An industry leader in accessible luxury handbags, accessories and apparel, Rebecca Minkoff’s playful and subtly edgy designs are blazing a path for other brands by being at the forefront of adopting new innovations when shopping for fashion. Minkoff joined Adweek’s Elevate: Future of Shopping event alongside Adweek chief experience officer Jenny Rooney to discuss her quest to revolutionize the future of shopping.
Taking risks until you get it right
Rebecca Minkoff’s luxury fashion brand started as an apparel brand before transitioning to what she’s best known for today, handbags. In the game of brand evolution, Minkoff said it’s all about taking risks.
“I like to reframe the idea of failure as you learn something. So take the risk,” she said. “You’ll never know until you try and see what happens, and you’ll either get another notch on your belt or achieve success.”
In 2014, Minkoff launched the “store of the future” that used technology to create fitting rooms that allowed consumers to flip through lookbooks curated by Minkoff, order coffee and champagne, communicate about their fitting room status with associates, and save a list of items they’ve tried on for later.
“The women in the dressing room were like, ‘thank goodness I don’t have to get undressed, then dressed, peep my head out, find the associate— everything is done in this room, whether it’s the lighting, checking out, adding a new size, seeing how it’s styled and adding that item to cart,” she explained. “That was a perfect moment for us because it truly was a pain point that every customer still wishes she had in every store.”
Utility at the core of Web3
Minkoff has also entered the metaverse on her mission to keep up with evolving trends. As the metaverse and NFTs become increasingly integrated with fashion, Minkoff views experimenting in Web3 as a way to offer consumers value beyond what’s available physically.
“Utility for anyone entering Web3 is so key,” she said. “Everywhere we look, we’re saying, ‘how can we make sure that at the end of the day she is given so much value for these NFTs?”
During New York Fashion Week, Minkoff launched a capsule NFT collection that included access to her fashion show and opportunities to have design sessions with her. She said all of these experiential perks help her connect with new audiences.
“We have an entirely new customer base now,” she said. “We have our existing customer who just comes to my website wanting a bag, and now we have a Web3 customer that’s in a different realm and world. It’s a great way to not only build a new community but get another customer.”