Sarah LaFleur on M.M.LaFleur's Resilience with Guy Raz | How I Built This | NPR | Summary and Q&A

Summary

In this video, Guy Raz interviews Sarah Lafleur, co-founder and CEO of MM.LaFleur, a fashion company that creates designer-quality clothing for professional women. They discuss how the economic crisis has affected the fashion industry and how MM.LaFleur is adapting to these challenges.

Questions & Answers

Q: How has the economic crisis impacted MM.LaFleur and other fashion retailers?

Lafleur explains that the crisis has caused a significant slowdown in their business, especially with the closure of their physical stores. They had plans to expand their retail presence but had to put those on hold. Lafleur also shares that many other fashion brands, like J.Crew and Macy's, are struggling with excess inventory due to the disruption in the retail industry.

Q: How has MM.LaFleur adapted its inventory and marketing strategies during the crisis?

Lafleur mentions that they already had a lot of evergreen inventory, which helped them during this time. They also rebranded some of their existing products to be more suitable for the current situation. For example, they renamed a suiting pant to "origami joggers" and marketed it as a comfortable option for working from home. Lafleur also talks about their focus on marketing strategies, such as launching virtual appointments and using their newsletter and digital ads to connect with their customers.

Q: How has Lafleur approached leadership during this crisis?

Lafleur emphasizes the importance of staying in a good mental state as a leader and making decisions with a clear mind. She values the support and calmness of her executive team and believes that being in a good place herself enables her to make sound decisions. Lafleur also discusses the challenges of making difficult decisions during a rapidly changing situation and mentions the importance of learning from past experiences.

Q: Are there any creative ideas or strategies that Lafleur is considering to meet the changing needs of her customers?

Lafleur talks about how they have been using their Slack channel to build community among their customers and support each other. They have also launched virtual appointments where customers can discuss their clothing needs and get personalized advice. Lafleur mentions the importance of recontextualizing their inventory to fit the current situation and the desires of their customers. She also highlights the growth of their "Power casual" category, targeting women in more casual industries, and the potential for future changes in the way people work.

Q: How is MM.LaFleur addressing the potential impact of the crisis on women in business?

Lafleur acknowledges that the crisis may have a disproportionate impact on women in business, especially those in lower-income positions. She mentions collaborating with partners and organizations to understand the new normal in the workforce and find ways to support women in getting back into the workforce.

Q: How has MM.LaFleur been marketing its products during this time?

Lafleur explains that they have been marketing their products through various channels, including email newsletters, digital ads, and social media. She mentions their CSR campaign called "Ready to Run," where they dressed female candidates running for office for free, as a way to connect with their brand values and customers. Lafleur also talks about marketing strategies tailored to the current situation, like promoting their "quarantine uniform" collection.

Q: What are Lafleur's goals for personal growth and leadership during this time?

Lafleur's primary goal is to be known as a leader who is there for her team and can connect with and support them. She also wants to stay true to herself and her values as a leader. Lafleur mentions the importance of being able to handle both triumphs and crises with the same level of authenticity and integrity.

Q: How does Lafleur see MM.LaFleur evolving in the future?

Lafleur acknowledges that there will be lasting changes in the way people work and dress due to the crisis. She mentions the growth of their "Power casual" category and their focus on creating comfortable, machine-washable clothes that make women feel put together. Lafleur believes that their brand will continue to resonate with their target audience and that they will adapt to the new normal in the workforce.

Q: How has Lafleur been supporting and collaborating with other entrepreneurs during this crisis?

Lafleur mentions that she has been in constant communication with other founder friends, sharing knowledge and emotional support during this challenging time. She highlights the importance of community and collaboration in navigating these uncertain times.

Q: How does Lafleur hope to reflect on this time in the future?

Lafleur wants to be remembered as a leader who was there for her team and stayed true to herself during the crisis. She values the growth and personal development that comes from facing and overcoming challenges.