Celine Mania and Meghan Markle’s Misstep

8 Jul 2025 · 46 min

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Fashion People Podcast Summary: Episode - Celine Mania and Meghan Markle’s Misstep

Episode Overview In this episode of Fashion People, host Lauren Sherman is joined by renowned fashion journalist Teri Agins to discuss various topics in the fashion industry, including celebrity styling, luxury brand dynamics, and the evolving landscape of consumerism. The discussion covers notable events such as the debut collection of Michael Rider at Celine and the business missteps of Meghan Markle's brand ventures.

Key Topics Discussed

  1. Michael Rider’s Celine Debut
  2. Background: Michael Rider, having spent a decade at Celine before moving to Ralph Lauren, returns to debut his first collection for Celine.
  3. Collection Highlights:
  4. The collection displayed an updated "patrician chic" style, reminiscent of the old-school aesthetics yet modernized.
  5. Features included sophisticated silhouettes, appealing color combinations, and innovative styling.
  6. Discussion on elements like logo utilization on shoes, which some critics found unnecessary.
  7. The collection is praised for its wearability and connection to the contemporary lifestyle of Celine's clientele.
  1. Celebrity Stylists and Branding
  2. Teri Agins discusses the increasing importance of celebrity stylists in shaping public personas and fashion choices.
  3. Case Study: Pedro Pascal switches stylists from Julie Ragolia to Jamie Mizrahi, reflecting a shift in his career trajectory towards more high-profile branding opportunities.
  4. The relationship between celebrities and their stylists is highlighted as essential for maintaining relevance and commercial success.
  1. Meghan Markle's Brand Strategy
  2. Discussion about Meghan Markle’s partnership with Netflix to launch her brand "As Ever," focusing on home goods like jams and decorations.
  3. Critique:
  4. There is skepticism about the brand's long-term viability and the unorthodox approach of having Netflix manage the brand.
  5. Public dissatisfaction over product quality and production methods (such as white-labeling).
  6. Insight into the pressure Meghan faces to generate income post-royalty life, and the implications of her brand strategy lacking a robust advisory team.
  1. Challenges Facing the Luxury Industry
  2. Teri Agins provides perspective on the current crisis in the luxury market, citing:
  3. Declining sales for major luxury brands like LVMH and Kering.
  4. Changing consumer behavior, especially among Chinese consumers who once fueled the luxury market.
  5. The impact of fast fashion leading to an oversaturation of products and a loss of desire for luxury items.
  6. Discussion on the need for luxury brands to adapt to new consumer realities, emphasizing sustainability and a more refined approach to branding.

Key Takeaways

  • Fashion Evolution: The industry is experiencing a significant shift, with new designers like Michael Rider bringing fresh perspectives and styles to established brands.
  • Celebrity Influence: The role of celebrity stylists is pivotal in navigating the fashion landscape while maintaining a public image. Celebrities must strategically curate their partnership with stylists.
  • Brand Management: Meghan Markle's struggles illustrate the complexities of launching a brand without a strong business framework and the challenges of consumer perception in the digital age.
  • Luxury Market Dynamics: The luxury industry's future is uncertain, driven by changing consumer preferences and economic pressures, requiring brands to innovate and refine their approaches.

Closing Remarks Teri Agins emphasizes that the fashion industry remains dynamic and complex, with continuous opportunities for growth and reinvention, while also acknowledging the challenges that come with evolving consumer expectations and market pressures.

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This episode of Fashion People provides an insightful examination of the fashion industry's current state, the implications of celebrity branding, and the transformative nature of luxury consumption in a rapidly changing world.

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Transcript

Automatic transcript. May contain errors.

0:04Hello and welcome to Fashion People. I'm Lauren Sherman, writer of Puck's fashion and beauty memo line sheet. And today with me on the show is none other than Terry Agins, former Wall Street Journal fashion reporter and author of The End of Fashion, How Marketing Changed the Clothing Game Forever. Happy Tuesday, everyone. Hope you are enjoying Paris if you're there. I'm in Los Angeles. I'm also enjoying myself. I'm enjoying the beautiful weather. Monday's line sheet was super packed. There was some executive changes at LVMH. I had my take on Michael Ryder's Celine. Lots of thoughts from lots of people on this one.

