<\/p>\n
\n\tKeep moving forward.<\/p>\n
\n\tThat is the key to evolving a brand for the long term, according to Deirdre Quinn, cofounder and chief executive officer of luxury brand Lafayette 148 New York.<\/p>\n
\n\tQuinn was interviewed by Fairchild Media Group CEO Amanda Smith about \u201cThe Long Game: Purpose, Leadership & Lasting Impact\u201d at the sixth annual WWD x FN x Beauty Inc Women in Power event on Sept. 14.<\/p>\n
\n\t\u201cWe really don\u2019t have a choice. You have to reinvent yourself. Otherwise, you will for sure be left behind,\u201d Quinn said. \u201cAs the next generation comes and joins the company, they help us evolve because they see the world differently, and we work together to constantly change.\u201d<\/p>\n
\n\tPlaying the long game means knowing when to pivot, how to listen and being open to change. It also involves protecting the brand through a focus on quality and letting the customer tell the firm what she wants from the brand, as well as knowing when to make those tough choices, including saying no when necessary.<\/p>\n
\n\tThe vertical American brand began 30 years ago, and was named after the street address in what is now the SoHo neighborhood in Manhattan \u2014 where the original business was housed. \u201cMy business partner unfortunately passed away when I was 53, and he was my boss. I loved it. If I made a mistake, it was his problem. And ultimately, it was like, \u2018Now it\u2019s my problem,’\u201d Quinn said of her own personal leadership evolution.<\/p>\n
\n\tShe learned one key lesson in the process. \u201cProfitability. Wow, it is super important. You can\u2019t have fun and build if you\u2019re not making a profit,\u201d Quinn said.<\/p>\n
\n\tShe also said there have been times when she went to bed thinking that something didn\u2019t add up. Her advice: \u201cIf you smell smoke, don\u2019t ignore it.\u201d<\/p>\n
\n\tQuinn made a key decision to move the headquarters to the then-newly renovated Building 77 at the Brooklyn Navy Yard in 2018, a big step in the brand\u2019s journey. <\/p>\n
\n\t\u201cProbably the biggest evolution is becoming a direct-to-consumer brand. We are 85 percent direct-to-consumer, and there was a time we were 100 percent wholesale,\u201d Quinn said.<\/p>\n
\n\tThe Lafayette 148 CEO said the one key advice she gives everyone is to keep an open mind. \u201cYou have to listen to what other people think, but then you have to make the tough decisions. So, you know, as an entrepreneur, you have this gut instinct that just takes over and its keeps you moving it forward,\u201d she said.<\/p>\n
\n\tQuinn said she\u2019s a transparent executive, with an \u201copen-book policy.\u201d Profits are shared with employees, as well as the \u201chard times.\u201d Tough decisions include deciding not to ship to certain accounts that don\u2019t pay their bills. \u201cYou just basically say, \u2018I\u2019m sorry, I don\u2019t do business like that.\u2019 You know, it wasn\u2019t right, and I walked away from it. And my team stayed with me and supported it, and we went through some tough years.\u201d<\/p>\n
\n\tHer leadership style has evolved to be more about helping her team be the future leaders. \u201cI like to sit back now and help them make the decisions. I want to create decision-makers, not be the decision-maker, because that is a really important part of their growth as well.\u201d<\/p>\n
\n\tThe executive said she wants the team to know that there\u2019s a \u201cfuture beyond me.\u201d <\/p>\n
\n\t\u201cOf course, I\u2019m still leading the company, but I\u2019m there to see how can they step up,\u201d she said. \u201cYou know, I can\u2019t do this forever, but I don\u2019t have this master plan to sell my company and watch somebody destroy it.\u201d<\/p>\n
#Lafayette #148s #Deirdre #Quinn #Leadership #Brand #Evolution<\/p>\n","protected":false},"excerpt":{"rendered":"
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