Fashion Business Mindset

There are plenty of external pressures impacting fashion businesses right now. Rising costs, cautious consumers, increasing competition and the growing cost of customer acquisition are all very real.
But what if some of the biggest threats to profitability are actually coming from inside the business?
In this episode of Fashion Business Mindset, Elizabeth Formosa looks at the decisions and behaviours that can quietly erode profit in founder-led fashion businesses.
From overbuying, poor merchandise planning and unplanned markdowns to margin erosion, marketing inefficiency, warehousing costs, data hygiene and operational cost creep, Elizabeth explores some of the profit leaks she sees most consistently across the industry.
She also looks at the responsibility of the founder as the business grows. You don't need to know everything, but when you find yourself acting as the buyer, merchandise planner, marketer or commercial leader without the necessary knowledge or training, how are you building that capability and getting the right support around you?
The episode explores:
Merchandise planning, inventory and open-to-buy

Protecting intake margin and reducing margin erosion

The true commercial impact of markdown and promotional activity

Sourcing, supplier terms and cash flow

Marketing efficiency, customer acquisition and lifetime value

Warehousing, technology and operational cost creep

Data hygiene and the numbers you should understand

AI, technology and productivity as part of the profitability equation

Training, upskilling and knowing when to seek external support

Founder accountability and stronger commercial decision-making

With the final months of the year still ahead, Elizabeth challenges fashion business owners to identify the biggest profit leaks in their business now, rather than waiting until year-end to ask where the profit went.
Because profit isn't just what happens at the end of the year.
It's the outcome of the decisions you make all year.
WORK WITH US
__________
Upcoming Online Masterclass — Register Now
Join our upcoming AI for Fashion Masterclass

About Fashion Business Mindset
Fashion Business Mindset explores the real stories behind fashion brands, retailers and industry leaders. Hosted by fashion business strategist Elizabeth Formosa, the podcast shares practical insights on leadership, strategy and building resilient fashion businesses.
Work with Fashion Equipped
Fashion Equipped partners with established fashion businesses at pivotal stages of growth and evolution.
Elizabeth Formosa provides senior-level strategic advisory across strategy, structure, profitability and decision-making — helping founders and leadership teams navigate increasing complexity with commercially grounded perspective and clear direction.
This is experienced, considered guidance for building resilient, high-performing fashion businesses that are designed to last.
Interested in Strategic Advisory?
The Fashion Business Growth Roadmap is my signature strategic advisory engagement for founders and leadership teams at pivotal stages of growth. Together, we bring structure, financial clarity and a dynamic 12-month growth plan into the business.
Book a Clarity Call with Elizabeth here.
The Fashion Business Growth Roadmap | Fashion Equipped — Fashion Equipped: Fashion Business Consulting
Connect with us:
Instagram: @‌fashionequipped
Podcast Insta: @‌fashionbusinessmindset
Facebook: Fashion Equipped | Melbourne VIC
Website: Fashion Business Consulting and Mentoring | Fashion Equipped
Interested in Sponsorship?
We invite expressions of interest from aligned brands, retailers and industry partners who want to support commercially grounded conversations shaping the future of fashion.
To learn more, reach out via email at elizabeth@fashionequipped.com.au or DM @‌fashionbusinessmindset
Let’s build your next phase of growth — with clarity and confidence.
See omnystudio.com/listener for privacy information.