0:47It's really fun. I love all these new designers. It's making it fun again. I also have some thoughts on the Valentino caring situation, some celebrity stylist change-up news, and plenty more. And on Tuesday, Sarah gets into the magic of Aritzia and why everybody wants to copy it right now. I feel like Aritzia, if Aritzia was a teenage girl, she'd be like, why are you copying me? Because literally every single high street or mall brand is trying to do what Aritzia does. And Sarah shares some of their merchandising and customer service secrets. Also, if you're at the shows in Paris, send me a message.

1:28I know it was only a couple more days, but it's always fun to hear from you. I love those morning dispatches. Let's get going with Terry.

1:39Terry Aikens, welcome to Fashion People. Hey, I'm really glad to be here, Lauren. So let's get started. I'm so happy to be here. So you just we were just chatting you, you. I'm so happy you're here. So so we were just chatting about your amazing trip that you took and you had a close encounter with the Bezos wedding, right? You were in Venice like right before. Yes. Yeah. My husband and I were there for about 10 days. It was, the weather was hot, tons of tourists as usual. And of course, there was a lot of buzz about the wedding. We were talking to different people who worked there, people at the hotel and the Venetians were kind of had mixed feelings about this.

2:17Of course, they were happy to have the, all the millions of dollars that'll come there from, to Venice. And, you know, and they're used to a lot of these, you know, a lot of these disruptions because you know they have a biennale every year um you know diane von firstenberg foundation i mean there's a lot of there's always a lot of things going on in venice but they were kind of miffed about this yeah what and it was essentially because it was sort of taking the whole city yeah well i think the thing is is this and and i think that it's about the fact that bezos is so outsized i mean this a lot of other celebrities have had weddings there you know george clooney had a big wedding there.

2:58But I think it's just that Bezos is, I mean, here he is, one of the world's richest men. And, you know, they're giving this really, having this really ostentatious over-the-top wedding. Apparently they took over a lot of the gondolas and, you know, they had lined up a lot of the big hotels. And so, as I said, they were kind of, the Venetians were excited about this, but they're also kind of pissed. I mean, you know, people are suffering and also people are also saying like, why can't he pay taxes? I think there was a Greenpeace banner that said like this man spending all this money in Venice, why can't he pay his fair share of taxes?

3:40Sure. I mean, this is the question of all rich people. Why don't they want to pay for anything. Exactly. Right. Yeah. And, and the other thing is too, is, is that, I mean, when you have the Kardashians, the Trumps, you know, everybody's arriving in these, you know, all these private jets and, you know, I just, it was just over the top. I think it was too much and it's tacky. And, but at the same time, you know, this is what, this is the, this is the world we're living in. I mean, this is all the, you know, all these would be oligarchs. This is, this is the way that they live. And my husband always calls this the politics of envy because here, you know, all this excess that they're shoving in our faces.

4:26And I don't think people are jealous. I just think people are kind of turned off. There's nothing sophisticated about this at all. It's just tacky. No, there is truly nothing sophisticated about it. But you know what I did think was sophisticated or at least extremely fun and and in some ways sensational is this Michael Ryder debut at Celine on Sunday it Celine is an LVMH owned brand it's had many many different designers including Michael Kors Phoebe Philo and Heddy Slaman and Michael Ryder who who was at Celine for, I think, about a decade and then went to polo Ralph Lauren and was instrumental in reviving that part of the Ralph Lauren universe.

5:15This was his first collection. And I sent you a link yesterday. I'm so curious what you think about it. I've been chatting with people all, you know, on every single platform about it. Everyone, all anyone wants to talk about is Michael. Yeah, no, it looks sensational. And, you know, I remember when the other Michael, Michael Kors, was hired to work at LVMH, and he was there, he was the first designer to actually turn Celine into a brand. Now, we're talking about like around 1998. And, you know, Michael Kors had that very clean American look, and he really did put Celine on a map, on the map in a real way.

5:57And then, And, you know, through the years, we saw Phoebe, Philo, you know, and Hedy Slaman and all them there. So I think that Michael Ryder was, I think that he really, what was, I think what was really smart about this collection is, is that it looked incredibly, it looked sophisticated. It had that patrician chic, I think, like, you know, that updated kind of Sloan Ranger. The way the scarves were, they look kind of like Hermes scarves, but with the prints, there was that preppy classic, the camel and red. I mean, I saw a lot that was very appealing. But it was done in such a really offhand way.

