After studying Communications at University for four years I've done my fair share of research on and assignments on the power of digital media, and how new media technologies and platforms are allowing fashion houses and brands to reach new global audiences.
This afternoon I was reading a fantastic article on how Mugler Creative Director Nicola Formichetti is embracing the use of digital media to somewhat invigorate interest in the Mugler brand. 
He writes that “My job was to resurrect the brand, and to pump it up and bring it to the new decade."
“I had this amazing history and archive but there was nothing for me to  work with to make it contemporary. For me, it was taking those amazing  historical ideas and transforming them digitally. I design digitally, I  communicate digitally, and I live digitally, and I wanted to incorporate  that into the brand.” 
“Digital media is incredible. I’ve been meeting so many young creative  geniuses through social media. They are just 22 or 23, and I’m just  wowed. They’re as important as the creative people who’ve been working  for a long, long time. The digital thing just completely twists  everything. We’re all on the same page.”
“Before, you  had to go to school and learn how to make patterns and kind of pay your  dues and work with someone, but now anyone can [pursue their career  goals] — and if you’re smart enough, you can be as powerful as someone  doing the same thing for 10 or 20 years. I love that you see bloggers  and young kids in the fashion shows. We’re changing. Finally.”
Amen. I think it is incredibly important for brands to embrace this new aged digital world and realistically it may mean a brand will surge ahead and succeed, compared to those who don't which may fail and close. 
If you want to read the entire article here is the link: Mugler's Digital World

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