Keep moving forward.
That is the key to evolving a brand for the long term, according to Deirdre Quinn, cofounder and chief executive officer of luxury brand Lafayette 148 New York.
Quinn was interviewed by Fairchild Media Group CEO Amanda Smith about “The Long Game: Purpose, Leadership & Lasting Impact” at the sixth annual WWD x FN x Beauty Inc Women in Power event on Sept. 14.
“We really don’t have a choice. You have to reinvent yourself. Otherwise, you will for sure be left behind,” Quinn said. “As the next generation comes and joins the company, they help us evolve because they see the world differently, and we work together to constantly change.”
Playing the long game means knowing when to pivot, how to listen and being open to change. It also involves protecting the brand through a focus on quality and letting the customer tell the firm what she wants from the brand, as well as knowing when to make those tough choices, including saying no when necessary.
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The vertical American brand began 30 years ago, and was named after the street address in what is now the SoHo neighborhood in Manhattan — where the original business was housed. “My business partner unfortunately passed away when I was 53, and he was my boss. I loved it. If I made a mistake, it was his problem. And ultimately, it was like, ‘Now it’s my problem,’” Quinn said of her own personal leadership evolution.
She learned one key lesson in the process. “Profitability. Wow, it is super important. You can’t have fun and build if you’re not making a profit,” Quinn said.
She also said there have been times when she went to bed thinking that something didn’t add up. Her advice: “If you smell smoke, don’t ignore it.”
Quinn made a key decision to move the headquarters to the then-newly renovated Building 77 at the Brooklyn Navy Yard in 2018, a big step in the brand’s journey.
“Probably the biggest evolution is becoming a direct-to-consumer brand. We are 85 percent direct-to-consumer, and there was a time we were 100 percent wholesale,” Quinn said.
The Lafayette 148 CEO said the one key advice she gives everyone is to keep an open mind. “You have to listen to what other people think, but then you have to make the tough decisions. So, you know, as an entrepreneur, you have this gut instinct that just takes over and its keeps you moving it forward,” she said.
Quinn said she’s a transparent executive, with an “open-book policy.” Profits are shared with employees, as well as the “hard times.” Tough decisions include deciding not to ship to certain accounts that don’t pay their bills. “You just basically say, ‘I’m sorry, I don’t do business like that.’ You know, it wasn’t right, and I walked away from it. And my team stayed with me and supported it, and we went through some tough years.”
Her leadership style has evolved to be more about helping her team be the future leaders. “I like to sit back now and help them make the decisions. I want to create decision-makers, not be the decision-maker, because that is a really important part of their growth as well.”
The executive said she wants the team to know that there’s a “future beyond me.”
“Of course, I’m still leading the company, but I’m there to see how can they step up,” she said. “You know, I can’t do this forever, but I don’t have this master plan to sell my company and watch somebody destroy it.”
