear voice and message and is what many trends rely upon. They worry about making them afterwards. This isn’t possible with see now, buy now, as it has be all signed off and produced months in advance. Burberry has over 500 shops in 50 countries. That’s a lot of product. Admittedly, the catwalk makes up a small percentage of the business, but it still has to be in the windows etc.
These clothes are also being made upfront. Many brands use a show to gage demand and then order accordingly. You either have a lot of wastage or you’re very conservative in your ordering of the more difficult and interesting pieces. This leads to boring stores and products.
Right - Burberry - White T-Shirt With Crystal Brooch - £495 - See Now, Buy Now isn't making for the best clothes says TheChicGeek, do you agree?
It’s time to ditch see now buy now. Burberry are good at deciding to drop things when they don't work. They tried to go it alone with their beauty offering, but realised things are too tough out there on your own and have now gone in with beauty giant, Coty.
If it’s any consolation, they can be confident to know that if they couldn’t make it work, then nobody could make it work and can be very proud of themselves for trying something that many thought too difficult and didn't even entertain.
Like all new ideas, some are more successful than others. This is one to put down to experience and it's time to let Christopher Bailey do what he does best.
As Christopher Bailey says goodbye to Burberry, read TheChicGeek's Ode To Christopher Bailey - here
A "rip-off" is defined as a fraud or swindle, especially something that is grossly overpriced or an inferior imitation of something. Sound familiar? The two meanings have become somewhat intertwined in the crazy world of modern luxury fashion.
Okay, let’s talk about that cap. Vilified, objectified and chastised, the Burberry check cap has been waiting for its reintroduction since we saw the preview of the Gosha Rubchinskiy SS18 Burberry capsule in St. Petersburg where he’s produced a capsule collection based around the famous beige “Horseferry” check.
Burberry once wanted to distance itself from its famous check, using it instead for discrete linings and the like. But, now it’s back and they’re are trying to champion or own the new chav-chic look dominating fashion. Worryingly, the vast majority of people have missed the Burberry in between - which was rather good.
Left - Burberry - Vintage Check Baseball Cap - £195
Burberry are playing catch up and I put that down to “See Now, Buy Now”, but that’s a whole other #ChicGeekComment.
Anyway, the cap got me thinking. The cap is kinda cool, but not the real one. It’s cool to have the copy, the naff pastiche, the nod to, the rip-off, because ultimately you’re getting ripped off with both.
With the rip-off you’re in on the joke, proud of the made in China label and almost taking the chav-factor to the max. Buying it from a stall on Oxford Street and not a store on Bond Street is truly in the spirit in which the item was intended. You’re playing with it, subverting it and not blinding paying nearly £200 for a cap. #ripoff
The same could be said for the new Dune London “Gucci” loafers. The Gucci loafer really is a classic in the pantheon of fashion, but obviously has been everywhere recently due to Gucci’s huge success. Getting a real pair just feels a bit lacking in imagination.
It’s not even about the money. The Dune rip-off makes you part of the current fashion, but it’s more laissez-faire and carefree and makes you a member of fashion’s great unwashed rather than inspiring to own a piece of footwear inspired by the British aristocracy’s love of horses.
Are those Gucci? No, they’re Dune. There’s something confident about being okay about wearing a rip-off. Just think about all the money you're saving too.
Right - Dune London - Pinocchio - Classic Snaffle Loafer Shoe - £100
As Christopher Bailey says goodbye to Burberry, read TheChicGeek's Ode To Christopher Bailey - here