Latest / Earn Your Leisure / BY 2030, BLACK PEOPLE WILL SPEND $70 BILLION ON APPAREL

Transcript

BY 2030, BLACK PEOPLE WILL SPEND $70 BILLION ON APPAREL · Earn Your Leisure

• 0:00
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 0:03
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 0:07
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 0:11
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 0:15
  Speaker 1: some of the heinous migrant criminals caught because of President
• 0:19
  Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
• 0:23
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 0:28
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 0:31
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 0:35
  Speaker 1: are here illegally, your next you will be fined nearly
• 0:39
  Speaker 1: one thousand dollars a day, imprisoned, and deported.
• 0:42
  Speaker 2: You will never return.
• 0:44
  Speaker 1: But if you register using our CBP home app and
• 0:47
  Speaker 1: leave now, you could be allowed to return legally. Do
• 0:50
  Speaker 1: what's right. Leave now. Under President Trump, America's laws, border
• 0:56
  Speaker 1: and families will be protected.
• 0:57
  Speaker 3: Sponsored by the United States Department of Homeland Security.
• 1:00
  Speaker 4: You talked about the working with black brands and corporate,
• 1:06
  Speaker 4: So for people that's not even in the fashion world.
• 1:09
  Speaker 4: Why is it important for black brands to work with
• 1:11
  Speaker 4: corporate and what's the disparities from black brands working with
• 1:14
  Speaker 4: corporate as opposed to white brands.
• 1:16
  Speaker 5: Working with corporate.
• 1:17
  Speaker 6: So two thousand and nine I started to look for
• 1:21
  Speaker 6: black designers to be a part of our second show.
• 1:23
  Speaker 6: I couldn't really find any black designers, so naively, I said,
• 1:29
  Speaker 6: let me go to the department stores where we shop.
• 1:32
  Speaker 6: I'm going down the list of all the designers on
• 1:35
  Speaker 6: the department store website. Realized that less than one percent
• 1:39
  Speaker 6: of the designers that were on those websites were black.
• 1:44
  Speaker 6: Then I went and said, well, how much are we
• 1:46
  Speaker 6: spending on apparel? In two thousand and nine, we were
• 1:49
  Speaker 6: spending twenty two billion dollars a year on apparel product
• 1:53
  Speaker 6: And I'm like, this is not matching up at all, Like,
• 1:57
  Speaker 6: how do we represent less than one percent of the
• 2:00
  Speaker 6: designers but at the same time we're spending all of
• 2:03
  Speaker 6: this money on apparel. And at that point I was like,
• 2:07
  Speaker 6: how do I start to get more designers of color
• 2:09
  Speaker 6: into department stores? And that was hard because for the
• 2:13
  Speaker 6: first ten years of HFRS, retailers really didn't retailers and
• 2:18
  Speaker 6: brands they weren't the ones really rocking with us. It
• 2:21
  Speaker 6: was like brands like Verizon was sponsoring us, or at
• 2:25
  Speaker 6: and T or Pandora Jewelry, or Prudential even was partnering
• 2:30
  Speaker 6: with us.
• 2:30
  Speaker 2: It was really difficult for us to get retailers.
• 2:33
  Speaker 6: And so now I'm like, the more we can partner
• 2:37
  Speaker 6: brands up with retailers. What it does is a w
• 2:41
  Speaker 6: when the designer comes on board for a collaboration like
• 2:44
  Speaker 6: the Abercrombie and Fitch one that I'm wearing, they can
• 2:47
  Speaker 6: come in and they can just design. They get paid
• 2:49
  Speaker 6: a rate that is fair for them. They can come
• 2:52
  Speaker 6: in design, they don't have to worry about doing all
• 2:54
  Speaker 6: the things. All the infrastructure is there for them, they
• 2:56
  Speaker 6: don't have to worry about the manufacturing of it. So
• 2:59
  Speaker 6: it's a win for both the designer and also for
• 3:02
  Speaker 6: the brand because they get to tell this designer story
• 3:04
  Speaker 6: and they get to tap into our culture.
• 3:06
  Speaker 5: Like what designer is that the Abercrombie and Fish.
• 3:09
  Speaker 6: This is Nicole Benefield. So she was one of the
• 3:11
  Speaker 6: designers that we showed. She was the first designer that
• 3:14
  Speaker 6: came out of the show.