Enjoy this Impact Edit with Jack Rivera, Creative Director of Commonry.
Jack has over 15 years of experience in the fashion industry, across a range of roles and brands that have shaped her leadership and management style.
Her expertise spans across strategic leadership, team development, and driving forward-thinking initiatives that prioritise diversity and sustainable growth.
Jack's commitment to creating meaningful change is at the heart of everything she does, making her a dynamic force in the industry.
Tune in for your dose of business optimisation!
If you enjoy this impact edit, you can listen to the full episode with Jack here.
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Over the past four years, I've had the privilege of chatting with some of the most inspiring thought leaders and change makers in the fashion industry.
From highly successful entrepreneurs and founders to those on their exciting start-up journey, my guests have shared their stories, insights, and strategies for making an impact while shaping the future of fashion.
Thanks to you, our audience is growing rapidly, with new listeners joining us every week. To help you gain the most out of our conversations, we're excited to introduce our Impact Edit, which showcases the most powerful insights from our previous longer-form episodes.
These are the golden nuggets – the ideas, strategies, and perspectives that can help you learn something new, spark a new idea, or solve a challenge you're facing in real-time in your business. And best of all, we've purposefully kept these episodes short – minimum time for maximum impact!
So whether you're a seasoned business owner or just starting out on your journey, our aim is that you end each Impact Edit, with new information that will help you make a lasting impact in your business, with your team and your community.
_________
WORK WITH US
__________
Upcoming Online Masterclass — Join our Waitlist
Join our upcoming AI for Fashion Masterclass Waitlist.
👉 Register Here CLAUDE FOR FASHION A Two-Hour Practical Masterclass for Fashion Business Professionals — Fashion Equipped: Fashion Business Consulting
About Fashion Business Mindset
Fashion Business Mindset explores the real stories behind fashion brands, retailers and industry leaders. Hosted by fashion business strategist Elizabeth Formosa, the podcast shares practical insights on leadership, strategy and building resilient fashion businesses.
Work with Fashion Equipped
Fashion Equipped partners with established fashion businesses at pivotal stages of growth and evolution.
Elizabeth Formosa provides senior-level strategic advisory across strategy, structure, profitability and decision-making — helping founders and leadership teams navigate increasing complexity with commercially grounded perspective and clear direction.
This is experienced, considered guidance for building resilient, high-performing fashion businesses that are designed to last.
Interested in Strategic Advisory?
The Fashion Business Growth Roadmap is my signature strategic advisory engagement for founders and leadership teams at pivotal stages of growth. Together, we bring structure, financial clarity and a dynamic 12-month growth plan into the business.
Book a Clarity Call with Elizabeth here.
The Fashion Business Growth Roadmap | Fashion Equipped — Fashion Equipped: Fashion Business Consulting
Connect with us:
Instagram: @‌fashionequipped
Podcast Insta: @‌fashionbusinessmindset
Facebook: Fashion Equipped | Melbourne VIC
Website: Fashion Business Consulting and Mentoring | Fashion Equipped
Interested in Sponsorship?
We invite expressions of interest from aligned brands, retailers and industry partners who want to support commercially grounded conversations shaping the future of fashion.
To learn more, reach out via email at elizabeth@fashionequipped.com.au or DM @‌fashionbusinessmindset
Let’s build your next phase of growth — with clarity and confidence.
See omnystudio.com/listener for privacy information.

In this episode of Fashion Business Mindset, Elizabeth Formosa sits down with Bridget Veals, General Manager of Womenswear, Footwear and Accessories at David Jones.
With more than 25 years of experience across some of the world’s leading fashion brands, Bridget has built an extraordinary career at the forefront of fashion buying, retail leadership and commercial strategy.
Together, Elizabeth and Bridget explore how the buying function has evolved, what it takes to lead high-performing teams through change, and the trends shaping the future of Australian fashion retail. Bridget also shares her leadership philosophy, the importance of balancing creativity with commercial performance, and why curiosity and continuous learning remain essential throughout every stage of a career.
In this episode, we discuss:
Bridget’s 25-year career journey in the fashion industry.

The evolution of fashion buying and the changing role of the modern buyer.

Leading high-performing teams through growth, transformation and change.

Balancing commercial outcomes with creativity in today’s retail environment.

How customer expectations continue to reshape fashion retail.

The future of Australian fashion retail and the opportunities ahead.

Leadership lessons from one of Australia’s most respected retail executives.

Why curiosity, adaptability and lifelong learning are essential for long-term success.

Whether you’re a fashion founder, buyer, retailer, merchandising professional or emerging leader, this conversation offers valuable insights into the realities of leading at the highest levels of the fashion industry.
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WORK WITH US
__________

