WEBVTT - BY 2030, BLACK PEOPLE WILL SPEND $70 BILLION ON APPAREL

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

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<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

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<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

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<v Speaker 1>filming and selling child pornography in Michigan. These are just

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<v Speaker 1>some of the heinous migrant criminals caught because of President

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<v Speaker 1>Donald J. Trump's leadership. I'm Christy nom the United States

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<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

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<v Speaker 1>crossings are at the lowest levels ever recorded, and over

0:00:31.760 --> 0:00:34.960
<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

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<v Speaker 1>are here illegally, your next you will be fined nearly

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<v Speaker 1>one thousand dollars a day, imprisoned, and deported.

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<v Speaker 2>You will never return.

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<v Speaker 1>But if you register using our CBP home app and

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<v Speaker 1>leave now, you could be allowed to return legally. Do

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<v Speaker 1>what's right. Leave now. Under President Trump, America's laws, border

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<v Speaker 1>and families will be protected.

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<v Speaker 3>Sponsored by the United States Department of Homeland Security.

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<v Speaker 4>You talked about the working with black brands and corporate,

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<v Speaker 4>So for people that's not even in the fashion world.

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<v Speaker 4>Why is it important for black brands to work with

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<v Speaker 4>corporate and what's the disparities from black brands working with

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<v Speaker 4>corporate as opposed to white brands.

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<v Speaker 5>Working with corporate.

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<v Speaker 6>So two thousand and nine I started to look for

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<v Speaker 6>black designers to be a part of our second show.

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<v Speaker 6>I couldn't really find any black designers, so naively, I said,

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<v Speaker 6>let me go to the department stores where we shop.

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<v Speaker 6>I'm going down the list of all the designers on

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<v Speaker 6>the department store website. Realized that less than one percent

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<v Speaker 6>of the designers that were on those websites were black.

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<v Speaker 6>Then I went and said, well, how much are we

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<v Speaker 6>spending on apparel? In two thousand and nine, we were

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<v Speaker 6>spending twenty two billion dollars a year on apparel product

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<v Speaker 6>And I'm like, this is not matching up at all, Like,

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<v Speaker 6>how do we represent less than one percent of the

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<v Speaker 6>designers but at the same time we're spending all of

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<v Speaker 6>this money on apparel. And at that point I was like,

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<v Speaker 6>how do I start to get more designers of color

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<v Speaker 6>into department stores? And that was hard because for the

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<v Speaker 6>first ten years of HFRS, retailers really didn't retailers and

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<v Speaker 6>brands they weren't the ones really rocking with us. It

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<v Speaker 6>was like brands like Verizon was sponsoring us, or at

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<v Speaker 6>and T or Pandora Jewelry, or Prudential even was partnering

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<v Speaker 6>with us.

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<v Speaker 2>It was really difficult for us to get retailers.

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<v Speaker 6>And so now I'm like, the more we can partner

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<v Speaker 6>brands up with retailers. What it does is a w

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<v Speaker 6>when the designer comes on board for a collaboration like

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<v Speaker 6>the Abercrombie and Fitch one that I'm wearing, they can

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<v Speaker 6>come in and they can just design. They get paid

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<v Speaker 6>a rate that is fair for them. They can come

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<v Speaker 6>in design, they don't have to worry about doing all

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<v Speaker 6>the things. All the infrastructure is there for them, they

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<v Speaker 6>don't have to worry about the manufacturing of it. So

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<v Speaker 6>it's a win for both the designer and also for

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<v Speaker 6>the brand because they get to tell this designer story

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<v Speaker 6>and they get to tap into our culture.

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<v Speaker 5>Like what designer is that the Abercrombie and Fish.

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<v Speaker 6>This is Nicole Benefield. So she was one of the

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<v Speaker 6>designers that we showed. She was the first designer that

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<v Speaker 6>came out of the show.

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<v Speaker 4>So so Nicole Benefield has her own she has own

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<v Speaker 4>own fashion line.

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<v Speaker 5>So she works with Abercrombie.

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<v Speaker 4>Is it just Abercromme or is it Abercrombie slash Nicole Benefield.

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<v Speaker 6>It's it's I wish I had my jacket, look I

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<v Speaker 6>feel like showing so on the label it has at

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<v Speaker 6>HFR Abercrombie and Fitch and the Cold Benefit.

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<v Speaker 5>Also it's everybody, it's every partner on the label. And

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<v Speaker 5>then that helps her explain how that helps her.

