LEADERSHIP LESSONS FROM THE HEIGHT OF FASHIONORGANIZATIONAL LEADERSHIP
Background
Weber began his career in high-end retailing at Phillips-Van Heusen Corporation.
He later became the president, board member and CEO.
He later joined the French luxury brands group in 2006 as Chairman and CEO of Donna Karan
In 2014 he lead the growth of Donna Karan and DKNY brands in China/India
He now is starting a new chapter by entering the world of entrepreneurship
“Its not how far you fall; it’s how high you bounce back”-Mark Weber
How to be a great leader in Fashion?
It is important to understand people and how they think
In order to be a great leader in the fashion world you must know what’s going on in the world
It is important to understand finances In order to sell consumer products, you need to
understand the environment
STEP 1: ”You have to develop a broad base skills and knowledge”-Weber
Models of Leadership
Trait theories of leadership: represent the qualities that will tend to be associated with leaders and that will result in success in leadership activities
Style Theories
Style theories represent the leaders that have particular behavioral “styles” that make them more or less effective leaders.
Understanding the “Want it, Need it” concept
STEP 2: Its important to learn how the consumer think, luxury consumers are very affluent.
It’s important for the luxury fashion world to continue to redefine itself to create a new demand for something
Consumers will always continue to buy luxury items if its always something new to purchase, this idea apply to the the wanna-be luxury client
“They continue to consume what they think they need but really only want” -Weber
“We are really selling dreams”-Weber
The image of the brand is important because you are creating a dream through the image.
You are appealing to people who want and can afford the brand, you are also appealing to people who will save to buy luxury items.
You have to be able to deliver what the consumer want.
Contingency Theory
In the contingency theory model it states that there is not a best style for leadership, but instead it is based on a leader’s effectiveness on the situation.
Mark Weber: Transactional Leadership
Transactional leadership: refers to the relationship in which there is an exchange of some sort between leaders and followers
Mark Weber connects to this form of leadership because as the head of a major fashion company he exchange the promise to deliver good fashion items with hopes that consumers will buy them
Transactional Leadership
The Transactional Leadership model focus on leaders and followers, It also focus on the task
EX. The Fashion World focus on who is leading the fashion industry and the consumers
Transformational Leadership
Intellectual Stimulation Individualized Consideration Inspirational Motivation Idealized Influence
Transformational Leadership
Intellectual Stimulation= When the leader encourage followers to explore new ways of doing things
Individualized Consideration= When the leader offer support and encouragement to followers
Transformational Leadership
Inspirational Motivation: Help followers experience the same passion and motivation to fulfil goals
Idealized Influence: Serve as a role model Followers trust and Respect them
The brand must be protected at all costs
STEP 3: PROTECT THE BRAND You cant take things out of a product to get to a price
point because it will destroy the image of the brand which will affect the revenue the brand will earn.
“Your Level of execution must be unlike anything else”-Weber
STEP 4: Your creativity must inspire people, so they would find interest in your brand
Brands That Exemplify Weber Steps:
Louis Vuitton Dior Ralph Lauren
The Positive Affect Luxury Fashion has on the world
In countries like Vietnam and parts of eastern Europe the clothing manufacturing labor costs are favorable
The luxury fashion industry has increased transparency into global labor practices
The luxury fashion industry is the first to develop industry in third world countries
“Don’t work for a toxic company”-Weber
STEP 5: It’s important to find a company that fit you and your leadership skills.
Find a company where you can advance, work with people who you can learn from.
Go the extra mile to do what others aren’t doing Remember its not about you, its about other
people.
QUESTIONS????
If the luxury industry decide to lower the prices for their products, Will the brands remain popular?
What will happen to the “sweat shops” if the fashion industry lower the prices of their goods?
Works Cited
Karabell,S (2015,February 06).Leadership Lessons from the Height of Fashion
http://www.forbes.com/sites/shelliekarabell/2015/02/06/leadership-lessons-from-the-lap-of-luxury/#70253b472b90