6:41I mean, obviously, there was a lot of styling that made this look really cool. But, you know, the flat shoes, the only thing I didn't really like were the, there was the, the Celine logo on the shoes on those, on those kind of flat boots that I thought was kind of, you know, but I think that was more just for, you know, its runway and it, and it, it, and it gave a nice kind of branding for the brand. But I think that this really, this collection really was an incredible debut for him. And I think that the Celine customers and also the way the women live, I think it's really going to connect with a lot of people.

7:23I agree. I agree about the sort of wrestling type shoes with Celine on them. I thought the logo stuff, the logo t-shirts and things, it was just wasn't necessary. Every, the stuff was so, I love the scarves actually, but the, the logo t-shirts and stuff, I just didn't, the collection didn't need it. I thought shout out to Brian Malloy, who, who styled the collection I hear and is, is probably my number one stylist working right now. He works with the row. he works with Tory Burch and I just think he, he has a very good sense of like how real people dress. And I find it very inspiring. I thought that it was so much like you said, this patrician, the slow ranger, I said in my little item, it reminded me of like 1980 Spiegel catalog.

8:12I thought, um, it was also just Michael is around in, I think in his early forties, it just was a lot of my friends. I'm 42. It felt like it was very much of a person who is of our generation. And there was I love the little dance shoes. I love the menswear. And I thought a lot of the menswear was stuff that women would wear, too. My only sort of criticism of it was that I thought they could have cut 20 looks, especially the evening wear. It just felt like there was so much and it was really fun. And honestly, I'd say the feedback for this in my personal network has been more positive than the feedback for Jonathan Anderson at Dior.

8:55A lot of people really love that. I love that too. But this was sort of, everyone was like, wow, I really want to wear this. I really want to buy it. It was very, very wearable. And also, I mean, the way that he layered a lot of the colors, you know, there was a red and they had that kind of green. It was that kind of grass green, which I love and you rarely see. And also there were some really good faux furs that I thought that really worked out. And it felt very Ralph Lauren. I mean, even with the ties, you know, it felt, it had Ralph Lauren, but it still, it felt very European because you've got that, you know, the broad shoulder and then the really nipped in waist and with the jackets.

9:39No, it was hip. It had a nice edge to it. And it was incredibly wearable. My issue with all fashion shows, I wish that designers would like stay in their lane. I mean, we don't need to see, you know, no one's going to Celine to buy gowns. Right? And you don't need all those party dresses. And also, you know, slapping the logos, those oversized logos on the T-shirts. I mean, I know that's all kind of fashion show. That's part of the branding that they do for a show. And I agree with you, it's not necessary. But, you know, designers feel like they have to have, I think there were like 72 looks or so on this show.

10:16And like you said, they could have cut out some of those. But it was still very tightly edited, I thought. Smart. I love that. Didn't you love that crease down those jeans? Oh, my God. The jeans are so good. I loved it. That crease, I thought that was a really good look. And also, and it was the way that the, they weren't just wide pants. They came in at the bottom. Yes. Yeah, the kind of peg leg. Thanks. Yeah. I don't like the really, really wide pants. I hate all those really, really wide pants. I think there can be kind of sloppy, but there was a lot of control in this. I like this collection.

10:49And, you know, and it goes with the Celine branding that, as I said, Michael Kors started in 98, Phoebe, etc. And so bravo. So question for you. What was it like when because I started I started covering luxury in like 0506 in in earnest? What was it like in the late 90s when Bernard Arnault was when Tom Ford was at Gucci and Bernard Arnault was sort of hiring all these young American designers to be at the brands? Like, what did you think when they hired Michael Kors to be at Celine or Narciso to be at Loewe? Like, what was, as a reporter, what was your sort of, were you like, what is this guy doing?

11:37We were all intrigued because this is the first time, I mean, you know, LVMH had really, I mean, this was a huge gamble. And to hire all these guys, especially, and the one that really surprised me was Mark Jacobs. Because I kept saying, you know, I can't see him working in a corporate environment. And as you might recall, at the beginning, he had, you know, it was a very fitful start for him. And, you know, and they finally, you know, he finally hit pay dirt with the things he did with Stephen Sprouse, etc. But that time was, it was a time of, I know hired people, hired designers who had a big footprint in the, we didn't have social media back then, but they certainly were runway darlings.