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<v Speaker 6>Yeah, so it exposes her to a whole different audience. Right,

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<v Speaker 6>So now Nicole Benefield, so Abercrombie and Fitch is sending

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<v Speaker 6>out marketing emails about Nicole Benefield to all of their

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<v Speaker 6>their audience, right their email audience. People are also learning

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<v Speaker 6>about their her story because they did a lot of

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<v Speaker 6>storytelling and the marketing of it. So it opens her

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<v Speaker 6>up and you know, she also gets paid for that.

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<v Speaker 7>This this feels like when we talked to Steve Stole

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<v Speaker 7>what he was doing with corporate and hip hop, where

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<v Speaker 7>it was he was merging the two. It feels like

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<v Speaker 7>it's a similar story here where you're merging fashion with

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<v Speaker 7>corporate in a sense, how do you find the emerging

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<v Speaker 7>talent so that Nicole's is incredible?

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<v Speaker 5>Right, but I'm sure as.

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<v Speaker 7>Your brand grows, people want to be in front of you,

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<v Speaker 7>so how do you decide and how do you identify

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<v Speaker 7>the next emerging talent to say all right, this is

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<v Speaker 7>worthy to be put with a brand.

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<v Speaker 2>Yeah.

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<v Speaker 6>So we have an online platform called designers Row, So

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<v Speaker 6>any designer can go to our website, Herlmes, Fashion Road

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<v Speaker 6>dot com and once they are in our database, they

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<v Speaker 6>get invited to be a part of designers Raw.

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<v Speaker 2>So really it's very organic. I have a team.

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<v Speaker 6>My team is always scouting new talent. So Nicole Benefitl

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<v Speaker 6>came to me through you know, someone who I knew

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<v Speaker 6>who was like, hey, you should check out this designer.

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<v Speaker 2>I'm always looking for who is a designer that I.

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<v Speaker 6>Feel like has like a new perspective, like somebody who's

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<v Speaker 6>bringing something new and interesting and has like a very

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<v Speaker 6>clear aesthetic of what they have to contribute to this industry.

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<v Speaker 6>And then what I also loved about her in particular

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<v Speaker 6>was that she was she was. Her vision for where

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<v Speaker 6>she was going was so clear when you looked at

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<v Speaker 6>her aesthetic from like we show her collection last year too,

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<v Speaker 6>twenty twenty two, So when you look at her collection

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<v Speaker 6>from twenty twenty two to twenty twenty three.

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<v Speaker 2>It looks like it's just an evolution.

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<v Speaker 6>It didn't like it wasn't like one person here and

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<v Speaker 6>then a whole different kind of ballgame on this side.

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<v Speaker 6>Her vision is really clear, her aesthetic. I think it's

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<v Speaker 6>something that the industry needs. She is a just a

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<v Speaker 6>dope human because we're also we only work with dope

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<v Speaker 6>humans with good character, right, and so we knew when

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<v Speaker 6>Abercrombie came to us and was like, hey, we want

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<v Speaker 6>to do a collab with HFR, like we either Sometimes

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<v Speaker 6>we'll give a brand like three or four options.

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<v Speaker 2>That's what we did with Nike and Lebron.

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<v Speaker 6>Actually we gave them three options and they were like,

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<v Speaker 6>we can't choose, so we're gonna choose all three. With Abercrombie,

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<v Speaker 6>we were like, here's the option, She's the one, and

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<v Speaker 6>they were like, we trust you.

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<v Speaker 7>How is social media? You said you started in two

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<v Speaker 7>thousand and nine with that vision. At this time Facebook

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<v Speaker 7>is prominent, but Instagram isn't yet.

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<v Speaker 2>There's social media. Thank god, there was no social media.

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<v Speaker 5>How is that?

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<v Speaker 7>Ernest?

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<v Speaker 5>What's up?

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<v Speaker 7>You ever walk into a small business and everything just works,

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<v Speaker 7>like the checkout is fast, the seats are digital, tipping

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<v Speaker 7>is a breeze, and you're out the door before the

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<v Speaker 7>line even builds odds are they're using Square. We love

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<v Speaker 7>supporting businesses that run on Square because it just feels seamless.

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<v Speaker 7>Whether it's a local coffee shop, a vendor at a

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<v Speaker 7>pop up market, or even one of our merch partners,

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<v Speaker 7>Square makes it easy for them to take payments, manage inventory,

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<v Speaker 7>and run their business with confidence, all from one simple system.