Upcoming Online Masterclass — Register Now
Join our upcoming Claude for Fashion Masterclass.
Elizabeth will be joined by an AI expert, Brooke Wright, and together they’ll bring both sides of the equation: fashion workflow and business solutions lens, plus technical AI expertise.
The topics covered will be shaped directly by what you tell us you need. Your signup genuinely contributes to how the workshop is built.
Workshop landing around mid-July. Date and spots to be announced.
👉 Register Here
CLAUDE FOR FASHION A Two-Hour Practical Masterclass for Fashion Business Professionals - Register Now — Fashion Equipped: Fashion Business Consulting
About Fashion Business Mindset
Fashion Business Mindset explores the real stories behind fashion brands, retailers and industry leaders. Hosted by fashion business strategist Elizabeth Formosa, the podcast shares practical insights on leadership, strategy and building resilient fashion businesses.
Work with Fashion Equipped
Fashion Equipped partners with established fashion businesses at pivotal stages of growth and evolution.
Elizabeth Formosa provides senior-level strategic advisory across strategy, structure, profitability and decision-making — helping founders and leadership teams navigate increasing complexity with commercially grounded perspective and clear direction.
This is experienced, considered guidance for building resilient, high-performing fashion businesses that are designed to last.
Interested in Strategic Advisory?
The Fashion Business Growth Roadmap is my signature strategic advisory engagement for founders and leadership teams at pivotal stages of growth. Together, we bring structure, financial clarity and a dynamic 12-month growth plan into the business.
Book a Clarity Call with Elizabeth here.
The Fashion Business Growth Roadmap | Fashion Equipped — Fashion Equipped: Fashion Business Consulting
Connect with us:
Instagram: @‌fashionequipped
Podcast Insta: @‌fashionbusinessmindset
Facebook: Fashion Equipped | Melbourne VIC
Website: Fashion Business Consulting and Mentoring | Fashion Equipped
Interested in Sponsorship?
We invite expressions of interest from aligned brands, retailers and industry partners who want to support commercially grounded conversations shaping the future of fashion.
To learn more, reach out via email at elizabeth@fashionequipped.com.au or DM @‌fashionbusinessmindset
Let’s build your next phase of growth — with clarity and confidence.
See omnystudio.com/listener for privacy information.

In this solo episode, Elizabeth Formosa unpacks what it actually looks like to use AI with intention in a fashion business. She talks honestly about the pace of change many founders are feeling right now, why workflow has to come before technology, and where she's seeing Claude AI add real, practical value across fashion operations.
The six areas she covers:
Founder productivity and leadership thinking

Financial visibility - margin, sell-through, inventory cover

Product and supply chain decisions

Marketing and content

Customer experience

Market intelligence

She's also candid about where AI falls short and why judgment and context still matter most. A clear, grounded look at AI for fashion founders who want to move forward without losing sight of what makes their business work.
Claude for Fashion Masterclass — Register Now
Join our upcoming Claude for Fashion Masterclass.
Elizabeth will be joined by an AI expert, Brooke Wright, and together they’ll bring both sides of the equation: fashion workflow and business solutions lens, plus technical AI expertise.
The topics covered will be shaped directly by what you tell us you need. Your signup genuinely contributes to how the workshop is built.
Workshop landing around mid-July. Date and spots to be announced.
👉 Register Here
CLAUDE FOR FASHION A Two-Hour Practical Masterclass for Fashion Business Professionals - Register Now — Fashion Equipped: Fashion Business Consulting
About Fashion Business Mindset
Fashion Business Mindset explores the real stories behind fashion brands, retailers and industry leaders. Hosted by fashion business strategist Elizabeth Formosa, the podcast shares practical insights on leadership, strategy and building resilient fashion businesses.
Work with Fashion Equipped
Fashion Equipped partners with established fashion businesses at pivotal stages of growth and evolution.
Elizabeth Formosa provides senior-level strategic advisory across strategy, structure, profitability and decision-making — helping founders and leadership teams navigate increasing complexity with commercially grounded perspective and clear direction.
This is experienced, considered guidance for building resilient, high-performing fashion businesses that are designed to last.
Interested in Strategic Advisory?
The Fashion Business Growth Roadmap is my signature strategic advisory engagement for founders and leadership teams at pivotal stages of growth. Together, we bring structure, financial clarity and a dynamic 12-month growth plan into the business.
Book a Clarity Call with Elizabeth here.
The Fashion Business Growth Roadmap | Fashion Equipped — Fashion Equipped: Fashion Business Consulting
Connect with us:
Instagram: @‌fashionequipped
Podcast Insta: @‌fashionbusinessmindset
Facebook: Fashion Equipped | Melbourne VIC
Website: Fashion Business Consulting and Mentoring | Fashion Equipped
Interested in Sponsorship?
We invite expressions of interest from aligned brands, retailers and industry partners who want to support commercially grounded conversations shaping the future of fashion.
To learn more, reach out via email at elizabeth@fashionequipped.com.au or DM @‌fashionbusinessmindset
Let’s build your next phase of growth — with clarity and confidence.
See omnystudio.com/listener for privacy information.

