Vogue Business Founders Forum 2023 in Los Angeles - Event Recap

It is a pivotal moment for the fashion and beauty industries thanks, in part, to the pandemic. Technology adoption and innovation in fashion and beauty have increased, and the pace of change is accelerating. Consumers and brands are developing their approach to sustainability and are, increasingly, looking at issues through the lens of an honest and transparent discussion as opposed to paying lip service to broad brush statements. Beauty is more than just about looking good; it is about health and wellness. Fashion is increasing in relevance in virtual worlds like gaming and the metaverse.   

Against the backdrop of such change, we partnered with Vogue Business to host a Founders' Forum in Los Angeles for fashion and fashion tech, beauty and beauty tech founders and brand leaders. We heard from trailblazing founders about how they built their brands, how they sustain and grow their brands, how they exploit technology, how they value sustainability, how they engage with consumers, and the principles they follow for investment. 

We heard from founders at Merit, MYAVANA, Thirteen Lune, Fashionphile, DressX, Bomme Studio, The New Norm, Christy Dawn and SuperOrdinary. We also heard from investment leaders at Greycroft and  Connect Ventures.   

Here are only a few of the many thought-provoking highlights from the Vogue Business Founder’s Forum.

Building and sustaining a brand requires undistracted focus

Don’t use technology for technology’s sake, use it to create better products  

A holistic approach to sustainability

"People are really cognizant of sustainability, but there's an awareness versus implementation gap" said Lauren Choi, Founder of The New Norm, a company that creates fabric yarn from recycled plastic cups.  And, as consumers demand more transparency and sustainable practices, and brands prioritize circularity in their own approach to beauty products and fashion, forward thinking founders must seek different skill sets to ensure sustainable and innovative supply chains, explained Graham Webster, partner at Withersworldwide, and Bo Metz, founder and CEO of LA based sustainable clothing manufacturer, Bomme Studio.

Choosing an investor is akin to choosing a life partner

Graham Webster of Withersworldwide highlighted that the industry is seeing a proliferation of routes to capital and that, in this context, it is more important than ever to be conscious about the elements of your brand's personality and the alignment of an investor with your core creative proposition.  Whether capital is coming from industry angels, private equity, family offices or VC:  "It’s important for you to do your due diligence.  There are princes and princesses out there, but there are also frogs, and one person's prince or princess may be another's frog - so in some respects it's important to approach capital investment much like choosing a life partner, it's a marriage,” said Graham.

Nyakio Greico, a co-founder of Thirteen Lune, highlighted the swathe of innovation and creativity underway in the beauty market by black and brown owned companies, and observed that for many black, indigenous, and people of color (BIPOC) and female founders, the biggest challenge is access to capital, unfortunately.  Nyakio explained that focusing on storytelling and getting investors and consumers to really understand your company’s personality, not just its products, can lead to success in fundraising and growth.

Reflections

Left to right: Stephen Morgan, Managing Director, Vogue Business and Gina Bibby, Partner, Withers

Gina Bibby, partner and Head of Fashion Tech at Withersworldwide, said "events like the Vogue Business Founder’s Forum are so very important right now. They give us the sense of community that we have lacked for the last couple of years and provide us with new perspectives and opportunities to change the way we approach business."

See also: Highlights from the 2023 Vogue Business Founders’ Forum with Withersworldwide, Vogue Business - January 30, 2023

 Photography by David Jon Photography.