In fashion storm, students get plaid at Burberry

By Neda Talebian, WG'06

The Fashion and Luxury Industries Club had an opportunity to do more than just touch and feel Burberry's latest IT-bag (the Haymarket) at the company's luxurious midtown offices recently. Eugenia Ulasewicz, President of Burberry (USA), graciously welcomed over a dozen Wharton Fashion & Luxury Industries Club members into Burberry's US headquarters on Friday, April 1st.

In her keynote address, Ms. Ulasewicz shared stories from her own "path to success in fashion," describing how she had followed her passion and found an excellent mentor. Ms. Ulasewicz discovered her passion for retailing during her college years and thereafter landed in the heart of the industry, in Bloomingdale's executive training program in New York City. Her words of wisdom for MBA students exploring new career opportunities: "find a place where you will have a great mentor and one that has a great leadership team in place." It was for these same reasons that she chose to work for Burberry - with CEO Rose Marie Bravo at the helm, she knew she was in the "right" place. In discussing her career progression with us, Ms. Ulasewicz stressed how important it is to learn skills on the ground floor and work your way up. Furthermore, she emphasized that finding the right company is more important than finding the "perfect job," noting that there is always the option to transition into other roles once you have a foot in the door. The idea of "starting from the bottom" does not appeal to MBA students who have already spent time building careers before coming to business school. Are you willing to take a pay cut and assume a role below the one you left prior to school? Most people are not, but the various Burberry executives who spoke about the company and their career paths, confirmed that taking a step back to move forward may in fact be worth it in the long run. They exhibited the same passion and genuine interest as Ms. Ulasewicz, and shared their backgrounds along with interesting tidbits on the evolution of Burberry - the company and brand.

Thomas Burberry opened the company's first store in London's famed Haymarket Square in 1856 (Burberry will celebrate its 150th birthday next year). In 1914, the British government commissioned the creation of a trench coat to outfit its officers during WWI. Burberry answered the call with the creation of its iconic trench coat. Reinvented in 1997, the Burberry trench continues to be a classic must-have for fashionistas and haute adults around the globe. Having established itself through the heritage of its outerwear, the company has expanded its product offering over the years to include men's and women's apparel, childrenswear, handbags, shoes, and more. Today, Burberry is among the top ten largest luxury brands in the world, with annual sales of £675.8 million in fiscal 2004. Segmented into retail, wholesale, manufacturing, and ecommerce divisions, the U.S. now accounts for roughly one quarter of Burberry's total operations.

Joe Wygoda, CFO and EVP of Operations, outlined the company's operational structure and the divisions that he oversees. In addition to the importance of protecting and growing the assets of the business; he also cautioned us to closely monitor dynamics such as foreign exchange fluctuations and the proliferation of counterfeits. As a public company, Burberry must also follow formal reporting procedures to satisfy the requirements of the investment community. Since Burberry's parent Company, Great Universal Stores (GUS), brought Burberry public in July 2002 at £2.30 per share, the store has benefited from expansion of its product lines, retail stores, geographic scope, and creative vision.

Robert Vignola, EVP of Wholesale, and like Ms. Ulasewicz, a Bloomingdale's veteran, gave us a glimpse of what lies ahead for the fall as he walked us through the men's, women's, and accessories showrooms (the collections are typically presented six months out). It's classic and hip...think of swingin' London in the '60s - Twiggy, James Bond, and The Beatles! While the iconic Burberry check and classic preppy trenches remain at the heart of the collections, the brand continues to be revived with new themes and styles every season - thanks to Creative Director Christopher Bailey, who has often been called "the new Tom Ford" (Gucci's former creative director). We fancied the newborn golf collection (look out for some super cute polka dot gear), and our members could not help but take a second look at the larger-than-life photo of the line's handsome model, Australian golfer, Adam Scott. The Prorsum collection is Burberry's high-end, avant-garde line. It's more of a 'buzz producer' for runway shows and publicity than a profit driver.

Jan Heppe, VP and Director of Stores, described her position as the "reality check" of the business, describing how she blends the emotional side of the business with P&L. The selling component, operations, customer service, risk management, human resources, and visual management all fall within her purview. According to Ms. Heppe, one is simply either cut out for retail, or not.

Martin Cooper, VP of Design and Parsons School graduate, spoke to us about the goals and challenges that have to be managed to keep a brand constantly reinvigorated. Having drawn his first sketches at age 10 and trained under Calvin Klein, the master himself, Mr. Cooper's dynamic career progression is inspirational. The world of fashion is fast indeed. According to Mr. Cooper, "as soon as you finish designing one collection, you are already behind on the next one." Mr. Cooper explained that while he always has his fashion radar on, there is no way to describe how he keeps his fingers on the pulse of fashion: "Trends are ethereal," he said.

Christin Passaro, Director of Marketing, provided us with a sense of Burberry's history and heritage. She explained how the brand's ad campaigns play a crucial role in extending the company's design philosophy - evoking authentic British luxury that is accessible, functional, and multi-generational.

After touring the showrooms and listening to senior executives from various divisions within the company speak about their backgrounds, the company, its heritage, and corporate objectives, we came away with a solid understanding of the evolution of this global luxury brand and the culture that has been cultivated by its employees. As Ms. Ulasewicz stressed, it's all about good mentoring, building a strong team, and following one's passion. The executives at Burberry were perfect examples of how it should be done!