Designers need to reposition their businesses as startups to tap into much-needed investment, says menswear designer, Ozwald Boateng, on the latest episode of TheCurrent Innovators podcast.
In conversation with Liz Bacelar at a Spotify event in Paris, Boateng, whose body of work propelled the craftsmanship of London’s Savile Row to international recognition, says he believes the creative world needs to learn from technology in terms of how it approaches funding.
The fashion industry’s model of investors taking control of designers’ names early on is broken, he explains, saying that we can all learn from new direct-to-consumer businesses that have overcome this by approaching differently the way that they’re backed instead.
“What amazes me is when you see these young creative talents, still owning sizeable chunks of the business after raising so much money and getting these valuations of a billion plus – you kind of go, my god, can that really happen, it’s almost like a dream, but in the tech world, it’s the norm,” he notes.
“This creates a huge amount of independence and opportunity for the designer – you’re no longer forced to follow the rules, so that’s exciting. For me as a business, I’m looking at ways to take advantage of that.”
Conversely, he says the technology world also needs to learn from creatives. “I think if more designers looked at the world of technology and applied their creative to the tech, I am sure we would see some very interesting and groundbreaking ideas,” he comments.
He explains that designers are trained to always look forward, to spot trends and understand needs, so it’s something he believes would work exceptionally well when applied to technology.
“I would happily use a body scanner [for my made-to-measure suits], it makes a lot of sense. But there’s a lot of things I could add in terms of how I need the technology to work,” he notes.
“So I see a partnership. Eventually both [designers and tech companies] will see they need each other, and then they’ll just make it work.”
During the conversation, the duo also talk about his new uniform designs for British Airways, his time as creative director at Givenchy and the role of race and diversity in the industry.
Catch up with all of our episodes of TheCurrent Innovators here. The series is a weekly conversation with visionaries, executives and entrepreneurs. It’s backed by TheCurrent, a consultancy transforming how consumer retail brands intersect with technology. We deliver innovative integrations and experiences, powered by a network of top technologies and startups. Get in touch to learn more.