It was the mid-nineties, I’d been shopping on a Saturday afternoon and somehow I’d found myself locked out of my house. I took refuge with the neighbours next door. Surrounded by shopping bags, my older neighbour took umbrage at something written on the side of one of them. In large, bold lettering, the white paper bag read ‘F.C.U.K.’. I thought nothing of it because I’d been a fan of French Connection for a few years and naively thought everybody knew what it stood for. I didn’t think it was rude, he clearly didn’t agree.
Left - French Connection brings back FCUK with Urban Outfitters
This simple shock tactic abbreviation devised by advertising executive Trevor Beattie, having noticed FCHK (French Connection Hong Kong) on an internal memo, was a revolution for French Connection’s marketing campaigns. It really was one of the best and most fashionable upper high street stores at the time and condensing French Connection United Kingdom down to this four letter word in 1997 came to symbolise the division between those who got it and those who didn’t. It was brilliant. The subsequent poster campaign, which read "FCUK fashion", received complaints from the Advertising Standard Authority, MPs and even the Church of England at the time.
Unfortunately, French Connection didn’t know when to let it go. It’s about to come around yet again with a new, exclusive collection with US Urban Outfitters. The FCUK + Urban Outfitters collaboration is taping into 90s nostalgia with a collection ranging in price from $39 to $129 and featuring the FCUK slogan loud and proud.
“Our brand has always been driven by innovation and change,” said Stephen Marks, founder and chairman of French Connection. “When FCUK launched in the ‘90s, it pushed boundaries and was wildly popular with a youth that celebrated individuality and self- expression. The timing is right to bring this back and introduce it to a new generation that shares this attitude and energy.” he said.
FCUK looks comparatively tame today. Fast forward over 20 years and we’re in an age of ‘Fucking Fabulous’ and ‘Bollocks To Brexit’. In a time of ‘alternative facts’ and fake news, people and brands are starting to say it exactly how it is. It feels like there isn’t time for tip-toeing around and the B.S. of previous generations.
Tom Ford originally launched his perfume ‘Fucking Fabulous’ as a limited edition for his Spring Summer 2018 catwalk presentation.
Right - Tom Ford saying how we all feel (sometimes)
According to American website Coveteur on how the name came about; “We were sitting in a meeting smelling the fragrance and Tom said, ‘This is fucking fabulous,’” recalls John Demsey, executive group president of the Estee Lauder Companies, which owns Tom Ford Beauty. “I said, ‘Yeah, it is fucking fabulous.’ He said, ‘Well, why not [call it] Fucking Fabulous?’ So we did. It’s a descriptive. Some people talk about fragrance ingredients; we talk about how it smells.”
For the conservative, American beauty giant Estée Lauder to sign this off was a bold move, especially considering how sensitive the middle of America can be.
“Tom Ford is the consummate gentleman. No one cares more about manners than he does,” adds Demsey. “I understand that this could be offensive to people, but it’s been done in a super elegant, high-end way with good taste. There is a very fine line between what’s salacious and what’s pornographic, what’s erotic and what has a sense of humour. Tom is one of those people who has the ability to do both.”
The PR at Tom Ford Beauty told Coveteur when I asked whether there was any resistance to the name: “This was 100% a Tom decision. We don’t negotiate with Tom Ford.”
Tom Ford has the power and track record to get what he wants and there wouldn’t be many brands or designers brave enough or powerful enough for this to make it through to market. ‘Fucking Fabulous’ has become a cult product even though the scent isn’t particularly memorable.
“I haven’t had this many requests since Tom first went into business with us ten years ago,” Demsey told Coveteur. “Everyone’s asking me, ‘Aren’t I fucking fabulous?’” he said.
This is a case of saying exactly what people think or what you hope they will think, and so it turns to the forthcoming European Elections. The Liberal Democrats slogan ‘Bollocks To Brexit’ isn’t original to them. People have been using it since the referendum, but they have been brave enough to use it and tap into people’s frustrations. It’s definitely a first for politics to be this brave and out there when it comes to campaign slogans. Some have describe it as “coarse” or “crass”, but it’s a very clear message and is exactly what people need today with so much noise on social media and confusing issues and conflicting arguments. It’s decisive.
Lib Dem leader Sir Vince Cable has defended titling the party manifesto “Bollocks to Brexit”, after the BBC’s Andrew Marr refused to read out the name on-air. Marr said: “This is the first manifesto whose title I cannot read out on Sunday morning television. Do you not feel a little embarrassed about the coarseness of your main election slogan?” Sir Vince responded: “A few people objected to it. I looked up the etymology of ‘bollocks to Brexit’ and the first thing I read was it was a word with a long and distinguished history going back to the 18th century.”
