:00:00. > :00:00.industry? The chief executive of the fashion house Oscar de la Renta
:00:00. > :00:07.along with some up`and`coming Asian fashion designers now talk business
:00:08. > :00:12.with Linda Yueh. Long time buyers of fashion, Asians are now entering the
:00:13. > :00:17.business. How challenging is it to enter where Europeans and Americans
:00:18. > :00:18.dominate? Here in Singapore I'm Linda Yueh and we are talking
:00:19. > :00:45.business. A warm welcome to the programme.
:00:46. > :00:49.When we hear about high fashion the associated with European and
:00:50. > :00:54.American designers like Giorgio Armani and Ralph Lauren. Asian
:00:55. > :00:57.designers are not among the billion`dollar fashion houses. Later
:00:58. > :01:05.in the programme we hear about how the fashion scene is changing in
:01:06. > :01:09.Asia. First, I got to speak at the head of Oscar de la Renta, one of
:01:10. > :01:14.the top names in high fashion. Known for dressing first ladies from
:01:15. > :01:18.Jackie Kennedy to Hillary Clinton, his designs are out of the reach of
:01:19. > :01:23.most people. In the fashion business for half a century his gowns worn by
:01:24. > :01:28.actresses and celebrities on the red carpet. It was only a decade ago the
:01:29. > :01:32.firm branched out into retail and moved into locations
:01:33. > :01:36.internationally. Designers such as Prada which are owned by large
:01:37. > :01:44.conglomerates, Oscar de la Renta is still run by him and his family. I
:01:45. > :01:48.caught up with the CEO of Oscar de la Renta, Alex bone and is the
:01:49. > :01:53.son`in`law of Oscar de la Renta and has been instrumental in expanding
:01:54. > :02:03.the business into more retail stores. `
:02:04. > :02:11.it was an opportunity. I joined about ten years ago. I was very
:02:12. > :02:16.surprised to learn how Eurocentric our business was. Oscar is somebody
:02:17. > :02:22.who was known around the world and there was a great opportunity for
:02:23. > :02:26.the international market. We thought there was a great opportunity to
:02:27. > :02:30.push you the retail store strategy to show customers exactly what our
:02:31. > :02:38.vision for the brand was. ` Percy. We're pleased with our results. What
:02:39. > :02:46.about the Asian market. ` pursue. It is funny when you say the Asian
:02:47. > :02:50.market, is becoming increasingly difficult to generalise. Each of the
:02:51. > :02:53.markets is very different. What is important in Singapore is not the
:02:54. > :03:02.same as what is important in career or mainland China. For example our
:03:03. > :03:06.bridal business is very important in Korea and Singapore. We want use
:03:07. > :03:11.places we strong to expand the brand that print. We will figure our where
:03:12. > :03:15.we can do more business based on where our brand is well known.
:03:16. > :03:18.Singapore is a place we have established a bridal business, have
:03:19. > :03:22.some excellent ready to wear partners and hope to do more. You
:03:23. > :03:25.are one of the few fashion houses which are not owned by
:03:26. > :03:30.conglomerates, it is still family run. How much pressure does that put
:03:31. > :03:33.on the business, because you are competing against some pretty deep
:03:34. > :03:41.pockets when you look at some of the other conglomerates that own brands.
:03:42. > :03:45.There are sometimes when I look at the advertising budget and the
:03:46. > :03:49.ability to command real estate that some of the conglomerates can do,
:03:50. > :03:55.that I'm a little envious of. By and large, we offer a proposition to
:03:56. > :04:01.people that is a bit different than some of the bigger conglomerates,
:04:02. > :04:04.and our family approach is something that not only applies to people who
:04:05. > :04:10.are literally in our family but people who work with us. By and
:04:11. > :04:15.large, our status as an Independent puts a tremendous amount of
:04:16. > :04:20.advantage in terms of people, and we happy proceeding as a family in
:04:21. > :04:23.business. If you were approached to be bought, surely would look at
:04:24. > :04:30.that? At the end of the day we are capitalists, and the would listen to
:04:31. > :04:35.what anyone has to say. We have no plans to do anything. You sell a
:04:36. > :04:39.business when you're out of ideas and we have plenty of ideas. Going
:04:40. > :04:45.back to those ideas, moving into retail, how hard is it to go from
:04:46. > :04:52.designing for first ladies, and for high fashion, being sold at high
:04:53. > :04:57.prices, to make that transition into the retail sector, where, how does
:04:58. > :05:05.that differ in terms of the design and the pricing? I think as to the
:05:06. > :05:10.design, you're probably better to ask Oscar. I think the challenges,
:05:11. > :05:15.whether it is wholesale or retail, the United States markets around the
:05:16. > :05:18.world, at the end of the day we're trying to come or skip 20 make sure
:05:19. > :05:25.women look beautiful, and I'm trained to offer something that is
:05:26. > :05:28.good value. ` Oscar is trying to. Trying to offer. Good value and
:05:29. > :05:35.appropriate price for what the customer needs, how she want is to
:05:36. > :05:47.look from life. ` wants to look for life.
