Fashionomics 101: Maximize Your ROI

A recent Wall Street Journal article, “Fall Fashion Forecast” comes to the conclusion that trend is dead.  This further emphasizes the points I made in June when I wrote,  “Follow your style- make the trend work for you”.  

But this leads to another question:  how should we manage our wardrobes?  Do you feel overwhelmed and unsure of what to add to your wardrobe?  Or, conversely, are you in the other camp and feel like you might not be able to control yourself?  

Either way, now could be just the time to assess your fashion capital and re-balance your fashion portfolio.  Here are some guidelines that I have learned:

Capitalize on your assets.  Take a long, hard look at your body from head to toe.  What are your most valuable assets that make  your look uniquely yours?  What are you working with - fabulous curves, great legs, high cheekbones etc?  Only when you know what your assets are can you make sound purchases that naturally highlight them.  Because assets change over time, be sure to focus on what is working NOW rather than what has worked in the past.  You have evolved, and your clothing should as well.

Take stock.   It's difficult to put together great outfits if you are low on inventory.  Just before the fall and spring fashion seasons hit, assess what you already own.  Do your clothes fit and flatter you?  Are they current and in good condition?  Do they represent the best version of you and the image you would like to project?  If there's inventory in your closet that's not working for you, it's time to write it off and then re-stock.  Remember the three step process: inventory, edit, and shop. Invest the time just twice a year and enjoy the dividends all year long.

 


Minimize your liabilities.  First know that you are not alone.  We all have liabilities that seem to stay with us for longer than they should.  Here is a sampling of some liabilities that my clients have shared over the years:

• Shopping to fill an emotional void ("retail therapy") rather than shopping for items that are needed
• Not shopping because there are too many choices and it seems overwhelming
• Inaccurate or out-of-date self-image
• Getting all fashion advice from an opinionated friend or family member rather than building your own personal style
• Buying based on price rather than need
• Investing in high-end items without a wardrobe plan

Whatever your fashion liabilities, make friends with them and make a plan!  Get out of your clothing rut by breaking habits that are not serving your best interests.

Diversify your fashion portfolio.  Smart investors have a diversified portfolio.  Similarly, savvy dressers have clothes for every aspect of their life; they are not just invested in one area of their life (i.e. work clothes).  A diverse fashion portfolio includes outfits for dressy parties, informal social gatherings, work, weekend activities, exercise, travel, and more.  Do you have enough of the right clothing for all of the different situations you find yourself in?  Think about how you spend your time and then add to your wardrobe accordingly.

Accrue interest. Your fashion choices tell the story of who you are or aspire to be. You should be getting results from the time and money that you are investing into your wardrobe.  Those results might include compliments from others, more confidence, and an overall feeling of well-being.  They might also result in a job offer, a promotion, a date, and so on.  Now THAT is the kind of accrued interest you are looking for, so go ahead and put your style to work!

Taipei - you touched my heart! - Chinese culture fun facts

Quick note: click on photos to enlarge.

It was surprising to see at this site where the Xin Yi subway line was being built, that the construction company put apology signs and small plants along the construction site.  I've never seen that anywhere else.   

During my trip to Taipei, I found wearing eyeglass frames without any lenses is a trend there.  According to the local people, wearing these frame will make their faces look smaller, make their slender eyes less obvious and that glass would add reflection and detract from the look. 

A girl at a teppanyaki place

A male shop owner

This was an oddity - a restaurant run by a company whose main business appears to be making airline food!  We saw this at the Taipei 101 food court.  I guess they should be reasonably good, as hard as it is to survive in the super competitive food business in Taipei.

This is a fortune telling "mall" in the basement shopping mall below the main train station.  During the operation hours, it is super busy.   I think it is really good business though.  "Hmmm.... let me tell you, you look stressed, is there anything going on at home, or work, or life...?"  I bet I could be a good fortune teller too, but I could not bring myself to do so.

Night market facial spa.  He is performing eyebrow threading for the women.  They are busy.

In many Asian countries, people have obsessions with cartoon characters, even after they grow up.  Hello Kitty is a huge success.  Here is a cartoon character based restaurant.

Cartoon paintings in subway hallway.

Old Chinese people don't go to the gym.  They do group exercise everywhere - parks, subway tunnels. 

Very early one morning at Sun Yat-Sen Memorial Hall, we saw a group of women doing modern dance

Elsewhere on the grounds, other groups were practicing Taichi

Lady Gaga is big in Taipei too!

I found the English words in this tea advertisement were funny.

A steak house named Mr Onion?

