Many businesses in the fashion industry had to change their business model in order to be successful during the COVID19 pandemic. However, many may not be prepared for how to transition their business during and after the pandemic is over to align with wherever the future of fashion is headed. In our weekly Mingle Mastermind Group webinar, our 8 industry professionals and special guest Jordana Guimarães, share how to adapt your existing business model during a crisis, what the future of fashion technology and sustainability looks like post COVID, and why social impact is important for the fashion industry – before, during, and after COVID.
How to Pivot Your Business and Adapt to the New Future of Fashion Post COVID19.
Jordana Guimarães, co-founder of FASHINNOVATION, knows all about changing your business model during a global pandemic. Prior to the pandemic, Jordana was hosting summits during New York Fashion Week where CEOs and founders of global fashion and tech companies would discuss industry trends and pain points in fashion technology and sustainability under the umbrella of “Fashion Is to Love”.
Due to COVID, she quickly pivoted the business model to host the first full, worldwide summit online, evoking the messaging of love and discussing the “future of fashion.” Convened with support from the United Nations Office for Partnerships, Jordana assembled a 2-Day Summit on April 20 and 21, 2020 consisting of 80+ speakers and 25+ panels. This event garnered over 100,000 viewers, worldwide and was put together in 3 and a half weeks!
But how does she turn what was supposed to be a live event and make it digital while still creating connections? Jordana explained “We throw in different types of entertainment. We try to implement new things that people can be excited about but also engage in.”
Jordana knows how to use her passion to create a successful business. She originally started her career by doing in-house marketing for major fashion brands like Nina Ricci and Porsche Design. She was always looking for a philanthropic cause to link to the brands as a part of the marketing strategy. After meeting her husband, Marcelo, they were able to combine his entrepreneurial background with her fashion and philanthropy background to create Fashinnovation.
Fashinnovation is a brand that brings together international business leaders, CEOs, entrepreneurs, and fashion designers, to inspire and ignite conversations that lead to revolutionary change within the industry.
3 Tips for Using Your Passion to Drive Success
- Do something you love: Make sure you’re doing something you’re interested in but that is also for profit, then give voice to whatever you’re passionate about through that business.
- Collaborate with partners: Collaboration is the keyword in the fashion industry, especially now. Bring brands together to use each other’s assets to create something. Jordana promotes togetherness in everything she does. ”How can we use the assets that we have, like our community, to give back and bring people together, but do it differently.”
- Keep it personal: Jordana always responds to people who email her, herself. This keeps the connection strong and creates a sense of community. She also makes sure to know every attendee and speaker at her events.
Fashinnovation and Jordana are both very passionate about sustainability, which is a main focus of the conferences she hosts. However, introducing sustainability into a business model can be challenging. Here is what Jordan recommends:
- Make incremental changes. Don’t try to do everything overnight.
- Implement a strategy of quality over quantity. “The fabrics DVF uses might not be sustainable but the longevity of the products are. The pieces they sell are timeless and last for decades.” says Jordana.
- Not every business model can succeed being fully sustainable. Figure out what can be done sustainably and adapt your business model.
Fashion Mingle CEO, Melissa Shea also had a tip: “You can make an impact in a lot of different areas, just pick which match your business model and move forward with the necessary changes.”
The fashion industry is ever changing and always evolving, but what is the future of fashion after this pandemic? No one can know for sure, but Jordana has her predictions. During COVID-19 she thinks sustainability is being examined more. Some parts of the environment have improved due to the lack of people outdoors, can this trend continue post COVID-19? She also believes people actually care more now about sustainability. Consumers are becoming more educated about it. She suspects that at some point in the near future, sustainable brands will be at a competitive price point that will rival fast fashion brands.
During this pandemic, it may be hard to stay positive and come up with new ideas but Jordana has tips for that as well! She doesn’t allow the pandemic to shape her decisions. She suggests taking this time to be innovative, keep re-adapting and have hope. Make sure you have the mindset to move forward and not get stuck.
Join us every Friday at 1pm EST for a new Mingle Mastermind session. Register here.