The Baker Buzz Newsletter — March 2023
Welcome to the Winter 2023 edition of The Baker Buzz!
I hope 2023 is going well for you. I am very pleased to provide this snapshot of the Baker Retailing Center’s Winter highlights.
Here at the Center, we’ve been busy providing our students with educational programs, and events that showcase our thought leadership in the retail industry. We were especially excited to host Professor Jeremy Siegel at a recent dinner with our advisory board members. He shared his insights on inflation, the economy, and the impact on retail.
In October we proudly honored the 20th Anniversary of the Baker Retailing Center with a gathering in New York. Joining us to reflect on the impact the Center has made since its inception were Jay and Patty Baker and many of those in the retail industry who have contributed to our success. University President Liz Magill and Wharton Dean Erika James also were in attendance and offered words of their congratulations. It truly was a memorable evening.
The Fall semester included the continued success of the Baker Executive Speaker Series. Guest speakers included top executives from Beautycounter, Crocs, Cowen, Fashionphile, Nike, Salvatore Ferragamo NA, SHEIN, Spencer Spirit Holdings Inc., and Wolverine Worldwide. And our incredibly stimulating Ideathon, the 24-hour hackathon-style competition sponsored by MCM Worldwide, was held once again and was hugely successful. The students’ presentations showcased their impressive talent and innovation.
Finally, a group of Wharton MBA students traveled to France in January for the Paris Global Modular Course. There they were given an in-depth, behind-the-scenes look at the French luxury industry and learned about the challenges and opportunities that this sector has experienced in recent years.
As you can see it has been a fruitful year and we look forward to our upcoming events this spring and summer.
I wish you all the best.
Tom Robertson
Academic Director
Jay H. Baker Retailing Center
Joshua J. Harris Professor, Professor of Marketing
20TH ANNIVERSARY CELEBRATION
On the evening of October 29th, against the stunning backdrop of the Rainbow Room in New York City, we celebrated out 20th anniversary. We gathered to recognize the pioneers of the retail industry and the impact the Baker Retailing Center has made since its inception. Among the speakers were the University of Pennsylvania's president, Elizabeth Magill, the Wharton School's dean, Erika James, Baker Retailing Center Advisory Board member, Paul Charron, and the donor of the Baker Retailing Center, Jay Baker.
“Thank you, Jay, thank you, Patty, and thank you to the entire Baker family for your wisdom in your field and your commitment to Penn and Wharton. We are ever grateful.” -Dean Erika James
The monumental celebratory evening concluded with a surprise special guest, Smokey Robinson, who performed unforgettable classic hits. We look forward to many more years of the Baker Retailing Center inspiring retail innovation, cultivating global retail knowledge and talent, and creating interdisciplinary industry research. Thank you, Jay, for your vision and action.
2022 IDEATHON
How do you reinvent retail in just 24 hours? On Friday, September 30th, some enterprising students accepted that challenge. The Baker Retailing Center Ideathon—a 24-hour hackathon-style competition sponsored by MCM Worldwide—invited participants to pitch bold business innovations for the famed luxury brand based on real-life data.
A ballroom at the Inn at Penn was transformed for the all-nighter event. Student teams reclined on beanbag chairs in the neon-lit space, staying fueled with a plethora of snacks and beverages. For inspiration, they were treated to a fireside chat by MCM’s Dirk Schoenberger, Global Creative Officer, and Misa Hylton, Global Creative Partner. The executives shared insights into the world of a high-powered fashion house. They also heard from Cathy McCabe, Co-Founder and CEO of the London-based retail tech firm Proximity Insight, who described the complex landscape of today’s retail technologies.
Ideathon 2022 was memorable for all who participated—getting their creative juices flowing and challenging them to sharpen their retail innovation skills. Read on to find out who won… what some of their ideas were… and more!
EXECUTIVE SPEAKER SERIES
Through the Baker Executive Speaker Series, Penn undergraduate and graduate students are given the rare opportunity to connect one-on-one with retail leaders and founders in a relaxed, intimate setting. Speakers that came to campus this fall included:
Heidi Cooley
Senior Vice President & Chief Marketing Officer, Crocs
Crocs is a multi-billion dollar business and the #3rd footwear brand on TikTok. Just how did this happen to a plastic boating clog launched 20 years ago-a shoe that some people still “wouldn’t be caught dead in,” according to its chief marketing executive?
Gregg Renfrew
Founder & Executive Chair, Beautycounter
(in collaboration with the Lauren and Bobby Turner Executive Speaker Series)
The designer lipstick we apply before a big date… the fragrant moisturizer we rub in after every shower… the sunscreen we slather on our toddler’s delicate skin… How many of us stop to think about these products’ ingredients and whether they’re healthy for our bodies?.... more Americans need to be asking these questions.
