BREAKFAST WITH THE BOSS: THE DONEGER GROUP

FSF 2012 Summer Interns with Abbey Doneger Thurs. Aug 2nd

Abbey Doneger – President, The Doneger Group

Thurs Aug 2, 2012

We are Pleased to share Key Messages and Notes from Our Breakfast with Abbey Doneger:

• Sometimes you need discipline to continue doing something you think you don’t like doing. There will be times when it’s easier to bail, but you don’t want to go through life bouncing around.

• Sometimes it’s not about being the biggest, but being the best. Set formal goals and strive to achieve them.

• To be successful, you need good people, and you need good leadership. You also need to have done (nearly) everything in a company, to become its CEO.

• If you do become CEO, remember to keep an “open door” policy, and provide guidance for others along the way.

• You need to understand the needs of the specific retail consumer. Research should be targeting specific geographies, product areas, and demographics.

• Who Abbey hires: outgoing personalities, people who will interact well with the rest of the company, with a demonstrated passion, work ethic, and maintain a high level of professionalism

• Historically, trends trickle down. Now, trends are happening at the grassroots level, through multimedia and technology. His job is now trend analysis, as opposed to trend forecasting. It’s not the information – because everyone already knows it – but what to do with the information that is the important thing.

• Being winners makes everyone happy. Sometimes you can’t sacrifice winning to being overly fair.

• In product development, planning for the next season starts 12-18 months in advance. In merchandising, it’s 2-6 months in advance.

• Sustainability is important, but the clothes also have to be trend right and value right. No customer buys a piece of clothing solely for sustainability’s sake.

• Be aware of what is going on in the world. It won’t take you more than 5 minutes a day to read the headlines of the major newspapers. Do it.

Notes Compliments of Maggie Jiang

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