• 3:16
  Speaker 4: So so Nicole Benefield has her own she has own
• 3:20
  Speaker 4: own fashion line.
• 3:21
  Speaker 5: So she works with Abercrombie.
• 3:23
  Speaker 4: Is it just Abercromme or is it Abercrombie slash Nicole Benefield.
• 3:27
  Speaker 6: It's it's I wish I had my jacket, look I
• 3:30
  Speaker 6: feel like showing so on the label it has at
• 3:36
  Speaker 6: HFR Abercrombie and Fitch and the Cold Benefit.
• 3:39
  Speaker 5: Also it's everybody, it's every partner on the label. And
• 3:41
  Speaker 5: then that helps her explain how that helps her.
• 3:45
  Speaker 6: Yeah, so it exposes her to a whole different audience. Right,
• 3:50
  Speaker 6: So now Nicole Benefield, so Abercrombie and Fitch is sending
• 3:54
  Speaker 6: out marketing emails about Nicole Benefield to all of their
• 3:59
  Speaker 6: their audience, right their email audience. People are also learning
• 4:02
  Speaker 6: about their her story because they did a lot of
• 4:04
  Speaker 6: storytelling and the marketing of it. So it opens her
• 4:07
  Speaker 6: up and you know, she also gets paid for that.
• 4:11
  Speaker 7: This this feels like when we talked to Steve Stole
• 4:13
  Speaker 7: what he was doing with corporate and hip hop, where
• 4:15
  Speaker 7: it was he was merging the two. It feels like
• 4:17
  Speaker 7: it's a similar story here where you're merging fashion with
• 4:21
  Speaker 7: corporate in a sense, how do you find the emerging
• 4:24
  Speaker 7: talent so that Nicole's is incredible?
• 4:26
  Speaker 5: Right, but I'm sure as.
• 4:28
  Speaker 7: Your brand grows, people want to be in front of you,
• 4:31
  Speaker 7: so how do you decide and how do you identify
• 4:33
  Speaker 7: the next emerging talent to say all right, this is
• 4:36
  Speaker 7: worthy to be put with a brand.
• 4:37
  Speaker 2: Yeah.
• 4:38
  Speaker 6: So we have an online platform called designers Row, So
• 4:42
  Speaker 6: any designer can go to our website, Herlmes, Fashion Road
• 4:45
  Speaker 6: dot com and once they are in our database, they
• 4:49
  Speaker 6: get invited to be a part of designers Raw.
• 4:52
  Speaker 2: So really it's very organic. I have a team.
• 4:55
  Speaker 6: My team is always scouting new talent. So Nicole Benefitl
• 4:58
  Speaker 6: came to me through you know, someone who I knew
• 5:00
  Speaker 6: who was like, hey, you should check out this designer.
• 5:03
  Speaker 2: I'm always looking for who is a designer that I.
• 5:05
  Speaker 6: Feel like has like a new perspective, like somebody who's
• 5:08
  Speaker 6: bringing something new and interesting and has like a very
• 5:11
  Speaker 6: clear aesthetic of what they have to contribute to this industry.
• 5:19
  Speaker 6: And then what I also loved about her in particular
• 5:21
  Speaker 6: was that she was she was. Her vision for where
• 5:25
  Speaker 6: she was going was so clear when you looked at
• 5:29
  Speaker 6: her aesthetic from like we show her collection last year too,
• 5:32
  Speaker 6: twenty twenty two, So when you look at her collection
• 5:34
  Speaker 6: from twenty twenty two to twenty twenty three.
• 5:38
  Speaker 2: It looks like it's just an evolution.
• 5:40
  Speaker 6: It didn't like it wasn't like one person here and
• 5:43
  Speaker 6: then a whole different kind of ballgame on this side.
• 5:48
  Speaker 6: Her vision is really clear, her aesthetic. I think it's
• 5:50
  Speaker 6: something that the industry needs. She is a just a
• 5:53
  Speaker 6: dope human because we're also we only work with dope
• 5:56
  Speaker 6: humans with good character, right, and so we knew when
• 6:02
  Speaker 6: Abercrombie came to us and was like, hey, we want
• 6:04
  Speaker 6: to do a collab with HFR, like we either Sometimes
• 6:07
  Speaker 6: we'll give a brand like three or four options.
• 6:10
  Speaker 2: That's what we did with Nike and Lebron.
