Visionary Leadership in a Complex Industry
Manage episode 285784307 series 2833598
As the fashion industry continues to corporatize and globalize, it requires executive leadership that understands the complexity of turning design into product; that understands the emotional and functional needs of the consumer and balances that with the financial objectives of the shareholder. It requires someone with creativity, vision, practical skills and flexibility. And now more than ever, it requires an understanding of an omni-channel framework driven by digital engagement and cutting-edge technology.
And while in the past, it was typical for a merchant or buyer to move up through the ranks into management roles and then the executive offices of a fashion brand, it’s now just as likely to see MBA graduates in the C-Suite, often without any fashion experience at all. Both scenarios come with their own pluses and minuses. However, according to Renee Cooper, a professor in the School of Business at the Fashion Institute of Technology, the ability to lead is fundamental. She states, “After all, a leader influences people to follow, whereas a manager gets people to work for them, thereby executing the leader's mission.”
Renee believes that in today’s evolving fashion industry the key challenge for any business leader is building a sustainable, competitive advantage beyond products and services. “It's not just about members sitting at the board table or majority stockholders. Today, the C-suite must ensure the demands of the customers, employees, and the communities in which they operate.” And they must do with this more transparency, authenticity and empathy. For example, she says, “Fashion business leaders should recognize the benefits of diversity and inclusion and put initiatives into action. Not only talk the talk, but walk the walk.” She emphasizes: “Look at your executive team leaders. Look at your candidate pool. Look at the current committed members of the organization who have never been given the recognition, title and salary for their contributions over the years.”
Read the Full Transcript at FCNewsBytes.com
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