:05:48. > :05:53.It sounds like the design is still very much run by your father`in`law
:05:54. > :06:01.Oscar. What about succession planning? We are blessed with a
:06:02. > :06:05.great team. Oscar has many assistants, some of whom have worked
:06:06. > :06:11.with him for many years. Some of whom are new. All of whom are
:06:12. > :06:17.important to what Oscar does. He solicits the opinions of a broad
:06:18. > :06:22.group of people as he approaches design. I don't think Oscar has any
:06:23. > :06:27.plans to make big changes any time soon. We are blessed to have a team
:06:28. > :06:33.that is very talented and let us keep doing what we are doing. Any
:06:34. > :06:37.time you have a brand which is associated with the Sinai you must
:06:38. > :06:46.have struck at some point, he would take on the mantle? ` group the
:06:47. > :06:49.brand, you would have to stop it depends when Oscar decides he wants
:06:50. > :06:55.to stop doing what he's doing. We will figure out the right way
:06:56. > :07:00.forward. Fortunately, if that happened tomorrow, we have a great
:07:01. > :07:07.group of people in our office who know very well how to design for our
:07:08. > :07:14.customers around the world. What is it like working for your
:07:15. > :07:19.father`in`law? I thought a lot about whether I wanted to work every day
:07:20. > :07:24.with my wife and my wife's family. A lot of people asked me if I was
:07:25. > :07:29.nuts. But I wasn't nuts. It has been a lot of fun. We have done a lot of
:07:30. > :07:36.interesting things. We had lots of success. We have a lot of work to
:07:37. > :07:44.do. I've enjoyed it immensely. I'm a big believer that businesses
:07:45. > :07:48.ultimately an apprenticeship regardless of where you are. The
:07:49. > :07:54.reason I decided to join the company was I didn't think I could pass up
:07:55. > :07:57.the opportunity to work with Oscar. He is somebody, next year we will
:07:58. > :08:05.celebrate 50th anniversary, and I think that one not only survives but
:08:06. > :08:10.thrives in this business, by knowing what you are doing, and I wanted to
:08:11. > :08:16.learn from Oscar. That has been a decision I haven't regretted. When I
:08:17. > :08:19.speak with the designers in the creative industry, there were
:08:20. > :08:23.sometimes attention based on what they do, based on passion and
:08:24. > :08:27.creativity versus the business side. Coming from a financial background,
:08:28. > :08:32.how have you managed that? You work with a lot of creative people. If
:08:33. > :08:37.you say we need to bring the prices down on the stress, for this market
:08:38. > :08:46.in this store, I want a different fabric, how do you reconcile that? `
:08:47. > :08:50.this dress. I hear that a lot, so I suppose it must be the case at other
:08:51. > :08:55.companies that the tension exists. It doesn't exist in our company.
:08:56. > :09:04.Oscar has told me before, design without a commercial purpose is an
:09:05. > :09:08.art project, we are not conducting an art project, it is a business.
:09:09. > :09:12.There is a dialogue about how we arrive at the best result, balancing
:09:13. > :09:18.the needs of what our customer wants in the commercial needs of our
:09:19. > :09:22.business. Oscar is very much a business person. We approach things
:09:23. > :09:25.that way. I wouldn't say that from time to time there are not some
:09:26. > :09:31.disagreements but nevertheless we find the right way forward. Oscar
:09:32. > :09:34.first and foremost is very much a business person. Finally, who is
:09:35. > :09:48.your favourite designer that you would wear? I shop at Prost
:09:49. > :09:50.Brothers, it is a little boring. ` Bros. We are considering getting
:09:51. > :10:04.Singapore designers like these being into the men's
:10:05. > :10:09.Singapore designers like these being shown in Singapore, are the reason
:10:10. > :10:19.why it and soul are now among the top ten cities for Broshaute
:10:20. > :10:33.couture. These Asian cities boast some of the highest growing luxury
:10:34. > :10:38.in the market. `` shaute haute couture. Now find out how the Asian
:10:39. > :10:45.fashion scene is changing, I caught up with elation designer ` Malaysia
:10:46. > :10:46.and designer, and the boss of a Singapore fashion house that is
:10:47. > :10:59.expanding globally. It has always been that Asia was the
:11:00. > :11:05.place where you went to produce your fashion product, and got a good
:11:06. > :11:11.price for it. Nobody expected answers and workmanship to come from
