Australian designer label Anna Quan is celebrating a decade in business this year.
Founder Anna Hoang launched her womenswear brand in 2013, developing a reputation for contemporary tailoring and investment pieces.
Since securing luxury etailer Net-A-Porter as a stockist in 2017, the designer has scaled her international business with current partners including Selfridges, Bergdorf Goodman, Harvey Nichols and Neiman Marcus.
“At the time the label was started, sustainability was in its infancy as a discourse,” Hoang said. “There was a huge emphasis on occasion wear and party dressing and little focus on investment dressing and longevity. I always wanted to have everyday clothes that spoke to a subtle luxury.”
Here, Hoang provides her top business lessons over the past decade.
1. Fashion is a team sport, choose your players carefully. Put together a good team and support network.
2. Rome was not built in a day, it takes years to be an “overnight” success.
3. Be relevant and have a value proposition. Don’t assume people should want what you have made. Test your assumptions out.
4. Cashflow is king. Always review debtors regularly and don’t be afraid to take decisive action. You are responsible for your company’s survival.
5. Appreciate the importance of your gross operating margin. Always make a reasonable margin on all your products and don’t rely on volume to get you over the line.
6. Seek out experts in their field to assist you when you can afford to. You don’t need to be good at everything. Your job is to allocate your finite resources efficiently and productively.
7. Be comfortable and get used to saying “no” if something does not align with your values or the interests of your company. You can always be kind but firm.
8. It’s okay to make mistakes only when you learn from them and move forward strategically.
9. Be disciplined and work hard. Discipline and habit gets you through in the long run particularly the tough times which are aplenty. Don’t get caught up in the trappings of fashion and being complacent.
10. Assumptions make an ass out of you and me. Never assume anything and always check your facts.