Rebecca Minkoff could write the rule book on being a fearless business leader. In fact - she just did. While leading her internationally-recognized fashion brand through the throws of the pandemic, Rebecca also found the time to channel her experience and insights into her latest book ‘Fearless: The New Rules for Unlocking Creativity, Courage and Success.’
Welcome to the The Voice of Retail , I’m your host Michael LeBlanc, and this podcast is brought to you in conjunction with Retail Council of Canada.
Rebecca Minkoff could write the rule book on being a fearless business leader. In fact - she just did.
While leading her internationally-recognized fashion brand through the throws of the pandemic, Rebecca also found the time to channel her experience and insights into her latest book ‘Fearless: The New Rules for Unlocking Creativity, Courage and Success.’
I’m thrilled to have fashion design icon Rebecca join me on this episode of The Voice of Retail. Today, we talk about persevering as a retailer in the pandemic, The Female Founder Collective, and, of course, Rebecca’s new book.
Michael LeBlanc is the Founder & President of M.E. LeBlanc & Company Inc and a Senior Advisor to Retail Council of Canada as part of his advisory and consulting practice. He brings 25+ years of brand/retail/marketing & eCommerce leadership experience, and has been on the front lines of retail industry change for his entire career. Michael is the producer and host of a network of leading podcasts including Canada’s top retail industry podcast, The Voice of Retail, plus Global E-Commerce Tech Talks and The Food Professor with Dr. Sylvain Charlebois and the all new Conversations with CommerceNext podcast. You can learn more about Michael here or on LinkedIn.
Michael LeBlanc 00:04
Welcome to The Voice of Retail. I'm your host Mike LeBlanc, and this podcast is brought to you in conjunction with Retail Council of Canada.
Michael LeBlanc 00:10
Rebecca Minkoff could write the rulebook on being a fearless business leader, in fact, she just did.
Michael LeBlanc 00:15
While leading her internationally recognized fashion brand through the throes of the pandemic, Rebecca also found the time to channel her experience and insights into her latest book ‘Fearless: The New Rules for Unlocking Creativity, Courage, and Success'.
Michael LeBlanc 00:28
I'm thrilled to have the fashion design icon, Rebecca, join me on this episode of The Voice of Retail. We talk about persevering as a retailer in the pandemic, the Female Founder Collective, and of course, Rebecca's new book.
Rebecca Minkoff 00:41
You know, these outposts become really important for discovery, and emotion, and connection and, I think that when we do come back, we'll be focusing heavily on, you know, maybe it'll be a metric for authentic connections made, you know, versus just about sales, sales per square foot.
Michael LeBlanc 01:01
Yeah.
Rebecca Minkoff 01:01
I think it's about digging deeper than that, because people right now, if they're wearing your logo, they're saying to everyone else, I'm part of this tribe, and there needs to be a much deeper understanding of what that tribe means.
Michael LeBlanc 01:02
Let's listen in now. Rebecca, welcome to The Voice of Retail podcast. How are you doing this morning?
Rebecca Minkoff 01:18
I'm pretty good. Thanks for having me.
Michael LeBlanc 01:20
Well, it is such a treat to have you on the podcast. I've been really looking forward to this, amongst all other things. Another veteran podcast, what you've got 100 and, what did I see, 183 episodes under your belt. That's impressive for someone with a full-time job, right?
Rebecca Minkoff 01:36
It is. But I learned that batching makes everything easy. So, I can record a bunch at once, and then have them for several weeks at a time, which is great.
Michael LeBlanc 01:47
You know, you don't really, probably, need much of an introduction to my audience, a fashion retail icon. But my learnings is often the case that many people might know the name, are familiar with your product, but don't know the whole story. So, tell us a bit about yourself, your background, and the business that we know as Rebecca Minkoff.
Rebecca Minkoff 02:06
Yeah. So, I've always had a love and a passion for design. I first started sewing at the age of eight when I wanted this dress, and my mom was like, I will buy you the dress, but I'll teach you how to sew. And I was really hooked, and it was a craft that I dove deeper into as the years went on. And eventually, in high school, had an opportunity to spend most of the day doing that, because it was a school that, instead of electives, had your chosen artistic path. And when it came time to decide on school or college, or going right to work, I just was like, I need to get to work, I need to start. And so, I moved to New York with a, with an internship I secured, started working for a designer, and, and the rest is definitely not history. But that was my beginnings of what, of what became, and then my company, which I launched with a couple of items in 2001, and then the bag really hit in 2005.