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<v Speaker 7>If you're a business owner or even just thinking about

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<v Speaker 7>launching something soon, Square is hands down one of the

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<v Speaker 7>best tools out there to help you start, run and grow.

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<v Speaker 7>It's not just about payments, it's about giving you time

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<v Speaker 7>back so you can focus on what matters most ready.

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<v Speaker 7>To see how Square can transform your business, visit Square

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<v Speaker 7>dot com backslash go backslash eyl to learn more that

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<v Speaker 7>Square dot com backslash, go backslash eyl. Don't wait, don't hesitate,

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<v Speaker 7>let's Square handle the back end so you can keep

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<v Speaker 7>pushing your vision forward. This episode is brought to you

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<v Speaker 7>by P and C Bank. A lot of people think

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<v Speaker 7>podcasts about work are boring, and sure, they definitely can be,

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<v Speaker 7>but understanding a professionals routine shows us how they achieve

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<v Speaker 7>Member FDIC.

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

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<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

0:08:32.840 --> 0:08:36.960
<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

0:08:37.040 --> 0:08:40.920
<v Speaker 1>filming and selling child pornography in Michigan. These are just

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<v Speaker 1>some of the heinous migrant criminals caught because of President

0:08:44.840 --> 0:08:48.360
<v Speaker 1>Donald J. Trump's leadership. I'm Christy nom the United States

0:08:48.440 --> 0:08:53.200
<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

0:08:53.240 --> 0:08:56.800
<v Speaker 1>crossings are at the lowest levels ever recorded, and over

0:08:56.880 --> 0:08:59.120
<v Speaker 1>one hundred thousand illegal aliens.

0:08:58.679 --> 0:08:59.439
<v Speaker 2>Have been arrested.

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<v Speaker 1>If you were here illegally, your next you will be

0:09:03.400 --> 0:09:07.240
<v Speaker 1>fine nearly one thousand dollars a day. Imprisoned and deported,

0:09:07.720 --> 0:09:10.959
<v Speaker 1>you will never return but if you register using our

0:09:11.000 --> 0:09:14.199
<v Speaker 1>CBP home app and leave now, you could be allowed

0:09:14.200 --> 0:09:18.800
<v Speaker 1>to return legally. Do what's right, leave now. Under President

0:09:18.840 --> 0:09:22.920
<v Speaker 1>Trump America's laws, border and families will be protected.

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<v Speaker 3>Sponsored by the United States Department of Homeland Security.

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<v Speaker 7>I guess the work that you're doing right, because I

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<v Speaker 7>feel like everybody now has a look book on Instagram.

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<v Speaker 6>It definitely changes. Like I'm able to see designers. I'm

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<v Speaker 6>able to literally go to a designer's Instagram page and

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<v Speaker 6>walk into their world like quickly, and I can tell

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<v Speaker 6>so much just by scrolling up.

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<v Speaker 4>So okay, so what is the problem. Why is there

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<v Speaker 4>not a lot of black designers? What's the what's stopping

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<v Speaker 4>black designers from becoming mainstream or penetrating that market? Less

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<v Speaker 4>than you said, one percent of the money from black

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<v Speaker 4>people go to black designers.

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<v Speaker 2>Yeah, when you think about the designers who.

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<v Speaker 5>Have made it, and exactly right, you said one percent.

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<v Speaker 2>Less than one percent, it's maybe three percent.

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<v Speaker 5>Now, the money that black people spend on clothes.

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<v Speaker 6>No less than one percent of the designer sold on

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<v Speaker 6>major department stores website.

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<v Speaker 4>Okay, do you know how much percent black people spend

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<v Speaker 4>on on apparels on like black designers.

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<v Speaker 6>So here's interesting. I don't know how much they spend

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<v Speaker 6>on black designers, but Mackenzie released the study. So by

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<v Speaker 6>the year twenty thirty, we're gonna spend Black people are

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<v Speaker 6>gonna spend seventy billion.

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<v Speaker 2>Dollars a year on apparel. The other thing that was interesting.

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<v Speaker 6>About that study is that black black people are three

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<v Speaker 6>times more likely to switch brands if it's a black

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<v Speaker 6>founder or black creative brand. That just really happened, I

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<v Speaker 6>think after twenty twenty. I feel like after twenty twenty,

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<v Speaker 6>we all were like, if we're gonna make it, we.

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<v Speaker 2>Got to take care of ourselves.