Left - Liberal Democrats slogan for the European Elections 2019
What was pioneered by French Connection’s FCUK, has been taken and run with by Tom Ford’s 'Fucking Fabulous’ and the Lib Dems' ‘Bollocks To Brexit’ and shows there isn’t time to pussy-foot around to get your message across. For brands and companies, labels, slogans and names like these are a risk, but this bravery, when it pays off, is rewarded with the both positive and negative energy needed to gain attention in today’s crowded and fractured marketing mix.
Making people feels a little bit uncomfortable and pushing the envelope of polite language and what is deemed acceptable, resonates, leaves a lasting impression and gets people to remember your product. But, it’s a gamble, some will fall fantastically flat. It’s a question of judgement, but the potential gains are worth it.
It’s the modern version of shouting and waving. Staying safe now means getting lost in the middle somewhere. This is like the classic Ronseal type of marketing, saying exactly what’s on the tin, but, now, it’s just what you would say to those closest to you or in private. Say it like it is.
Some of Britain’s best known, mid-sized fashion brands are up for sale. French Connection, Pretty Green and Anya Hindmarch are all rumoured to be looking for new owners. Put LK Bennett into the mix, which recently when into administration, closing five stores and making 55 redundancies, and you have a slew of established British brands trying to forge the next chapter of their existence.
While Anya Hindmarch is more in the luxury pricing category, the others are all premium high-street; asking consumers to stump up more cash for their products in a mid-market squeezed between fast-fashion and ‘luxury’ brands. This is an area that has suffered the most over recent years. Hooked on sales and discounts, many of these brands operate an unsustainable retail network, flabby business model and have suffered due to the demise of the traditional department store.
Putting themselves up for sale is timely. If you’re a foreign investor, British companies have never been so cheap, due to the weakness in the pound and Brexit, but there’s also a watch and wait attitude for most of the retail market at the moment, with many companies, particular private equity, being burnt, over the last few years, and only investing in strong, bankable billion dollar brands.
Left - Anya Hindmarch bag with her quirky sticker designs, but does the brand need to make more conservative product?
French Connection has been on the block for a while now. A brand that reached its zenith in the late 90s, thanks to their provocative and attention seeking FCUK slogan, it had lost its way. It recently went into the black, thanks to an ambitious store closure programme. Recently reported, French Connection made a slim profit of £100,000 for the year to January 31, 2018, compared with a £2.1million loss the year before. Revenues edged up 0.2% to £135.3million but its same-store sales fell 6.8%. French Connection said it will continue to close stores, having shut down more than half of its sites in the past five years. Mike Ashley’s Sports Direct has a 26% stake in the business with founder Stephen Marks, who is also chairman and chief executive, owning almost 40% of it and they say talks were “ongoing” with several potential buyers.
French Connection has done the correct and drastic decision to close the majority of it stores and department store concessions. Truly international, it is not wholly reliant on the UK market, but needs to remind people of their USP and make people feel good about paying more. It needs to decide what the sustainable size of the business is.
Liam Gallagher’s menswear brand Pretty Green, which is named after a song by The Jam, has called in Moorfields Advisory to help look at options for the company. Founded in 2009, Pretty Green channels British Mod culture into branded basics, linking the brand to music heroes and a strong Made-in-England feeling for its more premium ranges. The company said that it was “not immune to the challenges currently facing the UK high street as customers migrate from purchasing in store to online.”
It currently has 14 standalone UK stores and numerous concessions within House of Fraser department stores. The brand lost £500,000 when House of Fraser feel into administration in August 2018. “The growing overall demand for the brand, coupled with a strong online customer base, position the company well to navigate these changes and we are therefore considering all options,” they said with regards to a sale. In the 16 months to January 2018, turnover at Pretty Green rose to £38.2 million and pre-tax losses narrowed to £1.5 million following a £5.6 million loss the year before. Private equity company, Rockpool, invested £11m into Pretty Green in 2017 for a minority stake.
Pretty Green has a very distinctive British look, and, while it has its core Mod audience, it needs to develop and reintroduce itself into the larger men’s market. It has to define what it sells and make men more aware of this. Its small retail network will probably be trimmed further and it’s good they are starting to narrow their losses, but they need to tap into that rich vein of cult British style that Fred Perry and Dr Martens do so well. This cool also translates internationally. Any investor would probably want Liam Gallagher to have a more prominent role at the brand and increase his visibility in it.
