Choosing Purpose Over Panic

Article originally posted here by Forbes

by Ron Carucci with Forbes

As the Covid-19 pandemic rages on, with surges in cases across the world’s major cities, beleaguered leaders are grasping for ways to keep their organizations focused and motivated. Now feeling whiplashed like accordions, some called back to work, some staying at home, then those in the office being sent home on some days, the workforce has reached an all-time level of pandemic-fatigue.  With promises of a vaccine still in the distance, anxiety levels are once again surging along with case numbers.

Fewer industries have been hit harder than luxury retail.  With retailers and brands like Neiman Marcus, J. Crew, Lord & Taylor, Brooks Brothers, and John Varatos, filing for Chapter 11, its clear that as people prioritize their precious few discretionary dollars, indulgence in high-end fashion isn’t hitting the top of the priority list.

In 2020, fashion brands cut $43 billion dollars of purchasing from their budgets. That means the downstream ripple effect on designers and manufacturers of those products felt the pain just as much.  So how, in the wake of all of this demise, does a CEO take a startup luxury brand and product, and grow it?

Read the full article here.