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<v Speaker 6>And so with that though, well that's a huge I

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<v Speaker 6>think opportunity for brands is a huge opportunity for an

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<v Speaker 6>investor who wants to really invest in black brands as well,

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<v Speaker 6>because consumers are now ready to shop the black brands.

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<v Speaker 6>But the challenge is we don't have the infrastructure. So

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<v Speaker 6>imagine if we had like an LVMH, like a holding company,

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<v Speaker 6>an LVMAGE or Caring or Tapestry or you know, an

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<v Speaker 6>authentic groups type brand or something like that that was

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<v Speaker 6>a holding company that provided all of the infrastructure for

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<v Speaker 6>black designers. Like think about that right, and they provided

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<v Speaker 6>all the operations, the manufacturing partnerships.

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<v Speaker 2>That that's what we've been missing.

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<v Speaker 6>Like if we had that, the opportunity for black brands

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<v Speaker 6>and where they could go is really limitless. What we've

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<v Speaker 6>been missing really is the funding, the infrastructure, the operational capacity,

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<v Speaker 6>the manufacturing kind of you address those things like there's

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<v Speaker 6>no limit to how far we can go, and it's

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<v Speaker 6>kind of crazy that no one has really seen that

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<v Speaker 6>as an opportunity.

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<v Speaker 4>Well, I think Kanye spoke about that. That's when he

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<v Speaker 4>was I want to go back to that, but before

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<v Speaker 4>let's go, let's talk about this. Then when Yay was

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<v Speaker 4>like he didn't have the infrastructure pretty much paraphrasing, and

0:12:18.520 --> 0:12:22.079
<v Speaker 4>that's when Sway that legendary conversation with him and Swet.

0:12:23.480 --> 0:12:26.520
<v Speaker 4>That's what you're referring to because LVMH. Everybody hears about LVMH.

0:12:26.640 --> 0:12:29.800
<v Speaker 4>What exactly does LVMH What do they do? We know

0:12:29.840 --> 0:12:31.920
<v Speaker 4>that they own all of these luxury brands, but you

0:12:31.960 --> 0:12:36.080
<v Speaker 4>say the holding company provides infrastructure, So what exactly does

0:12:36.400 --> 0:12:40.360
<v Speaker 4>LVMH do for all of these brands that their own

0:12:40.440 --> 0:12:41.240
<v Speaker 4>have ownership in?

0:12:41.440 --> 0:12:44.240
<v Speaker 6>They provide the revenue for those brands that's a big

0:12:44.280 --> 0:12:47.280
<v Speaker 6>piece of it, which then allows them to be able

0:12:47.320 --> 0:12:50.800
<v Speaker 6>to do proper marketing, and it also allows them to

0:12:50.880 --> 0:12:53.040
<v Speaker 6>tap into LVMH's infrastructure.

0:12:53.120 --> 0:12:54.160
<v Speaker 2>So what is that like?

0:12:54.400 --> 0:13:01.360
<v Speaker 6>Accounting, manufacturing support, operational support. Those are the things that

0:13:01.440 --> 0:13:06.440
<v Speaker 6>a lot of times smaller brands are struggling with cash flow,

0:13:06.960 --> 0:13:09.359
<v Speaker 6>you know, which is a problem for all small businesses.

0:13:09.600 --> 0:13:13.160
<v Speaker 2>You don't have to imagine if you could just go create.

0:13:15.040 --> 0:13:17.320
<v Speaker 6>And and and do the things that you actually love

0:13:17.360 --> 0:13:20.560
<v Speaker 6>in a business without having to worry about all of

0:13:20.600 --> 0:13:24.400
<v Speaker 6>the business operations of what it takes, because that's what

0:13:24.480 --> 0:13:27.960
<v Speaker 6>takes small businesses out. It's the cash flow, it's the

0:13:28.360 --> 0:13:31.120
<v Speaker 6>you know, the accounting piece.

0:13:31.520 --> 0:13:34.199
<v Speaker 5>Was Ya correct in his assessment, but I.

0:13:34.160 --> 0:13:36.079
<v Speaker 2>Feel like Yay also could have.

0:13:38.320 --> 0:13:41.280
<v Speaker 7>In a sense because even LVMH, they have a bunch

0:13:41.360 --> 0:13:43.560
<v Speaker 7>of companies, but there's really like probably five or six

0:13:43.880 --> 0:13:45.720
<v Speaker 7>that account for most of the revenue ablutely.

0:13:45.760 --> 0:13:47.800
<v Speaker 2>I mean, Louis of a Ton is like their number one, never.

