The Lead Summit 2024: Key Takeaways

WRITTEN BY: CHARU SUBRAMANIAN

Last month I visited New York City to attend The Lead Summit. The last time I was at the Lead was back in 2019, and oh boy!  So much has changed! The event scale has likely quadrupled and the sessions were packed with incredible speakers and interviewers. While I can’t wait to be back in town for next year’s Lead Summit, here are some of my top takeaways from Lead Summit 2024.

REIMAGING STORES FOR HOW AN OMNICHANNEL CUSTOMER SHOPS TODAY 

Panelist: Linda Li Steiner, Head of Customer Activation & Marketing, H&M Americas

Interviewer: Danny Parisi, Senior Fashion Reporter, Glossy

Long time listener of Danny Parisi on The Glossy Podcast, I knew this would be a great conversation to kick off day one of the Lead Summit. Linda highlighted how in today’s retail landscape, the omnichannel approach is ubiquitous, extending far beyond just brick-and-mortar stores and online shopping. 

Experiential stores have become essential, offering unique features that create memorable shopping experiences. These physical locations serve as vital acquisition points due to their sheer number and accessibility, drawing in customers who may later make purchases or browse online. The online platform, in turn, provides valuable data and insights into consumer behavior. Ultimately, the key to customer retention lies in delivering a positive shopping experience, both in-store and online, ensuring that shoppers return again and again.

Panelist: Andrea DiNunzio, GM, Luxury Skincare, Coty
Interviewer: Cathaleen Chen, Editor, The Business of Fashion 

As someone who is skincare obsessed, I was so excited to listen to this session. Andrea emphasized how Philosophy’s Skin Academy exemplifies the brand’s commitment to immersive, in-person experiences by inviting VIP editors and influencers to learn about their products and brand story. Recognizing consumers heightened desire for face-to-face interactions, especially post-pandemic, Philosophy shares its narrative, grounded in science and the expertise of its aesthetician founder,  through hands-on product experiences. Complementing this is a spa for Orveda and a dedicated event space where guests interested in longevity and skin technology can gather for dinners and community events. 

These initiatives not only foster a sense of community among like-minded individuals but also serve as significant brand-building opportunities, elevating the overall brand experience and expanding its reach.

STORE EXPERIENCES THAT DRIVE BRAND AFFINITY AND LOYALTY

Panelist: Lynda Fisher, Chief Revenue Officer, Rowan | Adriana Carrig, CEO & Founder, Little Words Project | Giovanni Lepori, VP Global Retail Development, Rothy’s
Interviewer: Ann Gehan, Reporter, The Information

Having just gotten my ears pierced the day before, I wish I had known about Rowan and could have checked them out instead! 

Lynda talked about how Rowan’s approach to the store experience focuses on driving customer loyalty by creating memorable moments, such as celebrating when a child gets their ears pierced. This milestone is made even more special and reassuring for parents because Rowan employs only licensed nurses to perform the piercings, ensuring safety and professionalism. This dedication to a high-quality, trustworthy service not only enhances the in-store experience but also fosters a strong sense of loyalty among customers, who appreciate the care and expertise provided.

I love jewelry that have some story or meaning and loved when Adriana shared that Little Words Project‘s bracelets offer a unique way to showcase inspiring words, featuring ID tags that allow wearers to pass them on to others and track their journey. This concept fosters a sense of connection and positivity, making the bracelets more than just accessories. In their retail locations, the beading table, where customers can create their personalized bracelets, has become the number one SKU, highlighting the popularity of interactive and customizable experiences. Expanding their presence, Little Words Project is set to open a new location in Nashville, strategically targeting the vibrant bachelorette scene, which promises to be a perfect fit for their community-driven and celebratory brand ethos.

This one was a personal favorite as I have worked at Rothy’s before and am always rooting for the brand. Gio talked about how Rothy’s has honed in on creating an exceptional in-store experience, emphasizing the importance of trying on products to understand size and fit accurately. This approach not only ensures customer satisfaction but also significantly reduces returns and the associated carbon footprint. The concept of floating inventory allows Rothy’s to maintain sustainability by minimizing waste. By offering a luxury experience without the hefty price tag, Rothy’s delivers focused, personalized attention in their stores, something that can’t be replicated online. This blend of sustainability, luxury, and customer-centric service underscores Rothy’s commitment to an elevated yet eco-conscious retail experience.

THINK GLOBAL ACT LOCAL AND PERSONAL – HOW INTERNATIONAL BRANDS ARE TARGETING US CONSUMERS

Panelist: Daniel Martinez, Global Retail Director, Farm Rio
Interviewer: Marie Driscoll, Adjunct Professor, The New School and FIT 

I love Farm Rio and I look to that brand for clothing that gives me joy as well as design with quality. Daniel shared how Farm Rio, one of the largest B Corp fashion groups, is expanding its global footprint with a new store opening in Dubai, adding to its impressive presence in 2,500 wholesale locations. Their universal message, “Dress in happiness,” resonates with customers worldwide, embodying the concept of dopamine dressing. Farm Rio excels at knowing their market by staying true to their core values while adapting to local tastes. They strategically use pop-ups, store takeovers, and shop-in-shops to test and understand new customer bases. Collaborations allow them to reach broader audiences and explore innovative products. Both organic and paid media play crucial roles in building brand awareness and driving their success in diverse markets.

PART B: UNDERSTANDING AND REFLECTING THE CULTURAL NUANCES OF A INCREASINGLY DIVERSE CONSUMER

Panelist: Maloni Goss, Head of Insights, Chanel
Interviewer: Kimberly Lee Minor, CEO, WOC Retail Alliance 

One of the biggest takeaways from this conversation for me was when Maloni Goss shared the insights from The McKinsey report “Diversity Matters Even More: The Case for Holistic Impact”. Goss emphasized the takeaways from this report such as the business case for diversity, equity, and inclusion (DEI) is stronger than ever, showing that companies with diverse leadership are more likely to outperform their peers. 

The report highlights that firms in the top quartile for gender diversity on executive teams were 25% more likely to have above-average profitability compared to those in the bottom quartile. This likelihood increases to 36% for companies with high ethnic and cultural diversity. However, overall progress has been slow; for instance, female representation on executive teams rose only slightly from 15% in 2014 to 20% in 2019 in the U.S. and the U.K. Ethnic diversity also saw minimal improvement, with minority representation on executive teams growing from 7% to 13% over the same period. The report underscores the need for a systematic approach to DEI, integrating inclusive practices to unlock performance and drive positive impact. Source 

To connect with Charu on her brand building strategies weaving in the omni-channel strategies above, schedule time with her below.