12:21all of them. And this goes with Alexander McQueen, Galliano, and also, and even in Narciso, because, you know, Narciso had already done that big wedding with JFK and Carolyn Bessette. And so he hired these people with the hopes of really trying to explode and make these brands, not just couture brands, but something that would really reach a lot of people. So it was a big gamble. And, you know, and it really paid off. I mean, you look at it back then, and I remember talking to Narciso because they put Narciso Rodriguez at Loewe. And Narciso was kind of like, you know, he didn't really get a lot of direction.

13:03And I know he wasn't really happy being there. And, you know, and he, you know, it just didn't go anywhere. But then Michael Kors, Mr. Arnault adored Michael Kors. I remember he even told me when I did my first book, we talked about this experiment. And Michael Kors was his favorite of the designers because he said, this guy does trunk shows. He likes to talk to consumers. And Michael Kors was always very, very, you know, he's corporate. And he looked at things in that way. So Mr. Arnault was really enamored with Kors. At that beginning time, obviously with McQueen and with Mark Jacobs, as I said, it was fitful, but it was something that was a grand experiment.

13:49A lot of us kind of wondered if it was going to work, but it did in the long run. And then years later, when we saw LVMH come out with Sephora, which was a real departure from, I mean, everything, people bought cosmetics at department stores. And so Sephora was a big deal. But by then, And I think LVM knew what they were doing. And, and, you know, the rest is history. Well, really quickly on, Oh, Terry, you got to come back and we'll just do a, a Terry's career outline because I, I, one more thing on this. Sure. So he loved, Arnaud loved Coors. I understand that. I always say whenever I meet young American designers who are like, I don't want to do trunk shows.

14:36I'm like, fine. You're not going to become a billionaire like Michael Coors. Cause that's what you, He still does drug shows. He still goes to shops and meets with people. And that's that's one of the secrets to success. But in 04 or 03, LVMH sold their stake in Michael Kors to Silas Chow and all the and and John Idol and all those guys. And then and Michael Kors stopped designing Celine. What happened? Like, what do you think? Do you think that is it back to this thing of at some point Arnaud realized I actually am not in the business of American like Seventh Avenue brands? And and that was just the first move to I don't know, but I don't think separate himself.

15:23I think that at that point he probably didn't see this as, you know, they LVMH became a lot more commercial in the, you know, mid 2000s than it was at the beginning. and uh and then i think michael also he had you know i remember talking to him about this he was good he he did his he did his gig at at saline he did a great job he was ready to move on because he wanted to concentrate on his brand and as you know arnaud was never i mean when he hired mark jacobs for example even though arnaud invested in the mark jacobs label his job mark's job was to focus on LV. The Louis Vuitton was his brand.

16:08And so that was what kept anyone. He kept them for like 16 years. So at LV and the Marc Jacobs brand really never went anywhere because that was, but Michael Kors was always interested in his brand. And the one thing that Chow and Stroll did, which was so marvelous is they really zeroed in on Michael Kors as a kind of a celebrity. I mean, he was on Project Runway all that time. And then that's when they zeroed in on the accessories. But it was, you know, with that kind of department store, Luke's, and, you know, and department stores loved it because it was another luxurious, you know, it had a cool factor and it wasn't preppy.

16:54But it, you know, and this was really kind of taking the place of what Calvin Klein was at one point. And it was a really smart move. And it worked out. And, you know, they turned it into a billion dollar brand. But I don't know what Arno, I don't know if they were, but it was also, a lot of that was also centered in the U.S. And I think that at that time, you know, Arno was still thinking, you know, more in a global sense, you know? Yeah. And I think there is a thing of that business is the businesses of Ralph Lauren and Michael Kors and even to an extent Mark Jacobs, but not as now, but not then those were, you know, Macy's businesses.

17:38And that just isn't the business that they're in. The margin is different. I don't know in the future. It's someone said to me, the Michael Ryder Celine collection was a good argument that Arnaud should buy Ralph Lauren, but it is. Yeah, I think that I think that you nailed it.

18:22Another thing that you sort of owned in your career is writing about the development of the relationships between celebrities and brands. And one thing that I have been following sort of closely, just tracking updates occasionally, is sort of the relationship between celebrity stylists and celebs. And in Monday's line sheet, I have a little item about Pedro Pascal has switched stylists. He went from working with Julie Regoglia, who is a primarily editorial stylist. She works with a lot of men. She does Xenia. She styles their show and collaborates with them very closely to Jamie Mizrahi, who is has really good relationships.

