Survival Tactics of Fashion Companies of the 70s
There are several fashion companies that adults birthed after 1970 got used to having around. Many of these ventures have today become insolvent – folded up, while a few of them have stood the test of time. Imagine a company that has been around for almost fifty years, still playing an active role in their respective niche of the fashion ecosystem. This article discusses fashion companies of the 70s and examines the modifications some of them had to undergo over time; to adapt to the ever-changing trends of the industry.
Alongside the still existing old ones, new fashion companies have been springing up since the turn of the millennium. Due to the rate at which changes in pop culture have a direct impact on the fashion industry, the stability of a business concern in the fashion industry is not absolute over time. The cause of the generic crisis encountered by fashion companies, and in some cases, subsequent insolvency may not always be the product of a lack of creativity or adaptability.
As mentioned earlier, several new fashion companies have recently started a business. But, as some companies are seeing the economic potentials and taking the bold step of going into the fashion business, there is equally a sizeable number bowing out. It is worthy of note that many of the old-timers in the industry are saving their brand identity by allowing sweep changes in management or an outright sale of the company. Here is how some of these companies pulled through:
Survival by surrender; embracing eCommerce
Speaking about Browns Fashion, the company started as a single departmental store in the year 1970. Their first retail outlet was in London, and over time several other outlets have surfaced not only in the United Kingdom but across the world. However, the company allowed itself to get acquired by Farfetch – a tech company with stakes in fashion. Browns has, by this move, joined the train of outlets providing a premium online shopping experience for its customers while equally retaining the flagship physical stores.
Tommy Hilfiger is a talented fashion designer that officially broke into the industry in 1971. By the end of 1977, the floated company, with all its potential, had to file for bankruptcy. From confessed testimonies, Tommy Hilfiger personally admitted allowing the company to suffer due to his paying more attention to the creativity of the brand’s design will ignoring the necessity of managerial acumen. In March 2010, the entire Tommy Hilfiger brand was bought over by Phillips-Van Heusen while leaving Tommy Hilfiger as the chief designer. With the shuffle in the company’s management, revenue jump exponentially.
Developing customer-centric products and services
The things that influence customer patronage and loyalty in the seventies mostly enjoy little or no relevance in the 21st century. Victoria’s Secret has, for example, among other things, tried providing products that suit the changing taste of consumers. They equally attempted to change the media of displaying products to prospective customers; initially, Victoria’s Secret made catalogs that had pictures of attractive models wearing their lingerie, underwear, or swimwear. Subsequently, the company went digital to plug the hole drilled by the catalog expenditure.