The financial and fashion industries have calmed down, despite recent stock markets providing evidence to the contrary, with stocks falling as apparel brands and retailers lower their annual forecasts. More specifically, taking advantage of opportunities offered by other groups is trending among leaders of both packs.

On Friday, Rebecca Minkoff and global financial services firm Morgan Stanley launched a product collaboration in the form of the perfect handbag for roomy work. As more women enter the financial industry, this bag serves as a female version of the masculine financial company logo duffel bag, widely used as a status and pride symbol among financial professionals. At the same time, it is intended to reflect the increasing gender inclusiveness of the banking industry and to boost women’s confidence in the sector.

“Women make up more than half of all entry-level financial services roles and manage more than $14 trillion in personal wealth. [Morgan Stanley proprietary research showed] Morgan Stanley Chief Marketing Officer (CMO) Alice Milligan said: At the same time, according to the company’s survey, she was less than 3% of women with a traditional “bunker bag.” Also, over 50% said the style is not all-inclusive and only appeals to men.

When Milligan joined Morgan Stanley as CMO in June 2021, she prioritized synchronizing the company’s brand and marketing strategy with growth strategies, including the recent acquisitions of E-Trade and Eaton Vance. The key is to appeal to a wider consumer base.

” [canvas ‘bank] bag” is not appealing to those who want to express themselves with a bag. It doesn’t give you confidence or a sense of style,” Milligan said.

She added: [the Rebecca Minkoff partnership], hopes to demonstrate a desire to be more inclusive. ”

Milligan approached Rebecca Minkoff about the partnership based on Minkoff’s history of advocating for women, including founding the Women Founders Collective and the Superwoman Podcast. Her “personal story of what a confident woman can do,” Milligan said, was also a factor.As it happens, Minkoff first took her brand to the world in 2005. I was preparing for the re-release of the bag. The original version, sized to hold a computer and take users with them day and night, was inspired by bankers. According to Minkoff, a bag.

“Positioning the bag as a symbol of power and positioning it as a way to show that you are financially successful and have style is not mutually exclusive. It felt like the best way to go,” Minkoff said. He said.

Dubbed the Rebecca Minkoff x Morgan Stanley Bunker Bag 2.0, the style repeats MAB signatures, including a small front pocket, detachable strap and zipper detail. Meanwhile, updates include the incorporation of responsibly sourced, olive-tanned leather, driven by Morgan Stanley’s commitment to sustainability. “Every step in making this bag was made to eliminate waste,” Minkoff said.

Rebecca Minkoff has been active in the field of sustainable fashion through her 2021 launch of RM Greene’s apparel line, which is a sustainable way for a brand whose business largely consists of handbags. It’s our first foray into sourced and handcrafted handbag styles. .

The move ignited the sustainability themes that will define Rebecca Minkoff’s Spring 2023 fashion show at New York Fashion Week late Friday afternoon. Minkoff said only sustainably sourced materials will be featured in the show, which will feature videos about sustainability and projections of White’s mapping on his apparel.

In that regard, Morgan Stanley will be on the show. Haley Sacks brings together influencers like @mrsdowjones on Instagram (290,000 followers) to carry the bag around and post about what it stands for and why it matters to women professionals. In addition, the company will feature Rebecca Minkoff her Sizzle reel of her show through her digital signage in The Times Square and in markets such as London and Tokyo. As for other marketing, information about the collaboration will be shared on Morgan Stanley’s intranet and her social channels.

The bag is available at RebeccaMinkoff.com and will be gifted to select Morgan Stanley employees, including the head of the Women’s Benefit and Pride Network, as well as select senior executives. It will be available to more employees starting next year, Milligan said.

“You will definitely see more collaborations from us as it reflects our collaborations. [company]said Milligan.

The bag’s release comes amidst other news highlighting the fusion of fashion and Wall Street. On Wednesday, Kim Kardashian, founder of $3.2 billion apparel and shapewear brand Skims and successful beauty business Kim Kardashian, will launch a private equity investment firm with Carlyle Group alum Jay Sammons. They plan to invest in companies in consumer goods, luxury goods and digital commerce, among other industries. A Printemps announces the opening of its first US store on One Wall Street in New York City’s financial district.

Earlier this summer, when Australian fashion brand Scanlan Theodore was discussing its strategy for launching in the U.S., Melinda Robertson, co-owner of the brand’s five-year-old U.S. operation, decided to cater to female bankers. I shed light on the opportunity.

Before the pandemic, Scanlan Theodore had a dedicated team, hosting 10-20 pop-up shops a year at major US financial conferences, including those held by Barron’s, Reuters and CHIPS. They have proven a strong marketing and sales channel for the brand.

“With some of the most successful female financial advisors in the United States attending these conferences, you can imagine how much they shopped,” said Robertson. “The customer base we have acquired from them is huge and profitable. Plus, these customers travel a lot, so we got her at the Barons conference in Texas, and six months later we moved to New York. You can jump into the store and blow up the store. [with a high-value transaction]”

According to Robertson, setting up stores at these conferences requires a large investment, but the ROI has proven to be worth it. “We don’t need to bring women there,” she says, referring to guaranteed foot traffic and the setup is simple: three mannequins, a “beautiful sign,” and products on display.

Brand-hosted pop-ups at day-and-a-half financial conferences have driven sales to more than $80,000, according to apparel business owners who speak off the record. MMLaFleur also used the opportunity to “leverage financial conferences as a brand awareness tool and sales lever prior to the pandemic,” said Callie Kant, MMLaFleur’s vice president of brand and creative. . Since then, it has shifted its product focus to more casual styles suitable for both “life and work”, updating its brand and sales strategy accordingly.

As for Rebecca Minkoff, based on research conducted by the brand, women in finance are an existing customer demographic. So the Morgan Stanley collab caters to that shopper. “The rest of the world is in sweatpants mode, but in the financial world, you still can’t wear sweatpants to work,” she said. “yes [we’re focusing] On how to keep women feeling stylish, special and cool when they go to work every day. “

It’s worth noting that in recent years, the focus has been on professionals making the leap from the financial industry to the fashion industry, in step with the rise of the direct-to-consumer model and their proven ability to skyrocket the growth of consumer companies. increase. Mr. Robertson left his career at Goldman Sachs to work on the business expansion opportunity of Mr. Scanlan Theodore. Similarly, her co-founder Sarah Blank previously worked at PIMCO. Both women are from Australia, and Scanlan Theodore is “a low-end luxury brand par excellence,” as Robertson puts it. And because they both wore the brand as their work uniform, they received constant compliments from their colleagues in the United States.

Others who transitioned from finance to fashion include Aday’s Nina Faulhaber and Meg He, who worked at Goldman Sachs, and Earrings and Meg He, born three years ago after roles at JP Morgan and Morgan Stanley. Including Louisa Serene Schneider, founder of the piercing brand Rowan.

Conversely, female founders know the importance of women working in the financial industry. Many have shared with glossy reporters their experiences of walking into a white man’s room during a fundraiser. It also mentions that it occurs regularly with investors stating that there is a lot of volatility because, as Summersalt co-founder Reshma Chamberlain said, the investment world is dominated by men. , often “ruling out” the ideas of women.

“Women have been in the financial industry, but they have been underrepresented and unheard of,” Minkoff said. “Now is the time to speak loudly and proudly and push forward to make this region more inclusive and representative.”

In addition to collaborations such as the Rebecca Minkoff x Morgan Stanley Banker Bag 2.0, she says: [the financial industry]about to open the door wider [for women]We hope it will be a wave of activity in this space. “

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