Michael LeBlanc 03:03
Yeah, that was a real, a real icon in the fashion industry. Now, talk about the, the scope and scale of the business. Again, it would be a very familiar name to many, if not all, but what is your, you know, where do you trade, do you trade across the world? Just give us an update of, of the scope of the business.
Rebecca Minkoff 03:20
Yeah, well, I can give you pre-pandemic scope, pre-pandemic, we were in over 900 points of sale across the globe. Obviously, that number has shrunk, by how much I still don't know. But, you know, we're an internationally recognized brand, have a very large presence in Asia, and the United States is kind of our stronghold.
Michael LeBlanc 03:40
Right on, right on. Now, I was in your store in Soho, but I'm not sure that one is still there. Do you have your own stores still in, you know, thanks to the COVID-era, or whatever strategies you pursue?
Rebecca Minkoff 03:52
No, actually, they were the, I don't want to say, what's the word, victims of COVID. They were the, we actually had to close our stores due to COVID. We had a store that was really rocked hard during the riots in LA and a lot of it destroyed. And then with the open, close, open, close, it was impossible to retain staff. And we just said, you know, our lease is up, let's, let's not be a part of this roller coaster, and New York, as well. We had an opportunity to get out, and so that was a financial choice we felt like we had to make with so much uncertainty.
Michael LeBlanc 04:31
Yeah, get out and revisit at a future time, for sure.
Rebecca Minkoff 04:35
Yeah.
Michael LeBlanc 04:36
If that's an option. All right, well, listen, you know, what brought us together is this book of yours. The book is ‘Fearless: The New Rules for Unlocking Creativity, Courage, and Success'. So, first of all, let's talk about the tradecraft of writing a book, and you, did you always want to write a book, and how did you approach it, is, did you think that there was a gap on the shelf that needed to be filled, and just tell me about your journey about writing and publishing a book.
Rebecca Minkoff 05:00
You know, I had been approached to write books, or write a book several times, but I never could figure out well, what's the value in a book.And every time someone said, you should write a book, all I could think of was a coffee table book. And I was like, that is the last thing anyone needs. And so, when a friend of mine, sort of, said, you know, you have 20 years under your belt of being in this business, that's pretty valuable. I was like, oh, that's something I could definitely share.
Rebecca Minkoff 05:24
And so, you know, I signed the book deal, pre-COVID. And, you know, had a lot of the book outlined and ready to, sort of, begin filling in, and then March hit. And the publisher said, hey, are you still cool to make the October turn in date, and I said, you know what, yes. And I'm going to, I'm going to take all these rules that, sort of, got me to where I am, and wear test them now, when we're facing a loss of over 70% of our business, you know, only having our website, and see if this actually works again.
Rebecca Minkoff 05:58
And so, for me, as I was writing the book, to be living through, basically saving, you know, me and the team, saving the company, bringing it back to life, ensuring we didn't go out of business during COVID, to me, was a great way to wear test these rules and say, you know what, it worked in the beginning, it worked again, and hopefully they are rules that can help anyone.
Michael LeBlanc 06:18
Well, as you say, the book is as much a personal journey as it is a rule book of guide and, and the lessons you learned in life, and, and particularly as a brand and retailer, kind of inform the philosophies I find. Talk about your, your, you know, starting the company and the lessons you learn, like, what, these things that you pressure test, and pressure tested for the COVID year. What sticks out in your mind as the kind of, one or two things that just got you through it, as both a business person, and just overall philosophically in your, in your life?
Rebecca Minkoff 06:52
I think the, the ability to persist, right, there are so many times where it would have been so much easier to throw in the towel and say this is too hard. This is taking every fiber of, not only my being, but our, our lean and mean staff and team. And yet, each time we were confronted with an obstacle, it was okay, how do we overcome it. And, you know, sometimes I say success is, is just being able to get back up again and put one foot in front of the other.
