Hermes lab srl Bangkok, december 29, 2003 The economic value of creativity The business model of the italian fashion clusters Marco Ricchetti, CEO, Hermes lab, Italy http: // www. hermeslab. it E-mail: Segreteria@hermeslab. com
The economic value of creativity : outline of the presentation Brief summary of the Italian fashion industry The Fashion business Fashion clusters, advantages and new challenges
The italian fashion industry in figures Textiles, clothing, leather goods, footwear 2002 2003 (fcst) 71, 097 70, 031 Trade balance (mln Euro s) +19, 146 +16, 781 Employment 925, 000 Turnover ( mln Euro s) Share in World exports (%) 9. 8%
Fashion industry vs. TC industry (1) What we mean when we use the term fashion industry Fashion is, by definition, change. Success in fashion comes with the ability to grasp and recreate in clothes and accessories the ethereal spirit of the time and voluble desires of customers. Fashion adds an important design dimension to textiles or leather artifacts, which is capable of providing a continual and varied flow of new products
Fashion industry vs. TC industry (2) The factories manufacture clothes, but consumers buy emotions , hope and dreams
Fashion vs Luxury (1) A fashionable good can be a luxury good, but not necessarily is so. Very often it is not ! LUXURY The high-end luxury market, BRIDGE + BETTER accounts for a very small share of the market MODERATE BUDGET APPAREL MARKET BY PRICE-SEGMENT
Fashion vs Luxury Italy (2) holds a strong position in luxury (designers), bridge and better segments And, most of all, where fashion and variety matter.
Fashion and Risk RISK Variety and the low predictability of factors that make a new product a best seller or a worst-seller generates a risk far greater in fashion than in other industries Increasing uncertainty and risk very high Medium to high
BUREAU DE STYLE FIBERS MANUFACTURERS The fashion pipeline FASHION TREND FORECASTS PROTOTYPES YARN MAKERS A reduction of risk can be acheived trough a complex interaction of goods and information flows. PROTOTYPES, SAMPLES, TRADE FAIRS FABRIC MAKERS PROTOTYPES, SAMPLES, TRADE FAIRS DESIGNERS Key competences are: GARMENT MAKERS PROTOTYPES, SAMPLES, TRADE FAIRS RUNAWAY SHOWS RETAILERS Strong ralationships along the pipeline SPECIALIZED PRESS ADVERTISING CULTURAL INDUSTRY OPINION MAKERS SALES POINTS CONSUMERS GOODS INFORMATION FLOWS Combined with flexibility Mastering of innovation routines
The advantage of clusters Strong ties Within a cluster the whole pipeline is often reproduced, sometimes it extends to the manufacturers of specialized machinery. The close relationship between users and providers of machinery and intermediates is decisive in the introduction of new products, and new processes.
The advantage of clusters Know-How The concentration of professional skills applied to all phases of the pipeline is powerful and marked by a great variety of operators. Knowledge and information circulate easier inside than outside the cluster.
The advantage of clusters Innovation machine Merging of advanced technical and organizational solutions with the craft traditions build a remarkable platform for creativity and innovation (rapid development of prototypes , short run series , great array of variants ).
The advantage of clusters Entrepeneurial competence The small to medium size of the companies does not prevent the world to be considered by entrepeneurs as their reference market. Company structures are lean and flexible. Family ownership is very common, providing quick decision making, long-term planning and commitment.
A critical weakness of clusters Industrial cluster heavily focus on manufacturing know-how while in fashion industry specialized services (design, communication, cultural industry etc…. ) Are of crucial importance Actually, main fashion clusters developed around two urban centres that played the role of services providers : MILANO and FIRENZE
A map of italian fashion clusters Most of fashion clusters in Northern Italy Are within a radius o 200 Km around Milano Most of fashion clusters in Central Italy Are within a radius o 150 Km around Firenze
Challenges for the future The fashion business in the ‘ 80 In the past, fashion clusters built their succes focusing on manufacturing buying on the market the necessary specialized services (including retailing). Design Culture Society Consumption Manufacturing The core competence of fashion clusters Communication Retailing
Challenges for the future The fashion business in the new decade Competition in fashion goods urges companies to approach the market in an integrated way. Design Communication Multi-competence company Manufacturing Know. How becomes less important. Brand image, communication, Manufacturing control of distribution channels are the challenges for success. Retailing Will the cluster companies be able to expand their core competence ? Culture Society Consumption
Hermes lab srl Bangkok, december 29, 2003 End of presentation Marco Ricchetti, CEO, Hermes lab, Italy http: // www. hermeslab. it E-mail: Segreteria@hermeslab. com
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