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The future of retail is NFTs: Rebecca Minkoff

Fashion Designer Rebecca Minkoff joins Yahoo Finance Live to discuss her latest partnership with Yahoo, producing immersive NFTs and cutting edge experiences during New York Fashion Week.

Video Transcript

- New York Fashion Week is back, after of course, being on hiatus last year. Of course, it's a different kind of Fashion Week now, but it's an important economic driver for the city of New York, as well as sort of a psychological and emotional one. Rebecca Minkoff is with us now. She of course, is a fashion designer and co-founder and creative director of the Female Founder Collective.

Rebecca, I know that you're there at Fashion Week and I know you're rushing around very busily there. But talk to us about this comeback and what the last year has been like and the significance of this Fashion Week.

REBECCA MINKOFF: So this Fashion Week truly celebrates everybody coming back and showing. There were a couple brave souls, myself included, last year that decided to show, just to really make sure that the industry stayed alive. We were able to show and do it safely with IMG. And so this year we're back again and so happy that everyone else is as well.

And this year we decided to do something different. We actually worked with Yahoo to launch an immersive online AR experience. And so while you're getting an in-person one from me here, for the 99% who can't join this beautiful event, we're giving it to you in an incredible, incredible 3D gallery.

- Rebecca, take us through a lot of the styles being shown off on Fashion Week. Those will be items that will appear for spring and summer 2022 and hopefully, we're further beyond this pandemic. What is the post-pandemic look?

REBECCA MINKOFF: I think the post-pandemic look is excess. And I'm going to show you a bag that I have right here. It is all about over the top. People have been in their sweatpants for too long and while those are great to have at home, I think you're seeing people really enjoying getting dressed again. Putting outfits together. Learning to walk in their high heels again. And just I think the fashion pendulum always loves to swing and so right now we're going to go into serious excess. Maybe it's the roaring 20s all over again.

- Hey, Rebecca. It's Brian Cheung here. Now, you mentioned that partnership with Yahoo. What's interesting is that there's going to be this museum like experience and NFT auction as well. And a lot of our viewers have been watching the NFT space very closely. What do you see as a development, which kind of didn't exist in the capacity that is right now, certainly in 2021, with regards to the way that people are approaching, interacting, and also using their money to interact with art.

REBECCA MINKOFF: Yeah, so I think being inside and having so much more access to digital, people are just now used to the idea that there can exist art online, fashion online. And I think we're seeing statistics that show that 80% of gaming is actually women. And these women want to be dressed and they want to look good. So not only can you collect these NFT art pieces that were shot by the incredible Cass Bird on Giselle Olivera, but you can also actually shop digital merch. So I think the future of retail, if I were giving my projections, is the merging of these online offline worlds, and making retail experiential offline. And then you also get the double benefit of getting to wear it in real life as well.

- Rebecca, that bag was amazing, that you showed for a second. And I think that excess is so interesting. That is sort of the buzz word here. Because there's also this sort of processing of shared trauma. I'm sure you guys are all feeling that there are at Fashion Week. And so I'm curious, like as you talk to your fellow designers, as you talk to the people who are working there, kind of what are people talking about? What's the collective mood?

REBECCA MINKOFF: The collective mood is really relief that we're together. I think that there are incredible synergies that exist with designers, with the community that attends the fashion show, with all the people that work and support it. And when you strip that away and it's just a couple of us, you lose that intimacy that is created by being together. So I think the feeling of relief of people getting to see each other and reuniting, it feels like a high school reunion all over again for the design and fashion industry. So I'm hoping that good spirit really takes people up and makes people feel more positive in what is clearly a very intense time for everyone right now.

- Yes. If we can get through fashion, I'll take it. Rebecca Minkoff, thank you so much. Good to see you. Co-founder and creative director of the Female Founder Collective and of course, noted designer. Thank you.