19:16She has a sort of relationship with Louis Vuitton in particular, but also with all tons of designers. And she's she She does Jennifer Aniston. She does Adele. She does Jennifer Lawrence. She's like a big celeb stylist. And Pedro just started working with her. He has a bunch of big press tours. And she posted about it last week. And it's not anything. It's just a sort of incremental update. But I did think it was interesting because as he's become a bigger star, he is working with someone who works with big stars. Like that's that's their gig and helps them get contracts and all of that stuff. Yeah, that's the way it goes.

19:59I mean, the celebrity, the celebrity relationship with the stylist has been going on now. I mean, when I wrote Hijacking the Runway House, celebrities are stealing the spotlight from fashion designers that came out in 2014. I think that's also Lauren when we first met because you interviewed me. But I watched this, you know, this development go on and on with, and I just saw how important it was for a lot of these celebrities who, let's face it, a lot of them don't have a really good sense of fashion. And they need a celebrity fixer to come in here and help them find their look, find their branding, and keep it going, not just for red carpet, but for their whole lifestyle.

20:46I mean, and that has really developed over the years. And so it's really important also for a lot of these celebrities who now want to have their own brands or actually make money on this instead of just being just a billboard. it's really important for them to have an expert a stylist who has all this access to all these different designers and they can pull in the right looks and and put them together in a way that doesn't look contrived and and the best ones i mean when you think of all roach and these guys you know look what he's done with zendaya i mean these celebrity stylists are huge and the other thing too is don't forget if you're an actress or uh or even a singer i mean you're not making the kind of money that, when we think of Cameron Diaz and Jennifer Lopez, when they had those$20 million paydays doing all those movies, they're not making money like that anymore.

21:42So nowadays, this is the only way for them to monetize their fame, is to really latch on to this whole celebrity branding with them as fashion icons. So this is something that is really important. And finding the stylists, you know, who can really help, who can really understand them. I mean, even I'm thinking about Michelle Obama. And even though she's not planning to do any fashion line, I mean, look what Meredith Cooper, that relationship with them has really given her a new identity. She wanted a completely different identity from what she had at the White House. And she's been able to come into her own with the help of the stylists.

22:28True. I think their relationship is so unique and is a great example of clothes communicate so much and no one understands that better than you. But if if you have the right stylist, I also see a lot of celebrities these days switching up stylists, not because there is sort of I think with this this situation with Julie is and Pedro is a good example. Like you just move into a different part of your career and you or or you need to you just want to change it up. It's sort of like at all the brands, they change shoe designers all the time because they don't want the shoes to sort of you. You need to mix it up and and add a new layer to your brand, your personal brand and all of that.

23:19And there are certain people like some celebrities have stylists for daytime and stylists for red carpet events. There's, you know, this woman, Danny, Michelle does a lot of she does some red carpet, too, but she does a lot of sort of daytime styling for some of the bigger influencers and celebs. So I think that part of it's interesting to one person who does not employ a full time stylist. As far as I know, she actually did at some point work with Jamie Mizrahi. I did a piece about it, but they don't work together anymore. More as far as I know, maybe they're all hiding it from me. Who knows?

23:56But is Meghan Markle, who has been once again in the news in the last week about, as ever, her brand that is this partnership with Netflix, they were going to release a new batch of jams and flower decoration, cookie decorations and tease. And there's been a bunch of reporting done. Rachel Sturgatz over at line sheet did a piece about as ever. And the sort of relationship Megan has with Netflix, which I want to explain to you and, and see and get your opinion on, cause it's really unique. But also this week there were just, there was a lot on the internet, essentially, as you mentioned to me before we started, People are mad because the jam is runny because it's actually which whatever.

24:44Who cares? The other thing they were upset about is the fact that this stuff is being produced in the same factory or or white labeled by the Republic of T, a big kind of mass brand. The thing that I wrote in line sheet, which is quite obvious, is like everybody knows that this is the only way you can produce stuff en masse. If everybody wants their jam, if everybody wants their tea, she has to work with one of these bigger factories. This is how Trader Joe's makes everything. They work with the same factories that all your brand names at your grocery store work with. And it's just called white labeling and everybody needs to chill out.

