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Before the pandemic, social media and e-commerce giants like Facebook and Amazon were ascendant. The physical isolation caused by the ongoing global health crisis has only consolidated their power. Nevertheless, fashion brands can’t rely on a handful of Silicon Valley firms to run their businesses, venture capitalist Roger McNamee said at BoF’s VOICES.
In an interview with Christopher Wylie, who blew the whistle on Cambridge Analytica’s improper use of Facebook user data during the 2016 election, McNamee outlined how big tech has touched off a “cascading series of catastrophes going from the online world into the real world.”
In fashion, Facebook, Amazon and Google have inserted themselves between brands and their customers. Though they offer unparalleled marketing and commerce capabilities, McNamee noted their clients pay a steep price in the long run by ceding control of such crucial elements of their businesses. But all is not lost.
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“The fashion industry has a superpower,” he said. “You’re actually connected to culture, so people care what you have to say. You have to recognise as an industry that these guys are changing the rules and you have to fight back.”
Find out more about #BoFVOICES here. To contact The Business of Fashion with comments, questions or speaker ideas please e-mail podcast@businessoffashion.com.
