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Fanny Moizant
Interview Phadria Prendergast
WOTC speaks with the co-founder and president of luxury resale giant Vestiaire Collective about business, the future of the market and how she deals with difficult times.
Phadria: How do you manage all of your business relationships and all of the various characters?
Fanny: One of the most interesting aspects of running a global business is really all the great cultures and personalities you get to work with across the markets. I find it really inspiring to collaborate with so many different personalities, I’ve learnt so much from our local teams as we’ve expanded, having an open mind and always being interested in others views and opinions is important to building strong working relationships.
P: With the market now being saturated, how have you maintained your position?
F: I believe the unique combination of Vestiaire Collective’s 4 key pillars which include community, strong Fashion DNA, sustainability and trust give us a special position in the market. This has ensured we have been able to grow and maintain a loyal global membership. I think these factors perfectly place us to meet the evolving needs of consumers today, we are constantly looking at new ways to celebrate and amplify our uniqueness in the market. It keeps me energized and ensures we can keep propelling the company forward.
P: What does the future of the market look like to you?
F: The pandemic has definitely accelerated changes in the industry that were much overdue. I believe people will step out of the current crisis with a new mindset, likely to reconsider their priorities and the way they consume fashion, and this will impact the market significantly. We recently launched our first biannual trend report ‘The Smart Side of Fashion’ which reveals consumers growing enthusiasm for circular models and value driven brands, a trend we expect to continue. I am personally convinced that this period of disruption will not only challenge where we shop but how we shop.
P: What are some of your top tips for raising capital finance?
F: Learn how to tell your story in a way that will ensure investors will engage with your mission. Show your passion. Investors are betting on a team so put your most valuable team members under the spotlight.
P: What would you do differently if you could?
F: I believe it’s important to learn from mistakes and see the positive in those moments that challenge you most, there isn't one moment I look back on and wish I’d done something differently - believe in yourself and follow your intuition.
P: How did you dominate the UK market and then go on to do so in France?
F: Vestiaire Collective was founded in Paris, France in 2009 , after a few years of rapid growth in France we started seeing strong organic interest in other European markets especially the UK so I moved to London to lead our UK team, it was a really exciting time and the UK remains one of our biggest markets today.
P: Why were you chosen as the face?
F: I’m not sure I would call myself the face of Vestiaire Collective, as President of the business I oversee all of the brand and communications teams in the company, I also have a strong fashion background, so I often receive requests for press interviews. We like to divide the press opportunities amongst the core team, so Max Bittner our CEO will feature more often in tech led publications, Sophie Hersan my co-founder also has a strong fashion background, so you’ll often come across inspiring interviews with her in fashion outlets.
P: Birth during the 2009 Recession, what are your thoughts on finances now? What changes will the economy have on fashion today?
F: The current situation will further drive the fashion industry to become more dynamic and respond to customer needs as they will continue to change dramatically, especially after a crisis like this one. The ongoing importance of sustainability will continue to be paramount for the consumer, all brands will need to embed sustainability at the heart of their business model if they want to remain relevant. The rise of conscious consumption will have a huge impact on the fashion industry, brands will also need to learn to cater for a customer who wants to buy less but buy better as the trend for fast fashion continues to cool amongst most customer segments.
P: How have you and the business manoeuvred through the current pandemic?
F: Many of our key markets have been impacted by the outbreak so we have worked to do everything we can to protect and support our employees and customers around the world. As a C2C platform we have been able to be a lot more agile in the way we operate during this period, this has allowed the business to rebound from an initial impact quite quickly.
P: Who advises or mentors you?
F: I don't have a mentor per say. But I have a lot of people around me who I trust, and I am always happy to get their views on things. It helps me reflect and build up my own opinion.
P: Are you a thinker or a doer?
F: Juggling many roles, an entrepreneur, a mother, and leading a large global team I have to be pretty efficient and use my time effectively. When I’m in work mode I have to find the balance between taking time to be strategic, reflecting on how the current strategy is delivering and how we need to evolve to ensure continued growth and engagement, on the other side I also need to remain focused on driving the teams to progress and deliver a wide array of projects through-out the year so balance is definitely key.
P: How do you react in times of difficulty?
F: Stay positive. As a team leader, it is very important to be a source of motivation and not let the circumstances dictate the way you think. Be mindful that your positivity, or negativity, can be passed down to your team. Problems can also be seen as challenges that help you learn. Do not dwell on a difficult situation, believe in yourself and focus on how to reach your goal.
Shop: vestiairecollective.com