Rebecca Minkoff 07:24
So, I would say that, but also the idea of, you know, early on, and I know that sounds trite, when I had a couple of items in consignment boutiques in New York City, I knew the only way to sell those items was to promote. And I would stand in Union Square with a handful of postcards being like, there's a new designer go check her out. And, and obviously times have changed. And you're not going to do that now, you'll send an email, but to me, I just, I put a big graph on my wall, and I was like, how many postcards, equals how many items sold.
Rebecca Minkoff 07:55
And when I found that golden ratio, then I, then it wasn't about oh, no one likes my stuff, or maybe it's raining today and no one came by, it was like, no, there's a ratio and at a certain point, I know, how many postcards does it take to sell a Tom? Or how many emails to editors does it take to get one to reply? And so, you know, to re-apply that again and say, okay, all of our outlets for reaching our customer are down, except for our site.
Rebecca Minkoff 08:22
What is the ratio of how many emails, text messages, you know, cross promotions, giveaways? What is that nexus of all, of hitting her so many ways that makes sales. And, and then I felt, and the team felt, in control of that experience, and in control versus at the whims of—
Michael LeBlanc 08:42
Right.
Rebecca Minkoff 08:42
Does she need a bag? It's COVID. Where's she going? Oh, maybe that's why she didn't buy today. But so, we just kept looking at those numbers and optimizing for that ratio.
Michael LeBlanc 08:51
So interesting. You just let the math point you in the right direction, just like, as you said, the handing out postcards. Now, let's talk about fear. It's something that pops up in your book, and certainly we've had no shortage of it over the past 18 months, but you see it both as a motivator and an inhibitor. What's your advice for managing through that, that, that balancing act, I mean, basically, you've just been doing it, you just told me the advice is, just, kind of, focus on what you can control. But is that, is there more to it than that?
Rebecca Minkoff 09:18
I think leaning and leveraging on relationships, I think, you know, networking can sometimes have a bad vibe, if you will, or people go, ew, it's cringy. You know, and I'm only here because I have networked, I have maintained those relationships, you know. So, when I'm calling everyone I know to say, hey, could you promote this, or do this, or do you want to partner on something, it's not as if it's the first time, and it's not random, and a stranger. And I think, I think it can't be overstated that if you have your tribe, and everyone can pull together to support each other, that can be very valuable, especially in times like this. Like to me, competition went out the window, it was how can we all help each other?
Michael LeBlanc 10:04
Let's talk about the Female Founder Collective, it's not for profit, talk about the objectives behind, behind that, and the origin story, and what you do there.
Rebecca Minkoff 10:13
So, I really launched the collective out of a, a personal desire to connect with more founders feeling like there wasn't a community of women who were openly sharing their, their struggles, their tips, their tricks, their resources. And I felt like, again, networking has always been a powerful source of success. And, but I also felt like the consumer needs an easy, like, no-brainer way to think about stuff, and purchase and support, and you can't make it too hard.
Rebecca Minkoff 10:43
And so, there, could there be a symbol that really said to any person, man, or a woman, you know, oh, this is woman-owned, I can support her. And so, that was the humble beginnings of it, and then you could just see from how she responded, that there was a huge desire. And so, we went from, you know, zero to over 12,000 members in a matter of years. And we've had, you know, the increase of, these women actually need education, you know—
Michael LeBlanc 11:07
Right.
Rebecca Minkoff 11:07
After looking at it, and how do we bridge that gap, and how do we provide them with the best of the best, in terms of education and programming to, sort of, say, okay, you don't know how to do this, you launched your company with a passion, here's what you don't know, and here's where we're going to fill in the holes.
Michael LeBlanc 11:27
And that's what it is to be, as you call them, a member, right? They get the, they get that networking power, and they also get that thought leadership and, and practical advice from, from people who've done what they aspire, or are doing, is that, is that a fair description?
Rebecca Minkoff 11:41
Correct. You know, these women have done things, and or, are the best in their chosen field, and they're giving their hard-won knowledge to others.
Michael LeBlanc 11:53
Well, and beyond that, you've got a podcast, as I mentioned off the top, 100, what 100, over 180 episodes, Superwoman. So, tell us about that, and I guess we can find that on all the major platforms. But tell us about what you do, what's your, you know, when you approach and interview, how do you, how do you approach it, is it, is it similar to the, the collective, you're looking for advice, and practical advice, and talk about your vision when you, when you get on the, on the mic.
