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Lafayette 148 CEO on Brand Evolution and Smart Leadership
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In Short: Deirdre Quinn, CEO of Lafayette 148, discusses the importance of reinvention and direct-to-consumer strategies for long-term brand success.
Deirdre Quinn, CEO of luxury brand Lafayette 148 New York, emphasizes the necessity of evolving a brand for the long term, stating, 'We really don’t have a choice. You have to reinvent yourself. Otherwise, you will for sure be left behind,' according to a report by Women's Wear Daily (WWD).
Quinn, speaking at the sixth annual WWD x FN x Beauty Inc Women in Power event, highlighted the importance of profitability and transparency, advising, 'If you smell smoke, don’t ignore it.' She also noted that Lafayette 148 is now 85 percent direct-to-consumer, a significant shift from its previous 100 percent wholesale model.
In addition to reinvention, Quinn stresses the importance of protecting the brand through quality and listening to customer feedback. She advises leaders to keep an open mind and make tough decisions, such as not shipping to accounts that do not pay their bills, as reported by WWD.
Quinn’s leadership has evolved, with a key decision to move the headquarters to Building 77 at the Brooklyn Navy Yard in 2018, a move that reflects her commitment to transparency and open-book policies, as shared in her interview with WWD.
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- It also involves protecting the brand through a focus on quality and letting the customer tell the firm what she wants from the brand, as well as knowing when to make those tough choices, including saying no when necessary.
- “Profitability. Wow, it is super important. You can’t have fun and build if you’re not making a profit,” Quinn said.
- “Probably the biggest evolution is becoming a direct-to-consumer brand. We are 85 percent direct-to-consumer, and there was a time we were 100 percent wholesale,” Quinn said.
- Quinn said she’s a transparent executive, with an “open-book policy.” Profits are shared with employees, as well as the “hard times.” Tough decisions include deciding not to ship to certain accounts that don’t pay their bills.
Sources
- WWDlink