25:26But the thing that I think is interesting and I think potentially just shows a lack of long-term insight is so Megan and Harry really need to make money. They have a lot of expenses. The royal family doesn't pay for their security. They've been cut off in certain ways. They have to make money. That's why they have this over all deal with Netflix. But the way that this as ever brand is structured is, and Rachel did a bunch of reporting on this. It's essentially a Netflix brand that they, I don't know the like specifics of the contract, but it's definitely not, it's not even a license in the, in the traditional way where she's just getting a cut and someone who it's not a brand management firm.

26:19It's Netflix itself is managing this project. And And I get it for like Bridgerton, which is a franchise for them. And they're going to make all the merch or whatever. Yeah. Whatever show you watch. Well, yeah. Because it's kind of seamless. Uh-huh. Yeah. But for like Meghan Markle, who needs to make money, this brand is attached to Netflix. Like, do you think it's a very unorthodox way to do something as someone who she could sell, she could make beauty products, she could make clothes. People would buy anything she made. In my mind, it would have been smarter for her to work with like eccentric brands, which does the foster sisters favorite daughter or to raise money and do like something along the lines of Skims partnership where you have operators.

27:11But, you know, let me I remember and I wrote about this when the Kardashians got started. You know, they first they had their that that store called Dash and then they had that, you know, disastrous situation with Sears and they did some stuff with BB. I mean, you know, it takes a while to kind of figure out where you should, you know, where is your sweet spot where you can really connect with consumers. and you know finally Kim figured out that hey you know I'm big on my whole thing with the body so of course why don't I you know jump into that and that was that was really smart with her with Skims.

27:49With Megan you know I don't know I mean that TV show was I loved the series I thought it was really cute it was it was I mean it was a little bit contrived but it was fine and it was all these hacks that we all like to know about when, you know, taking a recipe or taking, you know, some little decorating touch with, you know, even the flowers, the edible flowers, and using sprinkling those on to make things look good. I mean, I think that she has a lot of great cool ideas here. But to turn this into like a really big business, it's going to take a long time. And also, I don't know if they're if the issue is that they're in a hurry because something like this is it's kind of organic.

28:34It's got to catch on. But the thing is, they are in a hurry. Yeah, they really need money. And they also you're like this thing is selling out. Everything's selling out, but she doesn't have any control over it. So like they are the thing of the reasons Skims has worked is because Kim has the Jens and Emma Greed who are, who are operators. Yeah. So the thing that I, I just don't understand, like, I just don't understand their thinking. I understand what you're saying about this is a sort of warmup, but I, it just seems like it, for people who there's, if she wears something and it's all wrinkled and looks insane, people buy it.

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29:19like people just love her. And there are a lot of people who don't like her, but there are also a lot of people who do. And it just feels like doing this project with with Netflix. They didn't even launch the product at the same time as the show. It just feels weird. Yeah, I felt that was off, too, because it should have, you know, after that show was over, everybody you were thinking about, oh, I want to try out one of these jams or something. You wanted to buy it like right now. And then there was that lag time. So I agree that they missed it. But, you know, I don't know how experienced Netflix is with doing something like this.

29:54I mean, this is when you're talking about this, you know, trying to tie the celebrity with, you know, with the right product, with the right manufacturer and everything. you know that's that's a heavy lift and it requires a lot of experience so the the other problem for Megan bless her heart is that you know she's in this fishbowl I mean everyone is just picking her apart at everything she does and and so they're everybody's watching there are all the haters all these people who just I mean when I read a lot of these um social media posts and you know and people go and talk about her relationship with Harry and everything which has nothing to do with, you know, her making, you know, this sun tea on her TV show.

30:41So, but it's just that, you know, she's going to be subject to a lot of that and a lot of that really, that scrutiny. And so it's hard for her to like quietly kind of make mistakes on the side and kind of figure it out because everybody is scrutinizing. But it'll be curious to see, But, you know, time will tell. We'll see if if if if the products are selling. You're saying they are selling. Oh, yeah, they all sold out. I mean, I don't think she's making enough. But that's again, this is the thing like a friend of mine ordered one of the jams and they emailed her and said, sorry, we it was over capacity.