Rebecca Minkoff 12:18
So, for me, the podcast is really about showing other women that the people that they admire, think are perfect, have their shit together, actually, you know, have gone through hard times, and this is how they've overcome it. I try and get the women to be as vulnerable, some, some less than others, as possible, just to really showcase that like, this is hard.
Rebecca Minkoff 12:43
And for me, at least, I know, when I know someone else is having a hard time, I'm like, oh, this is normal. You know, we keep having these illusions that this is all easy and perfect, and there's never any holes in the boat. But this is normal, and so I love shining those stories on women. And so, I try and make my interviews as personal as possible. And the ones that I think are the best performing episodes are the one where the women actually let down their guard, and really talk about, you know, what it is that, that they've had to do to get to where they are.
Michael LeBlanc 13:17
Right, the authentic stories really resonate, I'm sure, with your audience, yeah.
Rebecca Minkoff 13:21
Yeah, for sure.
Michael LeBlanc 13:23
So, fun fact, you and I have actually met, we met each other in your store. And so, I was, and used to do, maybe will in the future, used to do retail tours for Canadian retailers in New York, during January, you know, the big show. And in the pre-tour, I wandered into your store, I met your brother, Uri, and was looking at their tech and then came back later that night, and you were having, I think it was a launch party, and we, kind of, said hi to each other, kind of thing. So, let's talk about retail. So, what role at that, at that particular store, but broadening the lens, what, what role is there for technology in retail, in your mind? Is it, is it taking the place of something more important? Or is it a, an accelerator, so to speak, to how you move your brand forward?
Rebecca Minkoff 14:11
I think for us, we're looking at retail, and again, we don't have current stores to do this with today. But, you know, when we do, I think it's an added experiential touch point for the brand. It is a place for community, it's a place for people to touch and feel the real thing. And, I think, if we went back into retail, or when we go back in, it's not just about, you know, the usual metrics. It is all the other, sort of, unseen ways that you affect a customer.
Rebecca Minkoff 14:46
And I think that as the acceleration of online has only increased, you know, these outposts become really important for discovery, and emotion, and connection. And I think that when we do come back, we'll be focusing heavily on, you know, maybe it'll be a metric for authentic connections made, you know, versus just about sales, sales per square foot. I think it's about digging deeper than that. Because people right now, if they're wearing your logo, they're saying to everyone else, I'm part of this tribe, and there needs to be a much deeper understanding of what that tribe needs.
Michael LeBlanc 15:24
Do you think that's part of a search for meaning coming out of the COVID-era? So, what, you know, what is it all about, kind of thing? And, because there's always a debate around how strong and important a brand is, you've described it as your, as your tribe, is that, you think that's been eroded, or you think that's been amplified? With what we've been through.
Rebecca Minkoff 15:44
I think it's been amplified. Because people didn't need to purchase things. They weren't going anywhere. And so, when they did, I think it became much more meaningful, it wasn't about, oh, let me just pop out to H&M and get a white t-shirt. It was, I think you probably had time to stare at your closet and consider what do I actually need right now, or if I am bored out of my mind, and I'm shopping, just because I have nothing else to do, and I can't leave the house, you know, I'm going to be much more considerate about what I'm spending my money on.
Michael LeBlanc 16:14
And back to retail tech a little bit. I mean, you're, you may not right now have physical stores, but you're in a lot of stores you would see, or you would see, a lot of tech around stores. Is anything that impresses you, I mean, you know, interactive kiosks, mirrors, anything that jumps out at you and says, this is nice, this is new, this actually enhances the customer experience with my product, and other product. Or are you still left a bit wanting from what you're, what you're seeing out in the retail marketplace?
Rebecca Minkoff 16:42
That's a great question. I think I'm still lacking; I mean, I think what, the conversation we had started, which companies and brands that we toured through have done an incredible job of making bigger and better. I still think that sometimes people go to tech forward for tech sake, just to be flashy and cool. And they forget, like, the customer just wants to go in, find what she wants, and leave as seamlessly as possible. And what are all those friction points? And how do you take a lot of those friction points away, versus the flashy screen, the shoes on a, on a belt.
