How Tory Burch Pivoted Her Brand During The Pandemic | Forbes
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- Опубліковано 21 січ 2021
- Luxury fashion is fickle even in the best of times. The coronavirus has been an especially virulent pest. Stores around the globe shut down amid stay-at-home regulations. Chinese travelers-whose purchases account for some 30% of luxury-goods sales in Europe and North America-put away their travel bags. J.Crew, Neiman Marcus and Brooks Brothers all filed for bankruptcy. Revenues at Gucci parent Kering and LVMH, Roussel’s former employer, fell around 40% in the second quarter. Ralph Lauren sales tumbled by two-thirds.
Burch and Roussel realized quickly how dire the situation was. Within weeks, they were closing many of their 315 Tory Burch stores across the globe, furloughing most of their retail employees and shelving expansion plans, and coping with a longtime employee’s death from Covid-19. They then began formulating new plans to make sure Tory Burch LLC didn’t unravel.
Throughout this disruptive moment for the world, for business and for retail, Burch and Roussel let Forbes ride along on their eight-month navigation of this apocalypse. They’ve had to improvise, shutting stores, rerouting supplies and revamping e-commerce efforts, all in the hope that the business, which generated almost $1.5 billion in revenue in 2019, with a profit margin Forbes estimated at 11%, could survive. “We didn’t know how we would be able to pivot and be agile,” Burch says. “The unknown was so difficult.”
But jumping into the unknown also offers lessons, both good and bad, on how to pilot through a monsoon, at a time when shoppers are wary of leaving home and the threat of deadly disease lurks in every public space.
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well, not having to actually come up with original designs and blatantly steal from cultures must really cut costs. and if you have a 1000% profit margin on almost every thing you sell you are pretty much guarenteed to survive any pandemic.
You can add to that the ideas and creations that she and her team stole from Portugal! Sweaters from Povoa de Varzim and the Bordalo Pinheiro colection. The portuguese govenerment is already taking charges against her brand! And the audacity saying she was inpired by mexican culture when one of the simbols of the sweater has one of the symbols of Portugal!
She sells it for almost 700 dollars 10x more then the original ones... so there you have the sucsess of TORY BURCH!
And you forgot the Nuno Gama logo !
I don’t understand why that’s such a big deal
agile and pivot quickly?!?! that is EVERY entrepreneur or business owner life
FYI: TMALL is pronounced " Tee Mall" great coverage - Asian Food Nerd
30% sales profit from Chinese travellers in Europe and our purchasing motivation have been very low in Europe so it is easy to imagine that most of fashion brands 's sales revenue has dropped more than 50%.
Common person spends too much on luxuries anyway
Don’t even have the money to shop there.
Tory Burch is not luxury. At all.
@@ellemarr7234 It’s definitely low brow luxury but I’d classify it as a luxury brand.
Revenues down by 20% lol
Yeah and stealing customers money on sold out products and the worst customer service in the world ☠️🏭 the company is a train wreck
My personal experience with her customer service was quite the opposite, actually. I was highly satisfied with how they handled my purchase, the shipping was quick and every item came in perfect condition.
This lady lives by reaping of portuguese culture in wearing and even in table ware. Even the brand logo is a copy of the portuguese Cross. Shameless cultural appropriation.
It’s literally not
Still made in china 🤷🏻♂️ don’t waste your money.
🤔
This is a great video.
Nice.
Marry a rich husband?
Huh
😂
✊ Nothing is impossible, the word itself says “I’m possible”! My top entrepreneur @evenkingsfall (his insta) has always said you have to THINK BIG to WIN BIG! Always keep that approach to life! Good content as always 💙
Tory Burch and her team is very passionate about their products so no matter what comes their way they will do their best to make sure the business survive
including stealing culture from other countries, the last blatant robbery of a traditional sweater from my country over 150 years old, the copy of one of the models is identical, not even the Portuguese crown shield has changed .... and even said that the inspiration was Mexican ... if you want to buy they are more cheaper, handmade, original. www.cm-pvarzim.pt/territorio/visite-povoa-de-varzim/ponto-de-interesse/camisolas-poveiras/
@@SusanaEsteves and don't forget the Bordalo Pinheiro crockery.
And stealing customers money 😂😂 yeah such a great business
Cultural appropriation of the Portuguese traditional sweater from Póvoa de Varzim with over 150 tradition and history and calling it Mexican inspired... plagiarising the traditional china design by Bordalo Pinheiro again a part of the Portuguese tradition and calling Lettuce instead of Cabbage like the original... and in 2018 she plagiarised the Romanian Coat!
How is this possible? If you “get inspiration” from something, at least give it the deserved credit! Please be more original in the future!