In the wake of the collapse of In The Style, a UK-based fast fashion retailer, experts are offering five key lessons for fashion retailers to learn from the company's downfall.
In the wake of the collapse of In The Style, a UK-based fast fashion retailer, experts are offering five key lessons for fashion retailers to learn from the company's downfall.
In The Style was known for its collaborations with social media influencers, but experts warn that relying too heavily on these partnerships can be risky. "Influencers can be fickle and their followers can be even more so," says fashion retail consultant Kate Hardcastle. "It's important to have a strong brand identity that isn't solely reliant on one person or group of people."
In The Style's collapse was largely due to financial mismanagement, including overspending on marketing and failing to control costs. "It's important to have a clear understanding of your finances and to keep a close eye on your cash flow," says retail analyst Richard Hyman. "If you're not making a profit, you're not going to survive."
Fast fashion retailers like In The Style are known for their ability to quickly produce and distribute trendy clothing, but this can come at a cost. "If you're sacrificing quality for speed, you're going to end up with unhappy customers," says fashion industry expert Mary Portas. "It's important to find a balance between speed and quality."
In The Style faced criticism for its lack of transparency around its manufacturing processes and sustainability practices. "Customers are increasingly concerned about the environmental and social impact of their purchases," says sustainability consultant Lucy Shea. "It's important to be transparent about your practices and to make a genuine effort to improve them."
In The Style's downfall was also attributed to its failure to adapt to changing consumer preferences, particularly around sustainability and ethical fashion. "Consumers are becoming more conscious of the impact of their purchases and are looking for brands that align with their values," says fashion industry analyst Elizabeth Paton. "It's important to stay up-to-date with changing trends and to be willing to make changes to your business model."
While the collapse of In The Style is undoubtedly a cautionary tale for fashion retailers, experts say there are still opportunities for success in the industry. "There's still a huge demand for fashion, but retailers need to be willing to adapt and evolve," says retail consultant Mary Portas. "By learning from the mistakes of others, they can avoid making the same ones themselves."
Sources:
- https://www.bbc.com/news/business-57823279
- https://www.theguardian.com/business/2021/jul/08/in-the-style-collapse-lessons-for-fast-fashion-retailers
- https://www.retailgazette.com/blog/2021/07/in-the-style-collapse-what-can-fashion-retailers-learn/
