BFC Chair Stephanie Phair Steps Down, Having Steered Commerce Group By way of Brexit and Coronavirus

LONDON — Farfetch govt Stephanie Phair is stepping down from her function as chairman of the British Vogue Council after 4 and a half years on the helm, BoF can completely reveal.

Phair succeeded former chair and Internet-a-Porter founder Natalie Massenet in Could 2018. Her successor will likely be named following a board assembly later this week.

When Phair first took up the mantle as chair, she had no concept she could be presiding over the business physique throughout a number of the most difficult years the British style sector had ever seen. The onset of Covid-19 meant that for many British style companies plans to broaden or develop income took a again seat; the first concern was whether they’d even survive the crisis.

For the BFC — a not-for-profit organisation funded by donations, business sponsorships, occasions and membership charges, whereas additionally receiving a small portion of funding from the UK authorities — it was equally painful financially. The group’s funding was reduce in half from virtually £12 million ($13.81 million) to about £6 million.

What’s extra, Covid-19 got here on prime of ongoing negotiations for Brexit, which added important stress to the British style ecosystem. An eleventh-hour settlement with the European Union made on Christmas Eve in 2020 left the style business scrambling to cope with new taxes and tariffs, in addition to journey restrictions and visa points. “It’s been a interval like no different,” Phair stated.

Regardless of the headwinds, the BFC managed to provide cash injections and mentorship to an business in disaster. At present, the BFC’s revenues have almost returned to pre-Covid ranges.

And, even within the face of Covid-19 and Brexit, the physique has made progress on realising the targets it got down to obtain when she first joined the organisation, Phair stated.

Internally, the BFC underwent a reorganisation to streamline its construction and funds, whereas additionally bolstering its income streams by introducing new initiatives, together with a tiered membership programme, the place member charges are correlated to enterprise income.

It additionally labored to supply extra worth to members of the British style neighborhood that function exterior the standard luxurious style week ecosystem. “One of many issues that Caroline [Rush, BFC chief executive] and I agreed was so necessary was to open our arms as much as embrace a broader swathe of the business,” Phair stated. Step one was broadening the organisation’s membership and patronage programmes to incorporate a greater variety of companies, together with firms like expertise recruitment platform Dweet and wholesale administration platform Joor, alongside the artistic, design-led ready-to-wear companies it has historically championed.

Different initiatives launched throughout Phair’s tenure embody a BFC partnership with VC firm Venrex on a brand new funding fund designed to supply help for extra business style companies within the UK. The physique has additionally laid the groundwork to roll out the mentorship companies that it gives to the recipients of its grants and prizes to its broader membership, giving extra companies entry to companies like authorized help and monetary experience.

Following Covid and Brexit, Phair stated she’s additionally seen a breakthrough by way of the business’s relationship with the UK authorities.

“We’ve positively seen a step change in how the federal government works with us and the way we work with authorities,” she stated, pointing to the federal government’s preliminary endorsement of the BFC’s Institute of Constructive Vogue initiative, a 10-year sustainability push, for example. “I feel they’ve realised that the style business can play an necessary half by way of delicate energy for the UK, as a result of it positively crosses borders by way of its cultural impression.”

Phair introduced a novel perspective to the business physique, with a background that straddled the worlds of expertise and style. She began out working in advertising and communications earlier than being snapped up by Internet-a-Porter Group to launch and run its off-price enterprise, The Outnet. At present, along with being Farfetch’s group president, Phair can be a member of the advisory board of VC agency Felix Capital.

“She’s introduced unimaginable empathy [to the role]. She’s listened to all people, to the designers, to our patrons, to us,” stated BFC chief govt Rush. “Her capacity to have that type of huge image chair view — difficult [us] in a very constructive manner — however then when the chips are down, rolling up your sleeves and getting on with it, has been unimaginable.”

Phair hopes the physique has emerged from the pandemic stronger than ever.

“I’m actually excited in regards to the new chapter, the brand new chair, the place the BFC is heading — and I’m completely going to be that champion from the sidelines,” she stated.