31:20We essentially they didn't have as much as they allowed to be processed. And they said, we're going to give it to you for free when it does come in. But then they actually then they still charged her for shipping, even though she's not getting it. So it's just I think this is the thing. It just feels like it. This was I understand. I think that the model that Netflix has built this sort of consumer product division. And I think it's very smart. Like this merch stuff can become huge, especially I mean, look at Marvel and and superheroes and all that stuff. like it can be billions of dollars a year in sales.

32:01But I think with this project in particular, if I were her and the problem I think she has, and I know this from doing a little reporting myself, but also from Rachel's reporting is that she doesn't have a consistent group of advisors around her because she thinks she knows best. So she ends up and she's very smart and very savvy, but she ends up kind of cycling through people. And a lot of these people still, I don't know, admire and value and like her and want to help, but she doesn't have a sort of team in place. Like she doesn't have a Kris Jenner who's like, let's find, she doesn't have a business.

32:40She doesn't have a momager. She doesn't have a business advisor who is, who is, you know, connected, but not in it day to day who can advise her. And I think the problem is they've just been, I get why she would do this and sure, do the, do a brand with Netflix, but then also she's friends with all these billionaires. They would give her money, just like do some, have someone help you build something so you can make a very significant income. Yeah, well, it always, in all these kind of situations, you have to get some people who are experienced who, I mean, she could find somebody from Walmart, you know?

33:21I mean, it doesn't have to be someone who is, but someone who actually knows the logistics. This stuff is really hard to do. And I've seen it happen in the fashion business. I mean, and look what, I mean, you look at an empire like Ralph Lauren, which, and we saw Ralph Lauren over the years. Remember when they had all those brands? They had rugby, they had blue label, they had purple label, all this stuff. And then little by little over the years, you notice how they have really now honed this into a few key labels. labels. You know, the Polo Ralph Lauren label is a label that they use that is really basically their moneymaker.

33:58They still have collection. And then they took Lauren back in-house. That was a department store brand. They brought that in-house. You have to have these kind of experts, people who really know how to do this, who worked at, you know, at Gap and a lot of the big, big companies, maybe find somebody from, you know, an area doesn't even have to necessarily be fashion, but someone who can really, really take this by the horns and make it run on time. And also just to even estimate, I mean, you know, this whole idea of running out of product, I mean, that does happen a lot of times when something, you know, when they underproduce, but at the same time having people who have done this in some other area will really help you out because that's that's what you need those people are the ones she's got you know incredible style and as you said everything she wears I mean I've even seen myself like say oh I like the way she put that together let me try that out and so yeah so she's got you know she's a great influencer but you know she needs a team you need a really strong team that can really come in and and and make this thing work on a commercial level if you want to make money in a hurry especially yeah great advice we wish her the best of luck

35:27Before we end, I wanted to get your take really quickly. The luxury industry is facing a huge crisis. The LVMH's shares are down an insane amount. Bernard Arnault went from being the richest person in the world to the seventh richest or sixth richest or something, depending on which list you look at. But Carings shares are a third of what they were three years ago. It feels like, and I obviously talk to a lot of different people in the industry, what's going on here. What I see quite a bit is a sense of the Chinese consumer has changed irrevocably, is probably not going to shop the way they used to.

36:19Also, everybody has too much stuff. Everyone who has a million handbags is kind of like, I don't really need another handbag. There's also the secondhand market has disrupted everything where you can just buy all this stuff secondhand. So it feels more special because there's a hunt. I'm just curious from your perspective as someone who was covering the industry when it was sort of being laid out in the 90s, the industry that we know today, what do you think is going on? And do you think that this is just like a blip or do you think i think it's permanent i think it's yeah yeah i it's just this is just one of those more and more situations which is this gotten out of control and the biggest disruptor lauren i think is a fast fashion i think that the fast fashion you know it's this race to the bottom on everything cheap cheap cheap and most people even though everybody talks about sustainability most people really don't care because they can't afford it.

37:17I mean, if you can get an outfit for, you know,$15 or$20, which you can at, you know, Fashion Nova and Shein and a lot of these brands, then that's where you're going to go, that's where you're going to go shopping. And consumers have less money to spend. I mean, look what's happening. A lot of people can't afford to even buy housing. We've got the issue with health insurance. All that is eating into your disposable income. So this whole idea that, you know, that fashion, remember we had the big brands and then the bridge brands and people would trade up. Folks don't live like that anymore. You don't, the dress codes, I think, abolish that forever.

