Collaborations were a recurring theme at the Fast Company Innovation Festival, which took place in New York this week, with a push for retailers to increasingly step out of their comfort zones.
On a panel about strategies for wooing younger customers, Daniella Vitale, CEO of Barneys New York, said that finding good partners to collaborate with is hard. “They need to have a willingness to look outside the model that already exists, but there’s this desire to control the brand a certain way,” she explained. “It’s not all the time that it’s easy to convince people to do it our way.”
This is an even bigger challenge when working with legacy brands that have been successful with the same approach for 30 years, she added. “Brands have to think about how Barneys can add value when they participate in a drop, or by doing an exclusive capsule line with us, or doing something online when normally they don’t sell their product online. We need partners to come on this journey with us.”
The creative industry has a lot to teach retail about the importance of taking a risk in order to achieve success through collaboration, other speakers noted. Pharrell Williams, for example, talked to taking a leap of faith when he recorded Happy, the 2014 best-selling single that earned him an Oscar nomination. “The career risks we take are the ones most rewarding,” Williams remarked in a panel about creativity and collaboration.
Pointing across the stage to Chris Meledandri, founder and CEO of film and animation studio Illumination, and his collaborator on the track, Williams added: “I’m grateful when people see things I can’t see.” The two worked together on Happy for 2010’s animated film Despicable Me. This was the first time the artist had ever recorded a soundtrack.
Melendandri, who was previously president at the 20th Century Fox Animation studio, also weighed in on the importance of constant self-disruption. “The natural tendency when you hit a period of success is to stop taking risks because you think there’s safety in replicating what you’ve done before. That’s the greatest danger,” he warned.
“Comfort is very sneaky,” agreed Williams. “It feels good, and sometimes you don’t even realize you’re comfortable. But to get the best out of yourself, you have to put yourself into positions where you’re uncomfortable or vulnerable.”
Collaborations between brands that complement one another from a lifestyle perspective have long been a successful recipe for many brands, as also noted earlier this year at the SXSW festival, in a discussion between SoulCycle, Madewell and Milk Bar.
Increasingly, however, legacy brands and retailers are deploying a collaborative approach to target a younger consumer who thinks beyond seasons, and shops and discovers brands in a much less linear fashion. Many would argue that collaborations with younger, more cult brands are also a shortcut into getting the consumer to think differently about a more established player, as recently seen by the announcement of Ralph Lauren’s first collaboration with British skatewear label Palace.
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