On 27 March, Fashion Magazine, sister publication of The SPIN OFF, both part of DFV Group organised “CEO Round Table, “CEO Roundtable--On Entrepreneurship”.
The event took place at Milan Stock Market Exchange, Palazzo Mezzanotte, in Piazza Affari, Milan.
The discussion recalled on stage various entrepreneurs and managers of the fashion, e-commerce and digital business discussing how the market is facing the present moment, a time full of contradictions and turbulences, though rich of opportunities.
The event hosted two round tables moderated by Marc Sondermann, editor-in-chief and CEO, The SPIN OFF/Fashion Magazine.
The SPIN OFF selected some of the most interesting quotes that enlivened the evening.
Andrea Molteni, Tessabit:
"The current one is a positive moment for our region and especially for a location such as Lake Como, which since the post-Covid period it is perceived as a brand of great value."
"Among other strategies, we have developed retail activities along Lake Como in key locations to evolve through a network by collaborating with hotels and other luxury players to create meeting opportunities."
"Many VIPs who visit us. One of them is Bruce Springsteen. He is a dear customer of ours who often visits our store in Villa D'Este. With him as with other customers, even new ones, we like to spend time, indulge them and make sure that they can find affinity with our DNA."
"Being a retailer today has to go beyond the simple practice of buying and reselling. It has somehow to evolve. Retailers have to become brands and start visibility partnerships that help us evolve. Through partnerships and specific assets, we have built our own network of 150 storefronts and four stores."
"In 2023, we celebrated our 70th anniversary through various activations. For example, we hosted Dior in our store at Villa D'Este. On that occasion they launched their haute joaillerie collection. This approach is something that is greatly appreciated by our customers and partners, both our loyal customers and tourists."
"Many brands have raised their prices unjustifiably. This aspect has to be part of a strategy aligned with a brand's DNA. An elevation strategy has its own importance, however, if we only talk about price increases for their own sake, the consumer is not happy about that."
"Also, in Covid times the market has been drugged. The customer wants novelty, not carry overs, while many brands have opted for carryovers to ensure constant revenue. However, this aspect can become a problem for a fashion brand."
"We had helped Farfetch grow in Italy years ago. We helped it aggregate luxury stores. And we, in turn, increased our customer base and found customers abroad."
"Many entrepreneurs work in e-commerce, but it is important that the brands we sell have prices that are aligned across all markets. It is not right that a bag of a luxury brand costs half as much in Italy, compared to other countries. Apple is consistent on this because its prices are equivalent in all markets."
Alessandro Boglione, Basic Net:
"If we have managed to achieve half a billion Euros in sales and hold this position in the market over time, it is because we have remained consistent with our values. However, a different recipe applies to every company. Over the past 30 years we have managed to create a business model that collaborates with different entrepreneurs operating through their companies. Thanks to that model we have been able to continue to navigate these waters."
"We have also been criticized because in the past few years we have chosen to earn less and give up some of our margins in order to continue to work with entrepreneurs around the world so that they could make money and stay in business."
"Flexibility is central to our model. It is important to create the conditions for the chain of command to be fast enough so that we can react quickly and compete better."
"To be flexible, we work a lot on the brand and its strength. It's critical that the numbers are healthy and growing, but often the health of a brand is not measured only by revenue and growing margins. Brands are healthy sometimes, even if the numbers don't express it so explicitly. In fact, it's important not to make short-term choices."
"Our ultimate judge is always the consumer. That is why it is important not to betray him.”
Nicola De Cesare, Senior Director E-commerce & International Markets, PagoLight:
"This is a complicated period. In the current inflationary environment, with an across-the-board increase in goods, consumers are increasingly weighted in their consumption choices.
"In these times of uncertainty, thanks to our deferment tools, we can offer brands and large retailers new leverage to support business activity, which will sustain luxury brands' propensity to buy despite rising prices."
"Our Buy Now Pay Later PagoLight solution allows payments to be deferred over time for up to 24 months at no additional cost to customers, giving them an opportunity to continue buying."
"Another important theme is acquiring new types of customers, first and foremost Gen Z. Right now, this category is represented by the student or young worker who does not yet have a lot of financial means, but a large prospective spending potential. Thanks to PagoLight, such customers can start making more challenging purchases, often also related to aspirational goods such as fashion, allowing brands and retailers to start a relationship by building loyalty over time."
"The importance of a product's value declines depending on the consumer. For example, young consumers have a preference for iconic pieces. The value lies in the iconicity of a specific product. If a consumer is interested in a pair of valuable sneakers that cost, say, €500, he looks for ways to buy them. Thanks to the tools we offer, the consumer has an immediate budget at his disposal, at no extra cost. Moreover, for us and our partners, these customers represent the consumers of tomorrow, so thanks to our tools, we start to approach them and build their loyalty."
"PagoLight is a tool that helps attract new customers and increase the average receipt. For example, a customer, once they enter the store, after buying a sneaker is also willing to listen to the shopkeeper suggest how to create a total look that can complement the purchase they made despite they thought they could not afford. This is a valuable option for end customers and merchants."
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