Captains of Fashion

Recently, I went to a lecture for the Captains of Fashion series. In attendance was Mark Werts, sponsor of the Captains of Fashion series and CEO and founder of American Rag CIE; Ron Friedman, a CPA at Principal, Stonefield Josephson, Inc.; Ilse Metchek, President of the California Fashion Association; and Larry Russ, an attorney and founding partner at Russ, Kabat, & August. As a business major, this lecture was particularly interesting to me because it emphasized the business of fashion. All three guest speakers spoke about how to maintain a fashion company, particular in Los Angeles and in this economy. Ilse Metchek, who very obviously had a wealth of knowledge on the subject, gave a simple yet informative lecture on the basic tools needed for success, which included timeliness, a thorough knowledge of fashion history and trends, and basic understanding of the Microsoft Suite. She also stressed the importance of knowing geography and the state of the economy in different countries that one would import or export from. She also shared interesting facts about the fashion industry today, including the fact that the return rate of online purchases, 42%.

Larry Russ spoke about the importance of a good lawyer. A lawyer can help you decide if you want your company to be a sole proprietorship, a partnership, a corporation, or a LLC. He also helps with all the research that comes with finding an original product and an original name for the company. Oftentimes, starting companies get sued right when they start because their name has already been used by someone else. Also, the protection of intellectual property, like your designs, is in the hands of your lawyer, so an experienced lawyer is important.

Ron Friedman lectured on basic accounting needed to start a company. He provided us with typical, and for me, all too familiar, balance sheets and income statements that acted as the backbone of a business. Like all the speakers before him, Ron stressed the importance of a good team. Without a good team, your idea is viturally useless.

Though this lecture was not very design based, I thought it was interesting to see what comes after design and how to be successful with your designs.