0:13:47.640 --> 0:13:50.160
<v Speaker 7>One by far, yes, right, and then there's like forty

0:13:50.160 --> 0:13:52.880
<v Speaker 7>other brands, but they don't generate as much, not even close, right,

0:13:52.920 --> 0:13:57.520
<v Speaker 7>And so it can offset some things infrastructure. From what

0:13:57.559 --> 0:14:00.679
<v Speaker 7>I'm hearing it sounds like, let's just use Harlem Fashion

0:14:00.720 --> 0:14:03.480
<v Speaker 7>role as the holding company for black brands in the

0:14:03.559 --> 0:14:05.599
<v Speaker 7>sense where tel Far can exist under there in the

0:14:05.640 --> 0:14:07.840
<v Speaker 7>cole benefit, they could all exist under there and then

0:14:07.880 --> 0:14:09.880
<v Speaker 7>we can grow together. I feel like what we've seen,

0:14:10.080 --> 0:14:13.800
<v Speaker 7>especially from our designers, is very individualistic, right. It's like,

0:14:14.280 --> 0:14:16.400
<v Speaker 7>I mean, well, can use show a jump by itself,

0:14:16.480 --> 0:14:19.760
<v Speaker 7>food by itself, but there's not one piece that holds

0:14:19.760 --> 0:14:22.240
<v Speaker 7>it all together to say, let's build so we can

0:14:22.280 --> 0:14:23.680
<v Speaker 7>have an LBMA type situation.

0:14:23.920 --> 0:14:24.160
<v Speaker 2>Yeah.

0:14:24.320 --> 0:14:27.080
<v Speaker 6>Absolutely, Like if you look at the fact that Tapestry

0:14:27.160 --> 0:14:30.520
<v Speaker 6>just Balker pre holdings, right, that's going to make it

0:14:30.560 --> 0:14:34.680
<v Speaker 6>one of the largest, you know, fashion conglomerates in the

0:14:34.800 --> 0:14:39.960
<v Speaker 6>US if it hasn't already done that. So if we

0:14:40.200 --> 0:14:43.160
<v Speaker 6>had that, even if we started with three brands, it

0:14:43.240 --> 0:14:47.120
<v Speaker 6>would it would it would be building upon something that

0:14:47.120 --> 0:14:51.000
<v Speaker 6>could be like a legacy like or huge legacy brand.

0:14:52.840 --> 0:14:55.160
<v Speaker 6>I just see there's a lot of opportunity there because

0:14:55.200 --> 0:14:57.920
<v Speaker 6>consumers are ready. Consumers are ready to shop black brands.

0:14:58.520 --> 0:15:02.200
<v Speaker 1>An illegal alien from Guatema charged with raping a child

0:15:02.240 --> 0:15:06.000
<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

0:15:06.240 --> 0:15:10.400
<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

0:15:10.480 --> 0:15:14.360
<v Speaker 1>filming and selling child pornography in Michigan. These are just

0:15:14.440 --> 0:15:18.240
<v Speaker 1>some of the heinous migrant criminals caught because of President

0:15:18.240 --> 0:15:18.680
<v Speaker 1>Donald J.

0:15:18.760 --> 0:15:19.720
<v Speaker 2>Trump's leadership.

0:15:20.000 --> 0:15:23.640
<v Speaker 1>I'm Christy nom the United States Secretary of Homeland Security.

0:15:23.960 --> 0:15:27.720
<v Speaker 1>Under President Trump, attempted illegal border crossings are at the

0:15:27.760 --> 0:15:31.640
<v Speaker 1>lowest levels ever recorded, and over one hundred thousand illegal

0:15:31.640 --> 0:15:35.480
<v Speaker 1>aliens have been arrested. If you are here illegally, your

0:15:35.560 --> 0:15:39.720
<v Speaker 1>next you will be fine nearly one thousand dollars a day, imprisoned,

0:15:40.000 --> 0:15:43.640
<v Speaker 1>and deported, you will never return. But if you register

0:15:43.960 --> 0:15:47.080
<v Speaker 1>using our CBP home app and leave now, you could

0:15:47.120 --> 0:15:49.840
<v Speaker 1>be allowed to return legally. Do what's right.

0:15:50.400 --> 0:15:51.280
<v Speaker 2>Leave now.

0:15:51.560 --> 0:15:56.360
<v Speaker 1>Under President Trump, America's laws, border and families will be protected.

0:15:56.480 --> 0:15:58.560
<v Speaker 3>Sponsored by the United States Department of Homeland Security.