• 6:11
  Speaker 6: Actually we gave them three options and they were like,
• 6:13
  Speaker 6: we can't choose, so we're gonna choose all three. With Abercrombie,
• 6:17
  Speaker 6: we were like, here's the option, She's the one, and
• 6:21
  Speaker 6: they were like, we trust you.
• 6:22
  Speaker 7: How is social media? You said you started in two
• 6:24
  Speaker 7: thousand and nine with that vision. At this time Facebook
• 6:28
  Speaker 7: is prominent, but Instagram isn't yet.
• 6:30
  Speaker 2: There's social media. Thank god, there was no social media.
• 6:32
  Speaker 5: How is that?
• 6:34
  Speaker 7: Ernest?
• 6:35
  Speaker 5: What's up?
• 6:35
  Speaker 7: You ever walk into a small business and everything just works,
• 6:38
  Speaker 7: like the checkout is fast, the seats are digital, tipping
• 6:42
  Speaker 7: is a breeze, and you're out the door before the
• 6:44
  Speaker 7: line even builds odds are they're using Square. We love
• 6:49
  Speaker 7: supporting businesses that run on Square because it just feels seamless.
• 6:52
  Speaker 7: Whether it's a local coffee shop, a vendor at a
• 6:55
  Speaker 7: pop up market, or even one of our merch partners,
• 6:58
  Speaker 7: Square makes it easy for them to take payments, manage inventory,
• 7:02
  Speaker 7: and run their business with confidence, all from one simple system.
• 7:06
  Speaker 7: If you're a business owner or even just thinking about
• 7:09
  Speaker 7: launching something soon, Square is hands down one of the
• 7:12
  Speaker 7: best tools out there to help you start, run and grow.
• 7:16
  Speaker 7: It's not just about payments, it's about giving you time
• 7:19
  Speaker 7: back so you can focus on what matters most ready.
• 7:22
  Speaker 7: To see how Square can transform your business, visit Square
• 7:25
  Speaker 7: dot com backslash go backslash eyl to learn more that
• 7:30
  Speaker 7: Square dot com backslash, go backslash eyl. Don't wait, don't hesitate,
• 7:35
  Speaker 7: let's Square handle the back end so you can keep
• 7:38
  Speaker 7: pushing your vision forward. This episode is brought to you
• 7:44
  Speaker 7: by P and C Bank. A lot of people think
• 7:46
  Speaker 7: podcasts about work are boring, and sure, they definitely can be,
• 7:51
  Speaker 7: but understanding a professionals routine shows us how they achieve
• 7:54
  Speaker 7: their success little by little, day after day. It's like
• 7:58
  Speaker 7: banking with P and C Bank. It might seem boring
• 8:01
  Speaker 7: the safe plan and make calculated decisions with your bank,
• 8:04
  Speaker 7: but keeping your money boring is what helps you live
• 8:07
  Speaker 7: or more happily fulfilled life. P and C Bank Brilliantly
• 8:11
  Speaker 7: Boring since eighteen sixty five. Brilliantly Boring since eighteen sixty
• 8:16
  Speaker 7: five is a service mark of the P and C
• 8:18
  Speaker 7: Financial Service Group, Inc. P and C Bank National Association
• 8:22
  Speaker 7: Member FDIC.
• 8:25
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 8:28
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 8:32
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 8:37
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 8:41
  Speaker 1: some of the heinous migrant criminals caught because of President
• 8:44
  Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
• 8:48
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 8:53
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 8:56
  Speaker 1: one hundred thousand illegal aliens.
• 8:58
  Speaker 2: Have been arrested.
• 8:59
  Speaker 1: If you were here illegally, your next you will be
• 9:03
  Speaker 1: fine nearly one thousand dollars a day. Imprisoned and deported,
• 9:07
  Speaker 1: you will never return but if you register using our
• 9:11
  Speaker 1: CBP home app and leave now, you could be allowed
• 9:14
  Speaker 1: to return legally. Do what's right, leave now. Under President
• 9:18
  Speaker 1: Trump America's laws, border and families will be protected.
• 9:23
  Speaker 3: Sponsored by the United States Department of Homeland Security.
• 9:26
  Speaker 7: I guess the work that you're doing right, because I
• 9:28
  Speaker 7: feel like everybody now has a look book on Instagram.