Right - Liam Gallagher in Pretty Green
The British luxury goods brand, Anya Hindmarch, has been put up for sale. Mayhoola, the Qatari royal family’s investment fund, which also owns Pal Zileri, Balmain and Valentino, has decided to sell the brand it started buying into in 2012. The fund has grown its stake from 39.9% in 2012 – Mayhoola bought a controlling stake in the company for £27million - to at least 75% by the middle of last year.
Founded in 1987, Anya Hindmarch has become known for her quirky and colourful designs. The brand lost £28.2 million and reported a 10 percent decline in revenue to £37.2 million for the year in 2017, the latest year for publicly available accounts. The selling decision is said to be “mutual”.
Anya Hindmarch has plenty of fun ideas, but, they, as a brand, just need to establish who the customer is. It has a lot of potential, but, unusually for a leather goods company, it needs to focus on more conservative product. Sometimes it’s hard to find a plain, elegant black bag, which means they are missing out on a huge amount of sales. The prices are premium, so the high-fashion, seasonal and quirky fashion product has a limited audience, while more classic and trans-seasonal product would sell well too.
Their £40 stickers were a surprise hit, but, as an example, their candle range has a strange disconnect between customers. I don’t think many of the older women carrying the bags want cartoon eyes and rainbow decorated candles on their coffee tables. It needs to balance the fun with the sophisticated.
This brand would sit well with Burberry - there are rumours they are looking to buy something - or maybe a Mulberry, and drill down into that affordable luxury market more. I think they will have plenty of interest, possibly from the Americans - Tapestry, Capri Holdings - growing their brand portfolios.
If retailers can survive 2019, there is a strong chance they’ll be okay. Investors will want to see that losses are stabilising, or reducing, and there is a clear strategy for the future. Skeleton retail networks, offering enough brand awareness while pushing people online with good product will be the future for these brands. Being less reliant on the department store model and taking your quality product direct to consumers will be the only way to make these brands profitable. You need a point of difference to make people pay more and a feeling they can’t get what you offer anywhere else. The days of chucking huge amounts of money at growing brands is over and private equity will opt for more realistic, tidy returns rather than huge growth.
These brands have that problem of being too big to be nimble and streamlined, while not big or glamourous enough to catch the eye of the big investors to take it somewhere big. Mike Ashley can’t buy everything. Or can he?!
Read more of TheChicGeek's expert comment here
Over the past few decades Turkey has become a powerhouse in fashion manufacturing. Thanks to cheap and plentiful labour, quality producers and its geographical location, at the heart of the world, Turkey is, now, the 6th largest fashion supplier in the world and the 3rd largest supplier to the EU, according to World Trade Organization (WTO) data 2016.
The Turkish lira has been failing this year due, in part, to its high levels of government debt and, in August, thanks to Donald Trump’s clumsy rhetoric over the detention of US pastor Andrew Brunson - he has since been released - and his disagreements over defence policy, the Turkish lira plunged even further.
Trump announced his plans to hike tariffs on Turkish steel and aluminum to 50 percent and 20 percent, respectively.
The Turkish president, Erdogan, at the time, repeated calls for Turks to sell their dollars and euros to shore up the national currency. “Together with our people, we will stand decisively against the dollar, forex prices, inflation and interest rates. We will protect our economic independence by being tight-knit together,” he said.
“We will impose a boycott on U.S. electronic products. If they have iPhones, there is Samsung on the other side, and we have our own Vestel here,” he naively said.
After vehicles, clothing is Turkeys’ most successful export product, earning 9.4% of the country’s total exports. Of them, knitwear amounted to US$ 8.8bn (5.6% of total export), while exports of woven clothing reached US$6.0bn (3.8% of the total) in 2017. The Turkish lira (TL) is the world’s worst-performing major currency, losing more than 40 percent for the year to date. Five years ago a dollar bought TL2. It is now around TL7.
This clearly makes manufacturing much cheaper for foreign companies if paying in the local currency and an opportunity for Turkey to boost exports. Dollars, euros and pounds are all going further. A source, who didn’t want to be named, said, “I just returned from a trip to Turkey. It's been sad for the Turkish economy, but great for UK companies.
“I've seen the devastating results for some of our own teams working in Turkey, but purchasing and manufacturing becomes even more cost effective and we have seen factories willing to reduce their minimums,” they said.
Data from September 2018 showed inflation surged to 17.9 percent year-on-year in August, its highest level since late 2003. The central bank reacted by sharply increasing its benchmark lending rate from 17.75 percent to 24 percent last month. Turkish companies buying and selling in foreign currencies are less affected. The boon is when they pay their workers in the local currency.
