Global Opportunity: Data Analytics and Licensing

by
Matthew Donohue

LIM College and London College of Fashion recently held their third annual Fashion Industry Masterclass, a two-day virtual event where faculty from both institutions and industry professionals present insights into current issues in the fashion business.

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This year’s topics were data analytics and licensing. Over 40 students attended, joining from nations around the world, including the U.S., the U.K., Poland, India, The Netherlands, Turkey, and Italy.

According to Eda Sanchez-Persampieri, LIM College’s Dean of Graduate Studies, “In the current data-driven world, the ability to extract insights and make informed decisions based on data is highly valuable. And licensing plays a crucial role in various industries, such as fashion, entertainment, art, and beauty, with consideration and understanding of IP (intellectual property) being paramount.”

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Speakers included:

  • Patty Mitropoulos: LIM College professor with experience in licensing for companies such as Liz Claiborne, Elie Tahari, and Swimwear Anywhere.
  • Bill Gaden: LIM College professor and President of Concord Theatricals Worldwide, the largest theatrical licensing agency in the world.
  • Angela Farrugia: Founder of Brand x Society, a brand management company whose services include brand strategy, business development, IP (intellectual property) licensing, and more.
  • Dr. Satya Banerjee: Specialist in ‘intelligent fashion forecasting’ and author of “AI in the Fashion Industry”.
  • Matthew Walsh: Data and Retail Director at IMRG, the UK’s largest online retail market tracker.

Professors Mitropoulos and Gaden spoke about licensing through the lens of their personal experience in fashion and entertainment, while Farrugia spoke of the importance of legal protections for IP, brand recognition and equity, and customer engagement.

Dr. Bannerjee stressed the importance of leveraging data analytics and use of AI (artificial intelligence) and ML (machine learning) to reduce inventory costs, make dynamic pricing decisions, and drive profitability. Walsh spoke about using analytics to drive eCommerce conversion rates and provided an interactive model illustrating tactics used to persuade customers to add items into their online carts.

At the end of each lecture, students were put into breakout rooms where they engaged in skill building activities and applied their recently acquired knowledge to real-world scenarios.

Professor Sanchez-Persampieri stressed the significance of the Masterclass for graduate students in the business of fashion, noting, “These are key skills that employers are seeking in new hires.”