• 9:31
  Speaker 6: It definitely changes. Like I'm able to see designers. I'm
• 9:34
  Speaker 6: able to literally go to a designer's Instagram page and
• 9:38
  Speaker 6: walk into their world like quickly, and I can tell
• 9:41
  Speaker 6: so much just by scrolling up.
• 9:43
  Speaker 4: So okay, so what is the problem. Why is there
• 9:46
  Speaker 4: not a lot of black designers? What's the what's stopping
• 9:52
  Speaker 4: black designers from becoming mainstream or penetrating that market? Less
• 9:57
  Speaker 4: than you said, one percent of the money from black
• 10:00
  Speaker 4: people go to black designers.
• 10:01
  Speaker 2: Yeah, when you think about the designers who.
• 10:04
  Speaker 5: Have made it, and exactly right, you said one percent.
• 10:06
  Speaker 2: Less than one percent, it's maybe three percent.
• 10:08
  Speaker 5: Now, the money that black people spend on clothes.
• 10:11
  Speaker 6: No less than one percent of the designer sold on
• 10:14
  Speaker 6: major department stores website.
• 10:15
  Speaker 4: Okay, do you know how much percent black people spend
• 10:19
  Speaker 4: on on apparels on like black designers.
• 10:23
  Speaker 6: So here's interesting. I don't know how much they spend
• 10:26
  Speaker 6: on black designers, but Mackenzie released the study. So by
• 10:29
  Speaker 6: the year twenty thirty, we're gonna spend Black people are
• 10:32
  Speaker 6: gonna spend seventy billion.
• 10:33
  Speaker 2: Dollars a year on apparel. The other thing that was interesting.
• 10:38
  Speaker 6: About that study is that black black people are three
• 10:41
  Speaker 6: times more likely to switch brands if it's a black
• 10:44
  Speaker 6: founder or black creative brand. That just really happened, I
• 10:49
  Speaker 6: think after twenty twenty. I feel like after twenty twenty,
• 10:52
  Speaker 6: we all were like, if we're gonna make it, we.
• 10:55
  Speaker 2: Got to take care of ourselves.
• 10:57
  Speaker 6: And so with that though, well that's a huge I
• 11:02
  Speaker 6: think opportunity for brands is a huge opportunity for an
• 11:05
  Speaker 6: investor who wants to really invest in black brands as well,
• 11:09
  Speaker 6: because consumers are now ready to shop the black brands.
• 11:13
  Speaker 6: But the challenge is we don't have the infrastructure. So
• 11:16
  Speaker 6: imagine if we had like an LVMH, like a holding company,
• 11:20
  Speaker 6: an LVMAGE or Caring or Tapestry or you know, an
• 11:24
  Speaker 6: authentic groups type brand or something like that that was
• 11:27
  Speaker 6: a holding company that provided all of the infrastructure for
• 11:30
  Speaker 6: black designers. Like think about that right, and they provided
• 11:35
  Speaker 6: all the operations, the manufacturing partnerships.
• 11:39
  Speaker 2: That that's what we've been missing.
• 11:41
  Speaker 6: Like if we had that, the opportunity for black brands
• 11:44
  Speaker 6: and where they could go is really limitless. What we've
• 11:48
  Speaker 6: been missing really is the funding, the infrastructure, the operational capacity,
• 11:54
  Speaker 6: the manufacturing kind of you address those things like there's
• 11:58
  Speaker 6: no limit to how far we can go, and it's
• 12:00
  Speaker 6: kind of crazy that no one has really seen that
• 12:03
  Speaker 6: as an opportunity.
• 12:05
  Speaker 4: Well, I think Kanye spoke about that. That's when he
• 12:07
  Speaker 4: was I want to go back to that, but before
• 12:09
  Speaker 4: let's go, let's talk about this. Then when Yay was
• 12:13
  Speaker 4: like he didn't have the infrastructure pretty much paraphrasing, and
• 12:18
  Speaker 4: that's when Sway that legendary conversation with him and Swet.
• 12:23
  Speaker 4: That's what you're referring to because LVMH. Everybody hears about LVMH.
• 12:26
  Speaker 4: What exactly does LVMH What do they do? We know
• 12:29
  Speaker 4: that they own all of these luxury brands, but you
• 12:31
  Speaker 4: say the holding company provides infrastructure, So what exactly does
• 12:36
  Speaker 4: LVMH do for all of these brands that their own
• 12:40
  Speaker 4: have ownership in?