Mukesh Desai, works with companies such as Hackett and French Connection, connecting foreign brands with fabric and manufacturing in Turkey, says, “Local factories buy in pounds and euros so there’s not much difference. It just matters when paying wages in lira and is better by around 5-10%”.
Imports become more expensive, but with Turkey being such a huge domestic fabric producer this will limit its impact on buying the raw material and fabrics.
“Some manufacturers are passing it on, some are not.” says Desai. “Everybody from the British high-street is increasing production and the fabric side is all increasing in Turkey.” he says.
One thing to note, though. “Brands are buying less quantities and are not carrying too much inventory, but they are not going to the Far East as much with Turkey being quicker to market.”
Oguz Yucel of MPY Textile Manufacturing, who produce thousands of woven and knitted pieces daily, says, “We are a Turkish company and produce in Turkey, Bulgaria and China.
“Our customers, from Europe, Benelux, Russia, USA, Canada regions, work in euros and dollars, therefore, we do not produce in Turkish, but purchase in euros and dollars and sell in euros and dollars, therefore we have no problem with production,” he says.
“2019, we are going to be 6% bigger”. says Yucel enthusiastically.
With cheaper labour costs, Turkish apparel manufacturers operating in USD will be the main beneficiaries of the change in the exchange rate, but they will be able to become more competitive and reduce their prices to their wholesale customers. Foreign brands and operators will also be able to negotiate harder and drive better deals.
The one place the Turkish currency crisis is affecting negatively is the domestic economy and local fashion industry. Another source, who didn’t want to be named, works for an Istanbul based, international retailer specialising in men’s and women’s contemporary casual wear. They make everything in Turkey, except the outerwear and produce all sorts of jersey tops, knits, light weight woven tops and dresses, shirts, jeans and non denim bottoms.
“On the retail side, all international brands in Turkey raised their sale prices as a quick response,” he says. “Local brands (like us) kept prices to an affordable point. It helps to keep the customer loyalty and bring new customers in. On the other hand it sums up to a profit loss”.
“On the manufacturers' side all exporting factories had the advantage,” he says. “But, there are difficulties with their local customers pricing the new collections and receiving payments".
"All products' costs were dramatically raised up due to fabrics, yarns and accessories prices all being in USD. The payment terms between local brands and suppliers are another case that sourcing and finance teams have to deal with,” he says.
The local Turkish consumers will feel the squeeze and any ambitions that foreign brands or retailers had for growth in Turkey will have to be rejigged to recognise this.
“It will definitely make customers to buy less fashion products in the short term.” he says. “They (consumers) will target more affordable products and retailers. The volumes will slide from better brands to budget retailers. So, the better brands will grow their entry price point product groups to keep their customers.” he says.
While Turkey has become a more attractive place to manufacture and buy fabric from for international brands, in the short term, those retailers or brands may be restricted in their fabric and hardware choices if their suppliers work in Turkish lira and imports become much more expensive.
While the currency has bounced back slightly, it’s still volatile and this makes investors uneasy. While this lira boon may increase demand and production, lower investment, due to the high interest rates and overall caution within the Turkish manufacturing business and economy, may stall growth in production capacity and restrict businesses from reaping the full benefits.
The domestic market will move further towards lower end, homemade product and will definitely dent the luxury international brands unless they can be replaced by tourists with more liras in their pockets. While you’ll probably be seeing an increase in ‘Made in Turkey’ labels in your clothes soon, it will be to the detriment of the local economy.
Looking as hot as the donuts! TheChicGeek is as bold as a tequila sunrise in this OOTD.
Taking his cue from the new romantic mood in menswear, TheChicGeek makes flower corsages and feathers the latest must-have menswear accessories when worn with bright silks, beautiful patterns and colours.
Unpinned with a sharply tailored jacket, let your imagine run wild and escape to a place where there is no limit to male display. Join the Peacock Revolution!
Get involved #PeacockGeek
Credits - Jacket - French Connection Exclusive to Moss Bros, Coral Pin - Tateossian, Shell Shirt - Scotch & Soda, Floral Sweater - Scotch & Soda, Feather Necklace - River Island, Spectacles - Cazal, Watch - Storm London, Bracelet - Tateossian, Belt - Rokit, Trousers - Scotch & Soda, Trainers - Replay, Socks - Item M6, Extreme Blue Fragrance - Michael Kors, Body Defence Sunscreen - Zelens
Shot by Robin Forster on OlympusPEN
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Make your own Gucci-style corsage here