The Race for Talent in Fashion & Luxury
The race for top talent will define the next decade for the luxury and fashion industries.
A new research study finds that many executives in fashion and luxury, like their peers in other industries, are very concerned about securing talented professionals (1). One specific tell-tale: the new study — a collaboration between The Boston Consulting Group (BCG) and The Business of Fashion (BoF) — finds that 50 percent of respondents believe they lack access to the best creative talent; this appears to be especially pressing for smaller independent firms. Their concern is not only about creative roles; they are also anxious to acquire the skills needed to support a wide range of functions.
Earlier research by BCG confirms that companies that excel in a range of key talent development practices see clear economic benefits. The best practitioners see revenue growth that is fully 3.5 times faster than those of companies that have not mastered those HR areas (2). They also demonstrate profit margins that are twice as robust as those of the laggards.
Read more: The Business of Fashion