Since 2022, the Vogue Business editorial team has made it its mission to find and feature the people on the front lines of fashion and beauty who are driving their industries forward. The Vogue Business 100 Innovators, now in its fourth iteration, reflects the leaders, disruptors and changemakers that ensure fashion and beauty remain dynamic industries. They may come from varied backgrounds, but they all have one thing in common: the determination to do things differently and fight for a better future.
This September in New York City, Vogue Business, in partnership with HSBC, brought together members of this year’s list, as well as industry peers, to celebrate the Vogue Business 100 Innovators for the first time.
On the terrace of Nine Orchard in lower Manhattan, guests gathered to toast this year’s additions and hear from some of the cohort, alongside HSBC’s US head of retail and apparel Eric Fisch.
First, Amanda Baldwin, CEO of Olaplex; Wendy B Savage, senior director of social impact and transparency at Patagonia; and Thuy Nguyen, director of social impact at Patagonia, took to the stage to share their views on leadership, innovation and how to take risks to drive change.
Baldwin said that she’s taken several risks throughout her career. Most recently, in joining Olaplex after the company met with allegations that the ingredients in its haircare products were causing hair loss and were linked to infertility. Before that, she left her career in finance to pursue one in beauty, joining Supergoop in its very early startup stages — all risks she said paid off.
“I left an incredible journey [at Supergoop] to come to Olaplex when this business was in a really tough spot,” Baldwin said. “And so I think through all of these times, I’ve always just tried to see something that maybe not everybody has seen yet and laser in on that. I think I’m getting more comfortable with it, but it always is a little bit nerve-racking, and that’s important to say out loud. But sometimes I just close my eyes and jump.”
Savage and Nguyen, who work together on Patagonia’s social impact team and were listed on the Vogue Business 100 as a duo, have also found that risks pay off as a pathway to innovation. Savage and Nguyen’s work revolves around making supply chains more transparent as a way to eliminate forced labour in fashion’s workforce. This type of work can result in uncomfortable conversations, and it’s a job that’s never done. That’s what motivates them.
“Innovation for us is really continuous improvement. I know that’s not very flashy or exciting, but it’s trying to be better every year,” said Nguyen. “So it’s working towards a solution to a big problem and making advancements over time — and that’s how our work happens.”
Savage said the team manages to not be discouraged by slow moving, integral change because of the results they’ve seen so far. “We know our hard work is paying off, and that motivates our entire team to keep pushing, finding solutions and working outside of our comfort zone to try new things,” she explained.
After the panel, HSBC’s Fisch spoke about what he finds most inspirational and investment-worthy from a lender viewpoint. He said that the retail industry, while facing significant headwinds this year in terms of tariff disruption and a spending slowdown, is not all doom and gloom. He’s optimistic that it will be a strong holiday season, as the industry shows signs of a rebound. That said, brands should be conscious of hitting a growth plateau.
“There’s a lot of competition out there now. Consumers are circumspect with their purchases and so it’s [about] broadening your audience,” said Fisch. “So what does that mean? It means something different for every company. It could be different price points, it could be channels, it could be licensing and bringing in new categories. Be more adventurous — broadening your outlook is a great way to grow.”
Still, it’s not a growth-at-all-costs mentality. Fisch pointed out that the era of consumer brands that could raise money and grow unprofitably is over. Investors are looking for strong balance sheets as much as they are innovation and bold risk-taking. The key is to combine the two, and Fisch said he finds the current generation of fashion and beauty founders inspiring.
“What’s different about this industry than others is that everyone — it doesn’t matter what price point — everyone is so proud of their product, and is so excited to share with us,” he continued. “It’s so tactile and it’s very democratic. We talk about innovation, and being at the forefront of the industry is fantastic, but underlying that is a commitment to fantastic product, to a great customer experience and owning your brand and clearly defining it.”