Rebecca Minkoff 17:21
You know, like I just think sometimes people can get, and if you have the money to throw at that, that's awesome. But I think at the end of the day, the answer is simple. I want to walk into a store. I personally don't want anyone to talk to me, I want to easily grab my item. I want a free dressing room, without a line, you know, you know, so how could that be adapted? And then I want to pay easily and walk out, or just walk out and have it charge my card. So, I think that there's much more simple solutions out there that are still not totally in real life yet.
Michael LeBlanc 17:53
You mentioned friction. I had the opportunity last week to interview MIT Professor Renee Richardson Gosline, and definitely someone you should check out as an interviewer. And she focuses on this integration of technology, and marketing, and people. And she actually said, she thinks there should be more friction at certain points in the shopping experience. And so, what she's, what her work focuses on is, with too much technology, too much AI, everything happens so fast, and it can happen fast in the right direction, or can happen equally fast in the wrong direction.
Michael LeBlanc 18:28
And I thought it was such an interesting perspective, because we, as retailers, we often talk about eliminating friction. She calls it frictionless fever. But sometimes I do think that there's that experiential component of retail. And what we're really talking about is this chasm between efficiency and experience. And when you shop, when you personally go out and shop, you're, so you're a shopper, how, you know, what do you think about that, that thinking that there is room for slowing down a bit and being, you know, more experiential in your shopping? Are you just an efficiency shopper? I just want to get it done. How do you, how do you, how would you like to see your wholesale partners, you know, merchandise your product?
Rebecca Minkoff 19:05
I think what I want personally is, and each person has such different preferences, so, for me, I can, I can only say what I want. What I want to give to my customer is a lot of different options. It's why we had the menu of drinks, or the menu of start building my room. You could tell by someone's, how they're selecting things, how they want to be treated, they want to be anonymous, that they want to be waited on hand and foot, because you never know. Me, personally, don't talk to me, don't ask me how my day is, don't ask if you can do anything for me. Just get me my sizes, so I can try it on, and then, and then I want to leave, you know.
Rebecca Minkoff 19:44
I think that the experience that I, that I talk about is a choose your own adventure. And then I think that there's a level of depth and it's something we did often pre-COVID, was the events that we would have. Whether it was partnering with charities to have shopping events, or it was me doing a live podcast and having other women in, and there was no agenda. There was no please leave here with something. It was no, when you come to Rebecca Minkoff, it's known for this. And so, if stores operated that way, they said, what, what did she come to us for, what can we give her. I think that those experiences just tighten the connection between the customer and the store.
Michael LeBlanc 20:28
It's funny, because it makes me think of signaling mechanisms, you know, as an associate trying to figure out which camp you're in. And there's a great retailer, cannabis retailer actually, in Canada, called Superette. And when you walk in the door, they have red and green shopping baskets, red being, don't talk to me, I just want to shop, and green being come talk to me, I'd like to explore. So, you know, I think about these kind of signaling mechanisms to help, help retailers figure out if you're Rebecca, or if you're someone else, just wants—
Rebecca Minkoff 20:54
Oh, it's brilliant. That, and see it's simple, you don't need a flashy screen, it's just red or green, come talk to me, or leave me alone.
Michael LeBlanc 21:02
Yeah, yeah, I'm looking for, I'm looking for, you know, I'm looking for insight, I'm looking for, you know, inspiration, or just I'm looking for this product, I'm here to get it now, get out of my way, let me, let me shop for it.
Rebecca Minkoff 21:12
Exactly.
Michael LeBlanc 21:13
Last couple of questions about the COVID-era. We've already talked about its impact. I'm curious as to, as you reflect on structural changes to the business versus, you know, changes that were an adaptation to an unusual period, in your mind as you, as we all think about the last 18 months, what do you think has changed or could be different moving forward about retail, that might not have happened without the COVID-era?
Michael LeBlanc 21:41
You know, ecommerce was already happening, it got accelerated now it's going to normalize. So, you know, we take that one out, because that was already happening. But is there anything structural in your mind that you're thinking about, whether it's your relationship with your wholesale partners, or whether it's, as you think about stores, how do you view that?
Rebecca Minkoff 21:58
I think the opportunity for personalization, and almost, you know, some stores have done this well, where each, each salesperson can be more incentivized to almost become an influencer and making extra commissions by just, not only selling to their book, but who are, who are you hiring, and what is their ability to influence and inspire. Whether it's how they style the collection, or put it together, you know, how socially savvy are they.