Follow your style - make the trend work for you

In the five years I have worked in the fashion industry, the single word I have heard the most often in work conversations is TREND. Fashion companies, magazines and all the major market places, from retail shops to online, are constantly talking about the trend. At the retailer where I worked, we were always instructed to introduce the latest trends to customers. In the meantime, while I was serving customers, I was often asked: will this item be out of fashion next season?

The whole idea of trend has always been a source of wonder to me. Clothes, handbags, shoes and accessories are generally not manufactured to be disposable! They are built to last longer than one season, yet in many people’s perception trend is seen as a single-season concept. Of course, the simple explanation is that everyone in the fashion chain, from designers through retailers, needs to create demand for their new products every season. But let’s dive into this a little deeper, so we can understand trend and how to make it work for us as savvy fashion consumers.

The first question to ask is, what is the definition of trend? According to Merriam Webster:

1: a line of general direction or movement <the trend of the coast turned toward the west>

2 a: a prevailing tendency or inclination : drift <current trends in education> b: a general movement : swing <the trend toward suburban living> c: a current style or preference : vogue <new fashion trends> d: a line of development : approach <new trends in cancer research>

3: the general movement over time of a statistically detectable change; also: a statistical curve reflecting such a change

Of these, definition 2c is most relevant, but actually I think the emphasis should be on “current” rather than “style” when talking about trend in this way. Interestingly, a Wikipedia search of “fashion trend” redirects to a page titled “fad”. That may tell you something...but let’s look at one of the places where trends are thought to be set, the industry’s various Fashion Weeks.


According to Wikipedia:

A fashion week is a fashion industry event, lasting approximately one week, which allows fashion designers, brands or "houses" to display their latest collections in runway shows and buyers and the media to take a look at the latest trends. Most importantly, these events let the industry know what's "in" and what's "out" for the season. The most prominent fashion weeks are held in the four fashion capitals of the world: New York City, London, Milan, and Paris.

In the major fashion capitals, fashion weeks are semiannual events. January through April designers showcase their autumn and winter collections and September through November the spring/summer collections are shown. Fashion weeks must be held several months in advance of the season to allow the press and buyers a chance to preview fashion designs for the following season. This is also to allow time for retailers to arrange to purchase or incorporate the designers into their retail marketing. Latest innovations in dress designs are showcased by renowned fashion designers during these fashion weeks, and all these latest collections are covered in magazines such as Vogue.

So let's break it down:

• The dictionary tells us that a trend reflects a current style or preference
• Wikipedia tell us that trends are set by the industry to lead the commercial season

Now it’s time to think carefully and perhaps a bit cynically. Who benefits from setting the trend? And how do you benefit from following the trend?

It’s perfectly understandable that each of us want to feel accepted and welcomed in this world, and if following the trend is the simplest way of fitting in, that is one shortcut to not feeling excluded at the most basic level. But fashion can be so much more than that - that’s why I think it is such an interesting subject. We can use fashion to express both our individuality and our commonality.

There’s a famous quote by fashion icon Yves Saint Laurent that has almost become a cliche in fashion circles:

“Fashion fades; style is eternal.”

This quote became a cliche for a reason - it holds a lot of truth! While trend is about “current style”, true personal style belongs to each one of us as individuals and does not change with the seasons. We have all known someone at some point in our lives who has tried so desperately to fit into a group that they would do anything, including trying to change their personality even if it didn’t really fit them. It can work for a while, but it doesn’t last.

And so it goes with trend following as it relates to personal style. Know yourself first! Know the types of things you enjoy wearing, the things that make you feel confident, comfortable, sexy, or fun depending on the occasion, so the end result is always you at your best. When you start with this level of self awareness, you can use the changing fashion seasons to work for you. You can learn to be selective among the season’s offerings while maintaining the core style you know works for you, rather than feeling overwhelmed at the change of seasons or buying every latest thing in a desperate attempt to stay trendy.

I think deep in our hearts, many of us feel that we are being manipulated by a fashion industry that thrives on separating us from our money over and over again. Turn the game in your favor by de-emphasizing “current” and emphasizing “style” when thinking about fashion trends. Anyone over the age of 30 has been around long enough to see that fashion trends recur all the time. After all, fashion trends are decided by human behavior, which means, if you are reading this you are part of it.

My appeal to you is, don't worry about the trend. Go with what suits you best. For some help in discovering what suits you, please have a look at my previous post: "How to define well-dressed?"

Readers, next time when you are in a store, instead of asking what’s new, ask yourself, “What’s new for me?”