:11:12. > :11:17.Asia. Now it is beginning to change because all of a sudden we are
:11:18. > :11:23.hearing and seeing a lot of Asian talent and designers coming onto the
:11:24. > :11:27.scene and beginning to make a mark in the West, where it was always the
:11:28. > :11:31.other way round. Priscilla, you are one of those designers who is Asian,
:11:32. > :11:35.what has made the change for you when you think about entering into
:11:36. > :11:39.fashion. Are you daunted by the fact most of the big houses are
:11:40. > :11:50.traditionally Western? No, it works in my favour. I'm thrilled by it. It
:11:51. > :11:57.is now or never. The timeline to know belongs to Asia. I feel it
:11:58. > :12:02.belongs to my generation. ` the time right now. I remember when I was
:12:03. > :12:07.studying patter`making and dressmaking in London, and being in
:12:08. > :12:13.a city like that, in the fashion capital like that, the kind of
:12:14. > :12:19.competition, the energy, the pace of it, the majority of the industry, ``
:12:20. > :12:24.surety, I could've chosen to stay there if I wanted to. Why did you
:12:25. > :12:30.come back to Asia? This is the place to be, this is the place I felt I
:12:31. > :12:34.could the movement I wanted to, I could make the changes I believe I
:12:35. > :12:41.needed to, I felt the time was right. I don't think in Asia we have
:12:42. > :12:50.had these levels of education, this amount of people who can understand
:12:51. > :12:54.and speak English, who can travel, who can afford fashion. Who can
:12:55. > :12:59.afford to appreciate fashion. Is that why you started the fashion
:13:00. > :13:05.line you are expanding internationally? Part of the reason
:13:06. > :13:09.the cornerstone of our business, is bringing brands in on franchising
:13:10. > :13:13.them in south`east Asia. That will always be our business. We wanted to
:13:14. > :13:18.have a business that was reaching out internationally, so we could
:13:19. > :13:24.export to the world, and not just focus on south`east Asia. It has
:13:25. > :13:28.been a real journey for us, we started many years ago, it is only
:13:29. > :13:34.over the last couple of years we have gone out intentionally, to gain
:13:35. > :13:42.exposure internationally in Europe and America. I'm sure Priscilla
:13:43. > :13:47.shares all the experiences we have had as well, being an Asian brand.
:13:48. > :13:54.People don't actually expect any brand from Asia. As you said, it
:13:55. > :13:55.works to our advantage because people are a bit surprised, they sit
:13:56. > :14:34.suddenly we shake things up. You up and say while,
:14:35. > :14:41.suddenly we shake things up. You could throw out words like
:14:42. > :14:47.authentic, and people realise this is what the Asian voice of fashion
:14:48. > :14:51.is. Especially brands like ours who have originated continued to base
:14:52. > :14:58.ourselves here, in a city like Singapore. Clearly one of the hubs
:14:59. > :15:02.in Asia. I think it is an interesting dynamic that we bring to
:15:03. > :15:07.the table. How is your brand received? As you are expanding
:15:08. > :15:12.overseas. It is a crowded field full of European and American brands. It
:15:13. > :15:16.is very crowded. People have the expectation of Asian brands at this
:15:17. > :15:24.level. If you're not high end or en masse, but when they look at our
:15:25. > :15:29.brand, and yours as well, and they look at the prices we are pitching
:15:30. > :15:33.at, they are as in the surprised. They don't look at us and say this
:15:34. > :15:37.is an Asian brand, they look at it and they say this is a brand, and
:15:38. > :15:42.can it compete with everyone else? Then the judge you for what you put
:15:43. > :15:48.out and the quality and the look and fashion content, and the price. That
:15:49. > :15:50.is the only way you can really be, the only way you can really work in
:15:51. > :16:03.this industry. They want to understand a little bit
:16:04. > :16:07.why there hasn't been a billion`dollar fashion houses out of
:16:08. > :16:12.Asia. For instance why don't we see a lot of Asian haute couture like
:16:13. > :16:17.you have in Europe with the big Italian fashion houses. Or the big
:16:18. > :16:23.American ones like Rafter ran or Calvin Klein? It is closely related
:16:24. > :16:29.to the history of the consumption of fashion. ` Ralph Lauren. For the
:16:30. > :16:35.longest time in Asia fashion, the term fashion didn't really exist the
:16:36. > :16:40.way it does in the Western world for a long time. It was just clothing.
