Fashion ahead: How Rebecca Minkoff uses technology to drive triple-digit sales growth – CNBC

Fashion Week kicked off on Thursday with the trade descending on New York Metropolis.

The custom of designers displaying off their collections really goes again to the 1940s. In at present's quick paced digital world, nonetheless, some are questioning if the custom remains to be related.

Fashion week "used to be open to a really small closed circle of editors and patrons and we have seen an enormous dramatic shift. We determined to open up our present to the patron," Rebecca Minkoff, the artistic director for her personal line, instructed CNBCs "On the Cash."

After a designer reveals their assortment, it often takes 6 month for the clothes to hit shops. Minkoff determined to change that, and most of her clothes and niknaks hit cabinets as quickly as they're revealed. It is known as 'See Now, Purchase Now.'

Social media now offers everybody a entrance row seat on the occasion, so the brand new philosophy helps get the objects proper into the fingers of consumers as quickly as they need it.

The client "does not have to wait 6 months and see these totally different bloggers and celebrities and editors carrying the product," stated Uri Minkoff, Rebecca's brother, co-founder and CEO of their model.

The shortage of lag additionally prevents quick trend retailers from copying designs.

Even exterior of trend week, social media performs a key function for the Minkoffs, preferring it to conventional advertisements.

"We use Twitter for brand spanking new updates. We use Pinterest for our temper board, however Instagram has actually change into entrance and heart," Uri Minkoff stated to CNBC.

The model has almost 900,000 Twitter followers and greater than 780,000 Instagram followers.

As digital strategies play a bigger function for trend manufacturers, retail is struggling. To make their shops extra related, the Minkoffs have gone excessive-tech.

The flagship Rebecca Minkoff retailer in New York Metropolis has a video wall for patrons to discover objects, and in addition has interactive mirrors within the dressing room. The mirrors let customers set the lighting to match the place they'll put on the clothes. In addition they allow you to order a unique dimension or shade with just a few faucets.

"I believe it is [brick and mortar retail] change into about expertise," Uri Minkoff stated. "For some folks it could be an artwork set up for others it could be the best way you increase the senses ultimately, and for us we principally stated there are such a lot of efficiencies in e-commerce, how can we carry these digital efficiencies into the shop?"

The technology labored: Sales have been up greater than 200 p.c annually since set up.

Rebecca Minkoff shops, which embody four within the US and others abroad, additionally host occasions.

"We wish to make our shops a hub of group. We host hearth chats, we host artwork openings, we host feminine entrepreneurs who need to launch one thing," Rebecca Minkoff stated.

The technology and occasions appears to resonate with the model's audience—millennials.

"I am designing for a girl who needs to lead a extra fearless life. The esthetic is a bit of bit bohemian, a bit of bit rock and roll. However I actually desire a girl to put that jacket on and say, 'Okay I am asking for that increase," Rebecca Minkoff stated.

On the Cash airs on CNBC Saturdays at 5:30 am ET, or examine listings for air instances in native markets.

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Fashion ahead: How Rebecca Minkoff uses technology to drive triple-digit sales growth - CNBC