<h1>Key insights and outlooks from industry leaders</h1> <h2>About Retail</h2> <figure> <img src="https://insidefashionlive.net/wp-content/uploads/2023/02/Joel-Anderson-CEO-Five-Below.jpg" alt="" loading="lazy" srcset="https://insidefashionlive.net/wp-content/uploads/2023/02/Joel-Anderson-CEO-Five-Below.jpg 309w, https://insidefashionlive.net/wp-content/uploads/2023/02/Joel-Anderson-CEO-Five-Below-252x300.jpg 252w" sizes="(max-width: 309px) 100vw, 309px" width="309" height="368"><figcaption>Joel Anderson, CEO, Five Below</figcaption></figure> “It’s not only about getting into a trend, but also knowing how to land the plane and get out of it,” Anderson said. “You’re not going to walk into our stores today and see any leftovers of past year’s trend products.” - <strong>Joel Anderson, CEO, Five Below</strong> (USA), at the ICR conference, saying part of his company’s “secret sauce” was its ability to identify and capitalize on hot trends. “Based on current macro-economic indicators and our proprietary credit card data, we believe the consumer will continue to be pressured in 2023, particularly in the first half,” <strong><i>Macy’s CEO Jeff Gennette</i> </strong>said in a statement. <h2>About Wages</h2> <figure> <img src="https://insidefashionlive.net/wp-content/uploads/2023/02/Tadashi-Yanai-CEO-Fast-Retailing.jpg" alt="" loading="lazy" srcset="https://insidefashionlive.net/wp-content/uploads/2023/02/Tadashi-Yanai-CEO-Fast-Retailing.jpg 417w, https://insidefashionlive.net/wp-content/uploads/2023/02/Tadashi-Yanai-CEO-Fast-Retailing-300x287.jpg 300w" sizes="(max-width: 417px) 100vw, 417px" width="417" height="399"> <figcaption>Tadashi Yanai, CEO, Fast Retailing</figcaption></figure> "Wage is a reward for work. Unless one achieves results that deserve a reward, there will be no increase in base salary." - <strong><i>Tadashi Yanai, CEO, Fast Retailing, Inc</i></strong>. talking about his plan to raise wages by up to 40%. “If we are asking our employees for world-class service, we should reward them with the same standards." - <strong><i>Takeshi Okazaki, Chief Financial Officer, Fast Retailing</i>.</strong> <h2>About Physical Stores</h2> <figure> <img src="https://insidefashionlive.net/wp-content/uploads/2023/02/Chris-Wootton-finance-director-Frasers-Group.jpg" alt="" loading="lazy" srcset="https://insidefashionlive.net/wp-content/uploads/2023/02/Chris-Wootton-finance-director-Frasers-Group.jpg 400w, https://insidefashionlive.net/wp-content/uploads/2023/02/Chris-Wootton-finance-director-Frasers-Group-288x300.jpg 288w" sizes="(max-width: 400px) 100vw, 400px" width="400" height="417"> <figcaption>Chris Wootton, finance director, Frasers Group</figcaption></figure> “A lot of pure plays [online only retailers] have very much concentrated on the top line whereas we have concentrated on profitability. Frasers would continue to invest in high street retail as that mix ‘makes us strong’.” - <strong> <i>Chris Wootton, finance director, Frasers Group</i></strong>. <figure> <img src="https://insidefashionlive.net/wp-content/uploads/2023/02/John-Bason-Finance-Director-Associated-British-Foods.jpg" alt="" loading="lazy" srcset="https://insidefashionlive.net/wp-content/uploads/2023/02/John-Bason-Finance-Director-Associated-British-Foods.jpg 400w, https://insidefashionlive.net/wp-content/uploads/2023/02/John-Bason-Finance-Director-Associated-British-Foods-300x296.jpg 300w, https://insidefashionlive.net/wp-content/uploads/2023/02/John-Bason-Finance-Director-Associated-British-Foods-75x75.jpg 75w" sizes="(max-width: 400px) 100vw, 400px" width="400" height="394"> <figcaption>John Bason, Finance Director, Associated British Foods</figcaption></figure> A key reason Primark has outperformed its competitors is that it had invested in its stores and attracted shoppers looking who were for lower prices offline, said <strong><i>John Bason, Finance Director, Associated British Foods</i></strong> (Primark’s parent company) “If you