:16:41. > :16:47.Closing was more or less seen as a necessity. Even when it was worn as
:16:48. > :16:51.regalia for ceremonial occasions. ` clothing. For special occasions. You
:16:52. > :16:58.only really dressed up when you needed to. Whether it was religious,
:16:59. > :17:05.or ceremonial, or you were going to a different phase of your life. Is
:17:06. > :17:09.it because Asia is moving more into the middle class, there is more
:17:10. > :17:13.income and more consumption of luxury, which is in the sense
:17:14. > :17:17.propelling Asians to think differently about fashion. And
:17:18. > :17:21.therefore, could begin to see high fashion starting to arise from this
:17:22. > :17:25.region. Really the question should've been, why haven't seen
:17:26. > :17:35.these companies developing in Asia yet? I think I personally feel, it
:17:36. > :17:38.is just a matter of time. You have ceremony people from this part of
:17:39. > :17:44.the world who are travelling and going to school overseas, and they
:17:45. > :17:51.are blending their Asian cultures with what they learn from Europe and
:17:52. > :17:57.America and South America. All of a sudden they think what will happen
:17:58. > :18:02.is, you won't have is specifically Asian kind of fashion. But the
:18:03. > :18:07.Asians will be able to put out fashion that is more international.
:18:08. > :18:12.Because the world has become their playground, they are travelling
:18:13. > :18:17.everywhere. We don't have to be pigeonholed. They will start getting
:18:18. > :18:21.smart, it is just a matter of time. We have always been at the back`end
:18:22. > :18:25.of producing, manufacturing for everyone, everyone else takes the
:18:26. > :18:29.credit. It is only a matter of time until a generation realises I have
:18:30. > :18:33.all these resources and materials in my backyard, I just need to get my
:18:34. > :18:39.act together. It is happening. Asians buying fashion and luxury is
:18:40. > :18:44.really fast`growing, the fastest markets are actually in Asia. Tell
:18:45. > :18:49.me a little bit about the brands you are bringing into this region. Why
:18:50. > :18:52.bring them here, Asians could travel internationally and buy them. What
:18:53. > :18:57.kind of business model is it to bring in the brands and sell them?
:18:58. > :19:04.We principally franchise high end and lifestyle brands in south`east
:19:05. > :19:12.Asia, we have been in this business for decades. Very importantly,
:19:13. > :19:19.Asians have a voracious appetite for fashion and for the latest trends.
:19:20. > :19:21.That doesn't mean they spend unwisely or indiscriminately. They
:19:22. > :19:27.are very informed about what they want. It used to be that before they
:19:28. > :19:32.would walk into the store, and look around, then buy something. Now they
:19:33. > :19:37.are buying it before it gets to the store. It is on hold for them. With
:19:38. > :19:40.the Internet, travelling, magazines, all the different things that come
:19:41. > :19:51.into being in the last ten or 15 years, people here and everywhere
:19:52. > :19:56.else in the world I'm sure, very well educated in what is important.
:19:57. > :20:02.What is most desirable. Given there are a lot of brands in Asia, how
:20:03. > :20:12.competitive is it for a designer like you? Extremely. For the work I
:20:13. > :20:17.do, we are trying to carve out our own little niche of contemporary
:20:18. > :20:24.Asian womenswear. A term that I plucked out of nowhere. It sounds
:20:25. > :20:31.good. Hopefully it makes sense. Exactly what Douglas says, Asia
:20:32. > :20:36.today, they don't need to buy here, with the Internet, accessibility to
:20:37. > :20:45.fashion, there is no end to it. With social media, you know everything
:20:46. > :20:50.the moment it comes out. I think it makes the playing field a lot more
:20:51. > :20:56.interesting. You know you always have to be two steps ahead. When you
:20:57. > :21:00.are an Asian brand name you can communicate to the Asians
:21:01. > :21:04.themselves, I know what is happening, I can stay on top of it,
:21:05. > :21:09.and I can offer you a perspective no one else can. Then you are on a
:21:10. > :21:15.different level altogether. It is fascinating. I feel it is a really
:21:16. > :21:22.exciting time to be doing fashion in Asia right now. I wouldn't want to
:21:23. > :21:34.be in any different decade at all. What is the biggest fashion trend in
:21:35. > :21:42.Asia? Priscilla, you first. I am not fashionable at all. I think you
:21:43. > :21:49.bring your own interpretation of fashion, in a very Asian way that is
:21:50. > :21:52.quite unique. It is very rare to actually see that.
:21:53. > :22:10.that was Priscilla and Douglas, Asian designers are keen to get
:22:11. > :22:14.their piece of the billion`dollar fashion industry. They will be going
:22:15. > :22:17.up against established houses like Oscar de la Renta who are seeking to
:22:18. > :22:23.expand in fast`growing international markets. That is all we have time
:22:24. > :22:25.for. Check out our website and me on Twitter. Join us next time for more
:22:26. > :22:39.talking business with me Linda Yueh. It has been a cracking day across
:22:40. > :22:40.the British Isles with widespread