Late last week, Women’s wear everyday reported that Reed Krakoff would suspend operations while in quest of new investment to keep the line afloat. While the news itself is a surprise, it’s not shocking that something was up at Krakoff’s company; it’s the third young, widely known brand in the past a number of months to either partially or totally shut down. There’s a reason for that: shoppers just aren’t buying ready-made “lifestyle brand” marketing.
With this news, Krakoff joins the somewhat inauspicious ranks of C. question as well as Kate Spade Saturday; C.Wonder shut down its operations totally in February, liquidating its stock as well as closing all its stores. Some believed the brand may make it through as a wholesale business, however owner Chris Burch selected to try his luck elsewhere. Kate Spade Saturday likewise closed its stores, however for now, it plans to have a house within the existing Kate Spade website as well as retail stores.
With both of those brands, as well as now with Krakoff, at least part of the issue seems clear: fashion clients are as well smart to buy into a ready-made “lifestyle brand” story when the brand has not already demonstrated its value as well as proficiency in some method first. Going full speed ahead into accessories, shoes, jewelry, frangrance, ready-to-wear as well as purses (and in C. Wonder’s case, house decor) is as well much, all at once, as well as all the unpleasant seams of fashion advertising show. The client recognizes that she is being offered something as well as just doesn’t understand why she should care, as well as brands are doing a poor task of proving their case.
On the opposite end of the spectrum, we have young success stories like Mansur Gavriel, Edie Parker as well as Charlotte Olympia. All three started out with a extremely specific, narrow line of products (minimalist leather bags in neutral colors, bright acrylic clutches as well as whimsical footwear, respectively), as well as when clients responded positively, then each brand started to prolong its reach in careful, well-planned, fairly conventional ways. So far, each brand has done a strong task of retaining its very first fans while building its client base as well as business.
The approaches taken by each of these sets of brands are at opposite extremes of the spectrum, as well as at this point, the savvier of the two is clear. fashion clients won’t just buy anything put in front of them with a slick logo as well as a promise of luxury, as well as even in the situation of Reed Krakoff, where many of the products were top-notch as well as the designer was an indsutry vet, a slower shed likely would have yielded a healthier business, in the long term. You have to let the clients come to you.
There’s a bit of hope for Reed, though. WWD reports that there’s still product in the pipelines as well as although the brand is closing its Madison Avenue store in the next few weeks, it will continue to operate its Soho store, Woodbury Commons outlet as well as its website for as long as possible–the hope is that the brand will be able to discover new investment quickly as well as then pivot to a more “accessible luxury” model. It’s a market that Krakoff understands well, as the longtime innovative director of Coach, as well as one that we hope he’ll be returning to with new funding soon.
When as well as if Krakoff resurrects itself as a brand, though, we hope it will be with a more determined approach. clients have always been excited about his bags, if our comments section is any type of indication–we hope he will begin there.