Sean Bruich, Vice President of Global Consumer Science, Analytics, and Insights, NIKE
Oliver Chen (WG06), Managing Director, COWEN & CO
Sarah Davis, Founder, President, and Chief Operations Officer, FASHIONPHILE
Brendan Hoffman (WG97), President and Chief Executive Officer, WOLVERINE WORLDWIDE
Peter Pernot-Day, Deputy General Counsel, SHEIN
Steven Silverstein (WG85), Chief Executive Officer, SPENCER SPIRIT HOLDINGS INC.
Daniella Vitale, Chief Executive Officer, SALVATORE FERRAGAMO NA
An exciting new group of speakers is slated for the Spring, so stay tuned!
Paris Global Modular Course
January 2023
The luxury industry took a major hit during the pandemic, unsurprisingly. But recently the sector has come roaring back, with 2022 seeing 20% growth, according to Bain & Company. Business of Fashion writes that tourists’ demand for high-end clothing and accessories—as well as shoppers’ desire to revamp their post-pandemic wardrobes—is buoying up the industry. Will the trend continue? What’s next for luxury in this roller-coaster environment?
In January, 35 Wharton MBA students traveled to Paris for a unique opportunity to explore the challenges and opportunities facing French luxury brands today. They learned about these companies’ efforts to navigate rapidly evolving shopping behavior both online and offline. Moreover, they grasped key principles for successful luxury branding.
The students were treated to conversations with executive leadership as well as curated visits and private tours of galleries, ateliers, and boutiques. Overall, their trip to the City of Light was transformational, allowing them to experience firsthand the special allure and rich heritage of French luxury.
FACULTY HIGHLIGHTS
Read a recent article in Organization Science by Wharton Management Professor Rachel Arnett, Uniting Through Differences: Rich Cultural-Identity Expression as a Conduit to Inclusion. It explores what happens when you encourage and embrace the multicultural identities of your employees
Knowledge at Wharton article, Why Online Shoppers aren’t Falling for Exploding Deals, highlights research co-authored by Wharton Marketing Professor Cait Lamberton that studied the differences in online and offline shopping and how those experiences can affect sales.
In his new co-authored book, The Customer Base Audit, Wharton Marketing Professor Peter Fader sets out the tools and frameworks for firms to assess their customer base, understand how their customers differ in behavior and value, and see how the quality of their company has changed over time.
Livestream commerce will account for as much as 20-25% of online sales in 2023. Wharton Marketing Professor Tom Robertson explores this phenomenon by highlighting his research in this recent article in the Harvard Business Review, Selling on Tiktok and Taobao.
Wharton Dean Erika James’ new book, The Prepared Leader, with co-author Lynn Perry-Wooten, discusses tactical and practical ways that leaders can be prepared in the wake of evolving environments and crises.
ALUMNI SPOTLIGHT
In December, 22-year-old Kartik Kumra graduated from Penn with a degree in economics. Why are we writing about him in The Baker Buzz? Because this recent college grad is already the founder of a global fashion brand and is a semi-finalist for the LVMH prize this year. On March 2nd and 3rd, Kartik will present his vision and collections in Paris along with 21 other semifinalists for a chance to earn a 300,000 euro endowment and a year long mentorship with a LVMH team.
The vibrant, colorful, South-Asian-inspired designs of Kumra’s brand Karu Research have been sported by celebrities including Kendrick Lamar and Joe Jonas. They are carried by more than ten stores worldwide including Selfridges, Mr Porter, and Ssense. And the young entrepreneur has garnered media attention in the WSJ as well as Vogue and The Indian Express.
Kumra got interested in the fashion industry as a teenager, collecting and reselling high-fashion sneakers and other items. Later on, he traveled around India meeting with dyers and embroiderers to develop his unique clothing line.
Kumra takes pride in the fact that while some global clothing firms might locate their manufacturing in India, he—the company’s founder and creative director—is actually Indian. He notes that this benefits the brand “from a storytelling and authenticity perspective.”
While Karu Research designs do not attract much attention in Kumra’s home country, apparently the South Asian community in America is increasingly enthusiastic. Kumra says that South Asian customers have come from as far away as North Carolina to buy pieces from his pop-up stores in New York.
Having achieved all that he has while simultaneously earning his Penn degree, this young entrepreneur is definitely one to watch.
WELCOME TO THE TEAM
We are pleased to announce the addition of two new team members!
Brittany Franklin is the new Senior Associate Director of Operations, Finance & Administration. Prior to her role at the Center, Brittany worked as an Associate Director of Alumni Networks at Saint Joseph University. She has an undergraduate degree from Central Michigan University and an MBA from Wagner College.
Katie Lafferty is the new Program Coordinator. She was previously working at Free People as a Marketing Analyst. Katie has her undergraduate degree from Temple University.
The Jay H. Baker Retailing Center, established in 2002, is an interdisciplinary industry research center,
whose mission is to be the global leader in retail knowledge and education.
