The reports all state that the fashion world has taken a hit in this economy.  The industries leaders have to be more creative than ever and those that are new, need to think outside of the box to make a statement and a profit in the highly competitive fashion marketplace. 

Below are the five best initiatives towards new found success and the genius companies behind them:

1) Halston and Temperley showed video instillations where other designers like Victor and Rolf and Mark Bouwer fell short in a simple filming of the runway. Their short films, (Halston ran an elaborate film on-line with storyline, moving set and Temperley a statically modern piece on movement and texture which was accompanied by live pieces and traveled the world during Fashion week) were able to meet a newer, younger more modern fan as well as broaden their general demographic. Dior is hot on the heels to do the same and has released their video starring Marion Cotillard today Click Dior Video to watch or got to http://www.ladydior.com/thefilm/.

“This new economic climate is going to produce an explosion of creativity in all forms, which is especially relevant to the fashion industry. Already we are seeing a marked shift in values that can be positively reflected through the industry.” Bonnie Takhar, CEO Halston

2) Net-a-porter is changing their packaging options, listing to when where and how their customers shop adding the element of luxury for those that want it and those that have their parcels delivered to the office can have a simple non-descript packaging.  They are also building a tight 18-month plan during the recession that consists of adding new designers to their roster and having current designers create exclusives for their consumers. And for those whose pocket books have tightened there is a launch of “theoutnet.com” which is sale only.

3) The Gilt Group is consistently breaking weekly sales rates. This Start Up doesn’t really have a pre-economic down-turn to compare sales numbers to, but with a vision of how they want presentation they are cornering the market on designer mark-downs.  Instead of slashing numbers even lower they go for an approach of a well edited stock list and the expansion of children and men’s is smart in terms of reaching greater numbers with the same message. They have basically kissed the competition of large discount retailers (where clothing is piled on top of each other, snagged and un-merchandised) goodbye.

4) Specialty stores like Bombay Electric, Webster Hotel, Colette and 10 Corso Como are still sticking with the mix of luxury and obscure.  They cultivate a feeling of personal image vs. logo luxury that can only be classified as unique.  The lifestyle element of coffee, cocktails and caviar brings customers in to lounge and spend… a sort of “if I get something I need to give in return” making their foot traffic less “browse-focused” and more “spend-centered”.

5) Oscar de la Renta is placing their focus on their home-based (US) wholesalers as well as expanding to build the brand in international markets.  Opening flagship stores in markets where they already have a strong consumer base instead of trying to launch in an entirely new market, has thus far proven this year to be a wise decision. They are also growing the e-commerce side of the business that launched back in September 2008 to once again put fashion at the consumer’s fingertips.  Chanel has done the same with their website allowing those aspirational customers to grab the real thing, even if it is just a little barrette or keychain all while letting their customers in on the lifestyle with runway videos and exclusive short films which given the above report, works.

-Lynn Furge