INSPIRATION: A new fashion business model by Gwyneth Paltrow
Today’s source of inspiration comes from a celebrity that I’m sure we all have great admiration for, Gwyneth Paltrow. But what you may not know is that Gwyneth has always viewed herself as more of a business woman than an actor, and if you’re familiar with her lifestyle website Goop then you'll know that she has turned what was initially a lifestyle blog into a multi-faceted business selling cookbooks, beauty products and, more recently, a monthly limited edition clothing and accessory line, Goop Label.
There's a lot we can learn from the business model Gwyneth has devised for Goop Label. Each collection is a carefully curated selection of wardrobe classics made from the most premium fabrics. Attention to detail is a key factor and there is an inherent air of luxury about the range as each garment is produced in the same Italian factories that cater for some of the most famous high-end designer brands. Each style is a durable wardrobe “must-have" and is inspired by Gwyneth’s own personal aesthetic, lifestyle and pieces she wears and loves. What’s particularly clever is the sense of urgency created by offering a small range of pieces in each monthly drop and limited quantities of each piece. The scarcity and FOMO factors are further emphasised in the label’s tagline: "BLINK AND IT'S GONE - A handful of pieces, in limited runs, released once a month. Only on Goop”. It’s a very clever piece of marketing copy that instantly creates both a sense of urgency and exclusivity.
So could Gwyneth be setting the benchmarks for how future fashion business models should look and operate? Only time will tell, but I do think that this concept and new way of thinking could be way forward for many small fashion companies, particularly those that wish to focus on offering exclusive products whilst reducing overheads and running costs and building a much more sustainable business in all facets of the word.
If you're interested in hearing more about the thought process behind Gwyneth’s Goop Label and how she got to where she is in business today, have a listen to her interesting interview with another of my fashion crushes, Garance Dore: http://www.garancedore.com/2016/11/10/an-integrated-life-gwyneth-paltrow/