Tracy Margolies, chief merchandising officer at Saks, and Andrew Wright, president of Americas at Manolo Blahnik, came together in the spirit of partnership at Tuesday’s FN Summit in New York City.
“Our relationships and partnerships are really important to our business,” Margolies said. “I think it’s all about communication and transparency when it comes to building a relationship. It takes time, it takes effort, it takes communication, and it really takes understanding what the business objectives are together.”
Wright added that Manolo Blahnik rarely expands its partnerships in order to maintain its exclusivity, so maintaining existing relationships are paramount. “Having open conversations with our partners like Tracy and her team in order to make it feel as though we are one, where we can understand each other’s needs, is important,” Wright said. “We really discuss everything, a real 360 approach. It comes back to reinforcing our business and how we can show the most beautiful product in the most beautiful spaces.”
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And it’s partnerships like these that can help businesses push through tough challenges in the market.
“There’s been a lot of highs and lows in the industry over the years and it usually comes back to a few things,” Margolies said. “That would be consistency in your strategy. Meaning, even if things are bad out there, it’s really important to stay consistent. The other thing I think about is that the consumer doesn’t want to just buy these things. People want to buy fashion, they want newness, they want to feel excitement. So, in a time when things are on a low, I always feel like people might get behind that because, again, they want fashion. They don’t want to buy another black pump or a black dress. They want something new that will make them feel good.”
“We do feel as though we have strong relationships that we have built over 50 plus years,” Wright added. “So, I think it’s those foundational things through both good and challenging times that keeps your business going. I think that’s why we’re here.”
But ultimately, the two luxury leaders said winning in both good and bad times comes down to having a strong team. “To me, my team really creates the culture,” Margolies noted. “We are passionate about our business; we are passionate about our goals. So, for me, it’s about helping with strategy with my team. Working through that so that we can achieve those goals. Really letting the team get more involved with the product and letting them understand what opportunities there are, and then I’m there to support them.”