Rebecca Minkoff 22:28
I know that there's a couple of associates I met at department stores that had their own Instagram, and just by posting stuff, the inbound of the people that followed them would say, I want that, I want that. So, how do you, sort of, take sales associates and have them become nano-micro-influencers. And then, I think, the personalization, I got an email from a company, and they didn't get it, right. But I appreciated that they were like, we've selected this for you based on what you bought from us before. But if you could take that in, that's not new by any means, but if you could take that into a store.
Rebecca Minkoff 22:59
If there was a way to connect, you know, in our initial wish for our store, we did have an app, which we realized was not a great idea. But there was going to be a connection. So, an associate can immediately see what you've ordered when you walk into the store, and you sign into the app and build you a fitting room based on actual things you might like. And so, I thought, you know, is there another way, without having to download an app, that you can know who's walking into a store, and actually personalize and customize to them. In a way that they're like, yes, she sees me, you know, she's not just this random person that was just hired, that has no idea about my style, she's really studied me and she's giving me what I want.
Michael LeBlanc 23:43
Right. Any, anything on the, on the design? Or I guess, from your perspective, just picking up on the whole, you know, the, the individual associate is now the micro-influencers, is that a different approach for you, and your team, as you think about marketing, and launching product, and product drops, and is that reorient how you think, and eventually market the product?
Rebecca Minkoff 24:03
Yes, and no. Doesn't matter who we hire, and I'm not sounding, I'm not saying this from the point of ego, she prefers it on me. And I think, you know, nano- and micro-influencers have their value, especially if we want to acquire new audiences. But I think, you know, I'm very much interested is, in our future is, is there a modern, Mary Kay-like structure, where you're not necessarily picking the nano- and micro-influencers from the list that your PR agency provides. There are women out there who are damn good at selling Tupperware. Who are those for Rebecca Minkoff, and how do we activate them, and begin to start selling it in a, in a way that those women have ancillary income, they're excited about the brand, and they're selling in pockets in places that you might never reach?
Michael LeBlanc 24:58
Interesting. So, almost back to the future, a little bit, right. That multi, multi-level marketing, but you know power—
Rebecca Minkoff 25:04
But not criminal style.
Michael LeBlanc 25:05
But, not yeah, but not, not criminal style. So, we'll put that one aside. All right. All right. Well, listen, what's, what's next for you, and you and the business? I mean, it's been a, it's been a ride for sure. How are you thinking about the future? You got some new exciting product lines you want to talk about, and where can people learn more about all that, the future and all that great stuff?
Rebecca Minkoff 25:24
Yeah. So, coming up, we just launched a collaboration I did with Sperry for shoes, which is so good. Our second fragrance comes out as soon as they are allowed to load, unload the shipping container that I see. So, that'll happen in the next few weeks, and then we have another fun collaboration with EMU for some inside slippers. And then, January, when we launch Home, which will be top of mattress, which I'm excited about.
Michael LeBlanc 25:53
Oh, that's exciting, that's new for you, right?
Rebecca Minkoff 25:56
That is new for us. Yes.
Michael LeBlanc 25:57
Very good. Very good. Well, listen, Rebecca, thanks for spending time with, with me here on The Voice of Retail. It's been great to get your insights, and once again, the book is 'Fearless: The New Rules for Unlocking Creativity, Courage and Success'. I'll put a link in the show notes, to where everyone can get it. I wish you continued success, and once again, thanks for taking time to chat with me this morning.
Rebecca Minkoff 26:19
Awesome. Thanks for having me.
Michael LeBlanc 26:21
Thanks for tuning into today's episode of The Voice of Retail. Be sure to follow the podcast on Apple, Spotify or wherever you enjoy podcasts, so you don't miss out on the latest episodes, industry news, and insights. If you enjoyed this episode, please consider leaving a rating review, as it really helps us grow so that we continue to get amazing guests onto the show.
Michael LeBlanc 26:40
I'm your host Michael LeBlanc, President of M.E. LeBlanc & Company Inc., and if you're looking for more content, or want to chat, follow me on LinkedIn or visit my website at meleblanc.co. Until next time, stay safe. Have a great week.
Michael LeBlanc 00:04
Welcome to The Voice of Retail. I'm your host Mike LeBlanc, and this podcast is brought to you in conjunction with Retail Council of Canada.