Key takeaways from Vogue Business Fashion Futures New York

K3’s Kimberly Morgan, Chief Commercial and Operations Officer, was recently on the ground at Vogue Business Fashion Futures New York.

The event brought together industry leaders to address the future of fashion, focusing on sustainability, evolving business models, and the role of technology.

These conversations showcased the pathways fashion must take to remain relevant, responsible, and resilient in the coming years. Below are the key insights:

The importance of brand collaboration for fashion’s future

Eva von Alvensleben of the Fashion Pact and Libby Wadle, CEO of J.Crew, highlighted the urgency of collective action to combat the fashion industry’s growing carbon emissions, which are set to triple by 2030 if left unchecked.

Key points:

• Collaboration over competition: The Fashion Pact fosters unity among brands, allowing them to tackle shared environmental challenges. J.Crew, for example, has collaborated with others on solving the polybag problem.
• Turning conversations into actions: The Pact emphasises the need to transform discussions into practical, large-scale solutions to systemic issues such as low-impact materials and decarbonisation.
• Consumer education and changing perspectives: J.Crew’s buy-back programmes are leading the charge in circularity, helping shift consumer attitudes towards longer-lasting fashion.

One way fashion companies can spur their sustainability efforts more efficiently is through Enterprise Resource Planning (ERP) systems. In our latest whitepaper, we explored how ERPs are increasingly offering real-time supply chain visibility and sustainability reporting, enabling brands to monitor carbon footprints, ensure ethical sourcing, and track recycled materials.

With 70% of US fashion and retail decision makers stating their ERP provides CSR support, ERPs are now a key pillar in the industry’s pursuit of environmental responsibility. Using this technology allows brands to turn sustainability from an abstract goal into measurable, actionable practices.

Nontraditional business models: Can they be profitable?

The discussion featuring Samina Virk (NA CEO, Vestiaire Collective), Jennifer Hyman (Co-Founder & CEO, Rent the Runway), and Max Alexander (SVP, GXO) centred around nontraditional business models like rental and resale, which are reshaping how fashion operates.

Key takeaways:

• Consumer priorities: While sustainability is important, consumers are driven primarily by self-expression and personal style, with affordability playing a significant role in purchasing decisions.
• Pricing and the fast fashion dilemma: Lowering prices has contributed to fast fashion’s growth, underscoring the need for pricing strategies that discourage overconsumption while offering alternative purchasing options.
• Resale market growth: Second-hand shopping (or even “second-purchase” shopping, since many items on Vestiaire Collective have never been worn) is booming, with nostalgia and the ease of resale platforms driving interest, especially among tech-savvy consumers.
• Renting as a marketing tool: Brands are using rental platforms like Rent the Runway to reach new customers, with rental services allowing consumers to experiment with new brands without the full price barrier, leading to increased brand discovery and loyalty.

ERPs again can play an instrumental role in supporting nontraditional business models by providing real-time stock tracking. With this visibility, brands can better ensure stock is always accounted for, whether it’s being rented, sold, or returned, allowing them to reduce waste and improve the overall efficiency of their circular business models.

3D try-on and digital twins: Fashion’s future technology

The evolution of fashion technology was a prominent topic, with leaders like Christine Marzano (Founder & CEO, Bods), Erika Wykes-Sneyd (Global VP, Adidas /// Studio), and Romain Carrere (CEO, Aura Blockchain Consortium) discussing how digital innovations like 3D try-ons and digital twins are transforming the consumer experience.

Insights:

• Customer-centric technology: Fashion tech should enhance the consumer experience by focusing on delivering what customers want, when they want it, rather than drawing attention to the technology itself.
• Design innovation: The traditional 2D design model is becoming obsolete as 3D production, which better fits human forms, takes precedence.
• Invisible technology: The best technology seamlessly integrates into the brand experience. For example, 3D try-ons should be intuitive and user-friendly, improving the shopping process without overwhelming the customer with technical details.
• Collaboration drives progress: Breaking down silos between tech, eCommerce, and sustainability can unlock greater innovation. By working together, brands can create solutions that address multiple challenges simultaneously, leading to faster adaptation and better consumer outcomes.

The panel’s discussion on emerging tech showed how we can better serve consumers, but the future is not just limited to flashy customer-facing experiences. It’s equally reliant on the back-end systems that support these innovations. The integration of AI and Machine Learning into ERPs, for example, will redefine how brands operate behind the scenes.

By improving supply chain agility, optimising inventory, and automating routine decision making, brands will be able to serve their customers faster, meeting the burgeoning demand for quick turnaround times. Perhaps more topically, the integration of Microsoft Copilot with Dynamics 365 will drastically enhance processes and experiences.

For example, Cloud for Retail’s Copilot template will offer real-time offers and recommendations to shoppers to foster a stronger, more positive customer experience.

The path forward

The Vogue Business Fashion Futures New York event highlighted the key areas where fashion must evolve: from fostering collaborations to promoting sustainable business models, and integrating cutting-edge technology to enhance customer experiences.

The path forward is clear — fashion needs to rethink its practices with sustainability at the forefront, while embracing nontraditional business models and innovative technologies to thrive in a rapidly changing landscape.

Interested in how K3 can support you with everything discussed? Feel free to drop us a line today.