What does it really mean to build a fashion brand around a woman the industry has spent decades ignoring?
In this episode of Fashion Business Mindset, Elizabeth Formosa is joined by Fleur Richardson, founder and creative director of Fleur Collective, a 100% Australian-owned, female-founded womenswear brand built on a simple belief: clothing should move with you, not against you.
Fourteen years in business. 95% made in Australia. Sizes 8 to 24 from day one. And a direct-to-consumer model built on genuine community and customer closeness.
Fleur shares the real story behind those numbers. The design decisions, the sourcing challenges, the commercial pivots, and the personal discipline required to build and sustain a purpose-led fashion business in 2026.
This is a grounded and commercially honest conversation for founders navigating growth, manufacturing complexity, and the challenge of serving a customer who deserves better.
In this episode, we explore:
How Fleur’s career across swimwear, menswear tailoring, raw materials and women’s wear shaped her commercial and creative lens

The design philosophy behind Fleur Collective, and why fit, fabric and function drive every decision

What inclusive sizing from 8 to 24 actually requires technically, and how the brand approaches grading across a diverse female body

The decision to shut down wholesale and go direct-to-consumer, and why owning the customer relationship changed everything

Live selling before it was a trend, and how the brand’s content model has evolved over nine years

The realities and risks of sustaining 95% local manufacturing in Australia, including ageing maker networks and fabric supply challenges

Why Fleur moved a small percentage of production offshore and how she approached that transition consciously

Buying out a business partner and going all in, and what that decision unlocked

What Fleur is building towards next, including an adaptive clothing project inspired by her brother

Where AI sits in the business right now and the reality of adopting it as a small independent brand

Key Takeaway
Building a fashion brand with genuine commercial integrity means making decisions the outside world doesn’t always see.
Fleur Richardson has spent fourteen years making those decisions. Quietly. Consistently. With her customer at the centre of every one.
About the Guest
Fleur Richardson is the founder and Creative Director of Fleur Collective — a 100% Australian-owned, female-founded womenswear brand crafting small-batch, considered collections for women who are done with compromise. Built on a belief that clothing should move with you, not against you, Fleur Collective has spent over a decade redefining what it means to dress with ease, confidence, and intention. With a 99% female workforce and most pieces made right here in Australia, Fleur has built more than a brand — she's built a community where every woman belongs.
Explore Fleur Collective here.
Watch behind the brand on Instagram here.
Claude for Fashion Workshop — Join the Waitlist
In this episode, you’ll hear Fleur and Elizabeth talk about AI and what it really means to start adopting it in a fashion business.
If that conversation resonates with you, join the waitlist for our upcoming Claude for Fashion workshop.
Elizabeth will be joined by an AI expert, and together they’ll bring both sides of the equation: fashion workflow and business solutions lens, plus technical AI expertise.
The topics covered will be shaped directly by what you tell us you need. Your signup genuinely contributes to how the workshop is built.
Workshop landing around mid-July. Date and spots to be announced.
👉 Join the waitlist here: CLAUDE FOR FASHION A Two-Hour Practical Masterclass for Fashion Business Professionals — Fashion Equipped: Fashion Business Consulting
About Fashion Business Mindset
Fashion Business Mindset explores the real stories behind fashion brands, retailers and industry leaders. Hosted by fashion business strategist Elizabeth Formosa, the podcast shares practical insights on leadership, strategy and building resilient fashion businesses.
Work with Fashion Equipped
Fashion Equipped partners with established fashion businesses at pivotal stages of growth and evolution.
Elizabeth Formosa provides senior-level strategic advisory across strategy, structure, profitability and decision-making — helping founders and leadership teams navigate increasing complexity with commercially grounded perspective and clear direction.
This is experienced, considered guidance for building resilient, high-performing fashion businesses that are designed to last.
Interested in Strategic Advisory?
The Fashion Business Growth Roadmap is my signature strategic advisory engagement for founders and leadership teams at pivotal stages of growth. Together, we bring structure, financial clarity and a dynamic 12-month growth plan into the business.
Book a Clarity Call with Elizabeth here.
The Fashion Business Growth Roadmap | Fashion Equipped — Fashion Equipped: Fashion Business Consulting
Connect with us:
Instagram: @‌fashionequipped
Podcast Insta: @‌fashionbusinessmindset
Facebook: Fashion Equipped | Melbourne VIC
Website: Fashion Business Consulting and Mentoring | Fashion Equipped
Interested in Sponsorship?
We invite expressions of interest from aligned brands, retailers and industry partners who want to support commercially grounded conversations shaping the future of fashion.
To learn more, reach out via email at elizabeth@fashionequipped.com.au or DM @‌fashionbusinessmindset
Let’s build your next phase of growth — with clarity and confidence.
See omnystudio.com/listener for privacy information.