On Tuesday, 12 of April, in collaboration with SDA Bocconi Luxury Arts Club, we had the honour of hosting Mr. Riccardo Pozzoli. The founder of The Blonde Salad and Foorban has been interviewed by Emanuela Prandelli, an LVMH Associate Professor at Bocconi University.
Although the main topics of the discussion the Professor, and her former student focused on were fashion & entrepreneurship, Pozzoli also touched upon the role of social media, as well as privacy in this oversaturated world. In fact, he mentioned the latter as being the potential topic of his second book. Recently, however, he has published his first book: “It is not a job for old people. When a passion becomes business”.
The topic of the role of passion in business seems to play a great role in how Pozzoli conducts business, as well as how he guides his creative processes. During the discussion he has mentioned numerous times the importance of inspiration and desire, as well as originality. He can for sure be classified as one of the people who will tell you: go and follow your dreams. He himself has mentioned that he likes doing the things he likes to do, and this is among one of the elements of his success. Were he to listen to the opinions of luxury brands, which at the time of the launch of the Blonde Salad in 2010 claimed that online will never be relevant, he for sure would not have reached the audience and the level of success, the fashion blog him and Chiara Ferragni created, presently maintains.
This creative and innovative attitude and the importance of the forward and visionary approach have been highlighted as key in launching a startup and becoming a successful entrepreneur. Particularly in fashion, the sensitivity to changes is key. Among the most important of these changes was the previously mentioned attitude about the online world. Pozzoli highlighted that it is, and has been for a long time, a mistake to divide your business as online and offline. They key, however, is to integrate these two to create a coherent strategy and exploit the advantages of both sides. The online experience will never be able to fully substitute the physical in-store experience. However, this does not imply that this world should be treated as less relevant. A successful company should be able to explore all strategic channels possible.
Among these channels we can also notice social media, and its growing relevance. According to Pozzoli Instagram is, and will be the most relevant medium, as it is focused on strong brand recognition and the barriers to entry are very low. Everyone can become an influencer, especially with original content, which is becoming ever-more important at a stage, in which there is over saturation. However, he considered both Facebook and Twitter as not revenant anymore, especially with the former being the first medium to face a generational exchange, which questions its attractiveness to the young.
The before-mentioned creativity is key in not only becoming an influencer, but also in launching a business. However, Pozzoli also stressed a very well-balanced approach. When asked about how to launch a successful business, he highlighted the importance of understanding and researching your market, your niche, as well as building up your process flow. He advised to take time to reflect, as well as to allow yourself to learn, wander, and make mistakes, as realistically you are unable to plan all the issues you are going to face in the process. A successful entrepreneur should also be able to stop and allow themselves to be inspired by ‘turning-off’ for a while. Too much input prevents from full openness of the mind. That is why it is crucial to elaborate on thoughts that come directly from you.
When asked about strategies how to keep your business relevant, especially in fashion, Pozzoli mentioned the cyclic behaviour of the industry, the understanding of which is and will be key. Although, the online makes these cycles shorter, big and successful companies still maintain and exploit this approach with the help of teams of financial analytics. They are able to manipulate and move investment. As Pozzoli mentioned: now you are not hearing from certain brands, because they do not want to you. Many wait for a big momentum, and the right time to enter, the most successful example being Gucci. That is why it is crucial to understand that an appropriate branding strategy is key.
Pozzoli also spent time focusing particularly on challenges for Italian entrepreneurs and their characteristics compared to the international scene. He highlighted that the main discrepancies stem form the difference in mindset and approach to capital. European, and Italian entrepreneurs tend to reason for an elite market only. They lack the courage to go ‘big’, as many times this could be considered as a mistake. However, Pozzoli believes that an entrepreneur should have this courage, and should always aim to go big. A similar case applies to capital. The lack of typically American VC thinking, makes European investors not brave enough with risky investments. On the bright side of it, the way of thinking is improving, but also changing, as to the benefit of cautious investors. The key to success in not anymore your capital, but the team, and its ability to take their niche in every market.
Pozzoli also mentioned the role of networking, as one of the elements of launching a successful business. He jokingly stated that you should waste as much time as possible on meeting and developing your relationships with people during your university years, as they will be crucial in the future. Human relationships when well developed are priceless in a crowded business environment.
This, however, also lead to a question of the distinction between private and professional life. Pozzoli believes that the issue of privacy in the digital world is among one of the most important ones facing our generation. Although he explicitly stated that one of the key aspects of the success of The Blonde Salad is the ability to blur the borders of privacy, he personally seemed to be passionate about maintaining his private life private.
Overall, Pozzoli left an impression of a modern entrepreneur, who in a young, yet to an extent traditional way is able to exploit and bring out the best in very traditional industries, which are fashion and gastronomy. He brings in a wave of fresh air and down-to-earth approach. However, he dares to dream, which is an ability that many abandon when entering adulthood, but which is vital in devising new business models.