37:57And even though the industry was able to rebound with the luxury handbags and a lot of the status trinkets, still even a lot of that has been has has has really changed too because once again the fast fashion people have found out to make you know everything cheap and cheerful and that's the way people are shopping so when you have these big big conglomerates like like an lvmh and like caring and they are are hoping and trading on that people are going to there's always going to be this critical mass of people who are going to want all these clothes i think there will be but i think it's going to be smaller.

38:34I think I've always believed that the fashion industry, the luxury marketplace is going to be a lot smaller because remember, I mean, look at all the Chinese consumers now and those in India and places where you're now starting to have a middle class. They aren't even trading up the way that they used to because there's too much of this stuff. It was It was really precious and French and cool and everything when you could only get it in a few places. Well, now you can buy it everywhere. And then you've got, you know, the counterfeits and there's just too much stuff. And I think a lot of people, and you see a lot of young people also, are saying that, you know, they don't want to live this way.

39:18And we're also seeing how it's contributed to all of the pollution and, you know, climate change. all this is affected because of all this, you know, overproduction. I think there's something 100 billion pieces of garments are made every year and 20 billion just, you know, they're just floating around. They're going to the Atacama Desert and all these different places because there's nobody to consume these goods. And so I think for the luxury market, you know, even though there are a lot of wealthy people, I just, I think it's going to be harder for them to make the kind of money that they used to.

39:57And it'll, fashion businesses will be, there will be that always that, that group of people who can afford those goods. And, but they will need to, I mean, if you think of a brand that, like a Prada, for example, I mean, they still make a lot of money in their, you know, the black nylon, even though they've got all those other, those other luxury goods that, you know, make, someone said it was like making a movie to sell popcorn, that you need to have, you know, this couture umbrella to be able to make everything seem precious. But I don't know, I think consumers are, they're no longer as, they're just not as gullible.

40:42And I think people have become very jaded. We all know too much. We know what's in the sausage. We know how this is made. And, you know, people are just, you know, people are living differently. And so I think all that is, you know, this whole mystique about, you know, the red carpet and fashion and those celebrities, those people will still be able to be arbiters of style and taste, and they are still always going to seduce us. But at the same time, I think it's not going to have the, you know, you won't have the potency that they did, like, you know, in the 90s, in the early 2000s, when, you know, you had to have certain things.

41:23I think people are just, people are different. And that's a challenge for the industry. Terry, thank you for your words of wisdom. This was so fun. You have to come back soon. Yeah, yeah. Well, we can talk about everything. I just, it marvels me. You know, I loved covering this industry at the Wall Street Journal for all those years because, you know, I got to watch all this develop at the beginning. I saw the companies make mistakes. I saw designers come and go. And, and I also saw all these new categories. I mean, who would have thought the beauty would be such a big deal that it is, that it is now.

42:00And it's fascinating. And they're always, you know, for all the people who are out here trying to make money, a lot of them are going nowhere, but every once in a while, somebody strikes gold and it's pretty exciting. And so, So, you know, so, you know, continue your excellent coverage, Lauren. And, you know, you're doing what I did, you know, getting in here and getting behind the curtain to find out, you know, who are the players and how much of this is. Because there's a lot of, as you know, there's a lot of psych. Yeah. A lot of, you know, and a lot of exaggeration. But, you know, you know, to follow the money and to actually see who's wearing what, who's what people are buying and actually, you know, what brands and and designers and labels are really connecting.

42:50And so it's always a fascinating industry. And I love covering it and talking about it. Well, as I always say, Terry, I wouldn't exist if it weren't for you. So thank you for everything. You're the best. This was so fun. And we'll talk very soon, I hope. OK, excellent. OK, good luck. Thanks, Terry. Fashion People is a presentation of Odyssey in partnership with Puck. This show was produced and edited by Molly Nugent. Special thanks to our executive producers, Puck co-founder John Kelly, executive editor Ben Landy, and director of editorial operations, Gobby Grossman. An additional thanks to the team at Odyssey, J.D.

43:29Crowley, Jenna Weiss-Berman, and Bob Tabador.

From the publisher

Legendary ‘Wall Street Journal’ fashion reporter Teri Agins joins Lauren to discuss everything from Pedro Pascal's new stylist to Meghan Markle’s brand-building strategy. They also get into Michael Rider’s Celine debut, and discuss how the luxury industry has transformed over the past 30 years.

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