Rebecca Minkoff Shares Success Secrets, Announces VC Fund

One of the most enjoyable sessions at NRF Retail’s BIG Show last week was The Rebirth of Retail, and the Convergence of Online and Offline Technology. The session featured a panel discussion between fashion designer Rebecca Minkoff, Uri Minkoff, President and CEO of Rebecca Minkoff, and Pedro Torres-Mackie, Founder and Managing Director Quotidian Ventures.

Moderated by WSJ Senior Style Reporter Elizabeth Holmes, the panel touched on a number of topics, including tech investments, experiential retail, and more.

Here are some of the top highlights from the session:

Forming a fashion tech VC fund.

Rebecca, alongside Uri Minkoff and Pedro Torres-Mackie announced that they were forming “the first domestic fashion tech VC fund, focusing on early stage investments in technology with applications in fashion, ecommerce, and retail.”

According to Uri, the fund was inspired by the influx of companies that wanted to work with them after they launched the Rebecca Minkoff connected store. “We met [Quotidian Ventures] a couple years ago and were interested in working with the firm,” he said. “We thought about how we could work together, how we could partner and create an outlet and opportunity for these emerging startups that have amazing technology and experience.”

For her part, Rebecca said that she’s excited to create more opportunities for women to rise in the technology industry.

“There are not enough female engineers, female coders — females working in the tech space [who have the chance to] bring their user experience to the conversation when it comes to design,” she said.

“We’ve sat through meetings where there was a male engineer designing something for a female. And i think we all know that as females, we have different user experiences. And so the opportunity to invest in companies that really are developing technology or have a company that serves women by women is what excites me the most.”

Secrets to their success

Announcing the fund was just the beginning. The panel also discussed what makes the Rebecca Minkoff brand so successful. Have a look at what they had to say below:

“I am my customer.”

I think that what has made an incredible difference in the company is [that] I am the customer. I started out as her age, and I talk to her as her age

What makes the Rebecca Minkoff brand such a hit? According to Rebecca, one of the things that has helped her brand rise to the top is the fact that she understands her audience really well and she knows exactly what it feels like to be in her customer's shoes.

“I think that what has made an incredible difference in the company is [the fact that] I am the customer. I started out as her age, and I talk to her as her age,” she shared. “[I may be older now but] I still know what I felt like at 25, 26, and 27. That enables me to have a really authentic dialogue with her that she feels like I’m her best friend, [or] I’m a little bit like her mentor.”

Clever use of technology and data.

Rebecca Minkoff has been at the forefront of fashion technology, particular when it comes to the in-store experience. The retailer’s connected store, in particular, allows it to not just enhance the customer experience but also to gather actionable insights about shoppers.

“[I think our customers have] been pleasantly surprised by the technology we offer in the store. You never have to put your pants on to go find a sales associate. Or, you can dim the lighting to cater to the experience you want to have when you’re wearing the outfit. Just those two things alone changes how a female interacts with the dressing room,” shared Rebecca.

She added that because of their technology, shoppers try on more garments, and the Rebecca Minkoff team is able to gather more information around what people are trying on. This helps them figure out what garments shoppers try on together or what products don’t work for them, and they can then use those insights to merchandise their store and ecommerce site.

“We can come in smarter and say ‘this jacket didn’t fit’ or ‘she likes this boot and this dress together so let’s merchandise that or let’s put that in the site together.”

Focusing on experiential retail and giving people a sense of community.

Rebecca Minkoff also strives to create unique retail experience through events and community-building efforts.

“[It’s important for stores to] become experiential centers,” she said. “So you’re going to go into a store for that sense of community.” As an example, Rebecca talked about their in-store seminars featuring successful women. According to her, this allows attendees to “become a part of the community, connect with others, and come with having learned something.”

In terms of sales, Rebecca said that people inevitably shop.

“It’s hard to resist once you’re there and you had a great time,” she said. “You learned something wonderful [and you think,] ‘You know what, I’m going to buy today, or maybe I don’t buy today, but I know that that’s brand I want to buy from later.”

Weigh in.

Did you catch Rebecca Minkoff at #NRF17? What did you think? Share your thoughts below.

Further reading

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• What’s next for the retail industry
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• The tools and technologies that hit it big in the coming years

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