• 12:41
  Speaker 6: They provide the revenue for those brands that's a big
• 12:44
  Speaker 6: piece of it, which then allows them to be able
• 12:47
  Speaker 6: to do proper marketing, and it also allows them to
• 12:50
  Speaker 6: tap into LVMH's infrastructure.
• 12:53
  Speaker 2: So what is that like?
• 12:54
  Speaker 6: Accounting, manufacturing support, operational support. Those are the things that
• 13:01
  Speaker 6: a lot of times smaller brands are struggling with cash flow,
• 13:06
  Speaker 6: you know, which is a problem for all small businesses.
• 13:09
  Speaker 2: You don't have to imagine if you could just go create.
• 13:15
  Speaker 6: And and and do the things that you actually love
• 13:17
  Speaker 6: in a business without having to worry about all of
• 13:20
  Speaker 6: the business operations of what it takes, because that's what
• 13:24
  Speaker 6: takes small businesses out. It's the cash flow, it's the
• 13:28
  Speaker 6: you know, the accounting piece.
• 13:31
  Speaker 5: Was Ya correct in his assessment, but I.
• 13:34
  Speaker 2: Feel like Yay also could have.
• 13:38
  Speaker 7: In a sense because even LVMH, they have a bunch
• 13:41
  Speaker 7: of companies, but there's really like probably five or six
• 13:43
  Speaker 7: that account for most of the revenue ablutely.
• 13:45
  Speaker 2: I mean, Louis of a Ton is like their number one, never.
• 13:47
  Speaker 7: One by far, yes, right, and then there's like forty
• 13:50
  Speaker 7: other brands, but they don't generate as much, not even close, right,
• 13:52
  Speaker 7: And so it can offset some things infrastructure. From what
• 13:57
  Speaker 7: I'm hearing it sounds like, let's just use Harlem Fashion
• 14:00
  Speaker 7: role as the holding company for black brands in the
• 14:03
  Speaker 7: sense where tel Far can exist under there in the
• 14:05
  Speaker 7: cole benefit, they could all exist under there and then
• 14:07
  Speaker 7: we can grow together. I feel like what we've seen,
• 14:10
  Speaker 7: especially from our designers, is very individualistic, right. It's like,
• 14:14
  Speaker 7: I mean, well, can use show a jump by itself,
• 14:16
  Speaker 7: food by itself, but there's not one piece that holds
• 14:19
  Speaker 7: it all together to say, let's build so we can
• 14:22
  Speaker 7: have an LBMA type situation.
• 14:23
  Speaker 2: Yeah.
• 14:24
  Speaker 6: Absolutely, Like if you look at the fact that Tapestry
• 14:27
  Speaker 6: just Balker pre holdings, right, that's going to make it
• 14:30
  Speaker 6: one of the largest, you know, fashion conglomerates in the
• 14:34
  Speaker 6: US if it hasn't already done that. So if we
• 14:40
  Speaker 6: had that, even if we started with three brands, it
• 14:43
  Speaker 6: would it would it would be building upon something that
• 14:47
  Speaker 6: could be like a legacy like or huge legacy brand.
• 14:52
  Speaker 6: I just see there's a lot of opportunity there because
• 14:55
  Speaker 6: consumers are ready. Consumers are ready to shop black brands.
• 14:58
  Speaker 1: An illegal alien from Guatema charged with raping a child
• 15:02
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 15:06
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 15:10
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 15:14
  Speaker 1: some of the heinous migrant criminals caught because of President
• 15:18
  Speaker 1: Donald J.
• 15:18
  Speaker 2: Trump's leadership.
• 15:20
  Speaker 1: I'm Christy nom the United States Secretary of Homeland Security.
• 15:23
  Speaker 1: Under President Trump, attempted illegal border crossings are at the
• 15:27
  Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal
• 15:31
  Speaker 1: aliens have been arrested. If you are here illegally, your
• 15:35
  Speaker 1: next you will be fine nearly one thousand dollars a day, imprisoned,
• 15:40
  Speaker 1: and deported, you will never return. But if you register
• 15:43
  Speaker 1: using our CBP home app and leave now, you could
• 15:47
  Speaker 1: be allowed to return legally. Do what's right.
• 15:50
  Speaker 2: Leave now.
• 15:51
  Speaker 1: Under President Trump, America's laws, border and families will be protected.
• 15:56
  Speaker 3: Sponsored by the United States Department of Homeland Security.