want home delivery and returns you will pay more than in Primark,” he said. <figure> <img src="https://insidefashionlive.net/wp-content/uploads/2023/02/James-Daunt-Chief-Executive-Barnes-Noble.jpg" alt="" loading="lazy" width="262" height="256"> <figcaption>James Daunt, Chief Executive, Barnes & Noble</figcaption></figure> “We’ve now got both the profitability and the confidence to start opening up stores again.” - <strong><i>James Daunt, Chief Executive, Barnes & Noble</i>. </strong> The return to physical retail has prompted a growing number of big box retailers to start opening new stores. Barnes & Noble is planning 30 new stores this year. <figure> <img src="https://insidefashionlive.net/wp-content/uploads/2023/02/Regis-Schultz-chief-executive-officer-JD-Sports.jpg" alt="" loading="lazy" srcset="https://insidefashionlive.net/wp-content/uploads/2023/02/Regis-Schultz-chief-executive-officer-JD-Sports.jpg 220w, https://insidefashionlive.net/wp-content/uploads/2023/02/Regis-Schultz-chief-executive-officer-JD-Sports-150x150.jpg 150w, https://insidefashionlive.net/wp-content/uploads/2023/02/Regis-Schultz-chief-executive-officer-JD-Sports-75x75.jpg 75w" sizes="(max-width: 220px) 100vw, 220px" width="220" height="221"> <figcaption>Régis Schultz, chief executive officer, JD Sports</figcaption></figure> 'Looking ahead, management are confident that consumers worldwide are more attracted than ever to JD's differentiated proposition with its attention-grabbing theater in stores, advanced digital technologies, breadth in the range of brands and availability of key styles”. <strong><i>- Régis Schultz, chief executive officer, JD Sports</i></strong>. <h2>About Supply Chains</h2> “Excess import freight costs have now effectively transitioned from headwinds to tailwinds.” <i>- <strong>Scott Sekella, CFO, Joann, Inc</strong></i><strong>.</strong> The company expects to realize $15 million to $20 million in savings next quarter due to lower ocean expenses. <h2>About Leveraging Amazon</h2> <figure> <img src="https://insidefashionlive.net/wp-content/uploads/2023/02/Jenn-Hyman-CEO-and-Co-Founder-Rent-the-Runway.jpg" alt="" loading="lazy" srcset="https://insidefashionlive.net/wp-content/uploads/2023/02/Jenn-Hyman-CEO-and-Co-Founder-Rent-the-Runway.jpg 300w, https://insidefashionlive.net/wp-content/uploads/2023/02/Jenn-Hyman-CEO-and-Co-Founder-Rent-the-Runway-240x300.jpg 240w" sizes="(max-width: 300px) 100vw, 300px" width="300" height="375"> <figcaption>Jenn Hyman, CEO and Co-Founder, Rent the Runway</figcaption></figure> “Collaborating with Amazon Fashion brings Rent the Runway incredible brand awareness. We believe strategic relationships like this can ignite a new engine of growth for our business.” <strong><i>Jenn Hyman, CEO and Co-Founder, Rent the Runway</i>,</strong> explaining why they opened a shop front on Amazon. <h2>About DTC Brands</h2> “It’s no secret that these are difficult times for venture-backed companies. The expectation to be profitable shifted overnight.” - <i><strong>Andrea O’Donnell, CEO, Everlane</strong>.</i> (Note: Q3 2022 global venture funding fell 34% from Q2 to $74.5 billion, with the number of deals down 10%, per CB Insights). <h2>About Technology</h2> <figure> <img src="https://insidefashionlive.net/wp-content/uploads/2023/02/Sundar-Pichai-CEO-Alphabet-.jpg" alt="" loading="lazy" srcset="https://insidefashionlive.net/wp-content/uploads/2023/02/Sundar-Pichai-CEO-Alphabet-.jpg 640w, https://insidefashionlive.net/wp-content/uploads/2023/02/Sundar-Pichai-CEO-Alphabet--300x286.jpg 300w" sizes="(max-width: 640px) 100vw, 640px" width="640" height="610"> <figcaption></figcaption></figure> “We had expanded our workforce in anticipation of growth that hasn’t materialised. To match and fuel that growth, we hired for a different economic reality than the one we face today.” <strong> - <i>Sundar Pichai, CEO, Alphabet </i></strong>(Google’s parent company), talking about laying off 12,000 employees.
