BonneGueule: our 2020 results, our 2021 projects (2/2)

[Video] BonneGueule: our 2020 results, our 2021 projects (1/2)

The impacts of the Covid-19 crisis on the fashion market

1. After a year of Covid 🌋 (Geoffrey)

The crisis catalyzes already existing trends. Everything is speeding up.

It is also a “moment of truth” for brands, revealing their values.

And new rules of the game are emerging, towards a new market balance.

The Covid-19 crisis is of purely health origin. However, it highlights a certain number of dysfunctions in the production and distribution of clothing: overdependence on developed or recently developed countries, lack of promotion of manual trades, overproduction, hyper-competitive market, upheaval in distribution , fragility of historical economic models.

It also accelerates the emergence of new expectations, even new needs , among many of us, for whom weeks of confinement are not without effects: reflection on ourselves, on our consumption, our place in society, our future .

The crisis has also weighed on the budgets of some, who are restricting their spending, either out of necessity or foresight.

Competitors are very strongly impacted . Already weakened by previous crises , they are emerging from confinement with low cash flow, large stocks, and very low commercial activity . We are already seeing bankruptcies or consolidations via takeovers or mergers.

And the economic rules that seemed fixed have changed : access to financing, cost of entry, smaller number of players, competition on prices.

In this market, catalyzed by the crisis, which is being recomposed around new balances, the cards are being redistributed in favor of the most innovative players.

Conversely, many brands were slow to gain momentum in the digital economy or CSR in previous years and are now paying for this delay. The “big” ones no longer eat the “small” ones. It is the “fast” ones who will gain the upper hand over the “slow” ones.

A company like BonneGueule is then well positioned, if it can adapt to this new cycle.

2. The state of the market 🚑 (Benoit)

To give you an idea, according to the French Fashion Institute, consumption of textile items in France fell by 15% in 2020 compared to 2019 . This average takes into account the entire market, which means that some are doing better... and others much worse!

It is therefore an unprecedented shock.

On March 16, a message of support was published and the article ended with these words:

But let's hope that all this will just be a bad memory in two or three months.

BonneGueule and Covid-19

We were so far from the mark!

So yes, many brands are suffering , and it is especially the very large historical French players who are the most heavily affected: Naf Naf, André, La Halle, Camaïeu, Celio... Indeed, faced with the arrival of players more modern like Uniqlo, and having neglected the web for years, they were already very fragile .

Covid-19 is a cold shower, even a final blow, for these brands.

Even among more “modern” actors , the difficulties are significant. I'm thinking of Zara which had to close 16% of its stores around the world, Gap which is leaving Europe or Abercrombie which is lowering the curtain on its stores.

Closer to home, the world of formal clothing has been very severely affected .

It is rumored that in Biella, the region of Italy with all the major suit fabric weavers, these suppliers are experiencing drops in turnover of up to -70%, which is enormous. Between the cancellation of many weddings, and the generalization of teleworking, who still needs to buy a suit ? This is how brands like Tie Rack and Atelier NA were placed in compulsory liquidation.

The change is also dramatic at Boggi , another Italian suit brand, where the site's home page no longer features a single tie. Stretchy and technical blazers have replaced outfits worthy of Pitti. Almost identical menu for Suitsupply .

The kind of visuals that the Boggi costume brand offers today, to the hyper-sartorial universe just a year ago.

And in our world of young French brands, the results are more mixed . I've heard it all: great annual growth, as well as declines of -30%.

E-shops that are very diverse in their selection - and which appeal to both men and women - have recorded growth. I think, for example, of our friends at L’Exception , and I am sincerely happy for them. From what I have heard, women have purchased and consumed more online than men, which explains why 100% women's brands are also growing.

Large historical brands have collapsed, while small brands, comfortable on the Internet, are getting through the crisis by limiting the damage: Covid-19 seems to have amplified the strengths and weaknesses of each.

But then, what are the prospects for BonneGueule?

3. BonneGueule’s perspectives 🔭 (Benoît)

A mixed financial report

The year 2021 has been very mixed for us.

BonneGueule has generally resisted the crisis well . But for the first time in our history, we experienced decline and were not profitable.

The closure of our stores for 12 weeks really penalized us. And the astonishment effect due to the first confinement divided our turnover by four in March 2020.

Not to mention the second confinement and the curfew in the middle of high season: sales of coats and blazers have taken a real hit in this unprecedented situation.

It's annoying, because without the closure of our stores and the two confinements, we would have achieved our objectives.

We have good months of January and February 2021. But unfortunately, we are closing the stores until May. It's still a fragile situation, and nothing has been won, but we're not going to give up.

And for a crisis focus, Geoffrey made a video:

How BonneGueule managed her crises

Confidence in the future

If we take a further step back, we realize that we have all the cards in hand to continue our mission in the years to come.

And we’ve even had these cards for a few years:

Fabernovel, a consulting firm, has published its report on the retail of tomorrow and digital brands : no doubt, BonneGueule ticks all the boxes to face the world of tomorrow.

We have even been cited among the examples to follow in other studies, such as the excellent “ The New Economic Models of Fashion ” carried out by Kea Partners (another consulting firm) and the French Fashion Institute . Thanks to them.

Faced with this more enlightened, more informed and more responsible consumption that is emerging, BonneGueule has more than ever its place in this new emerging world .

4. Strategic plan VS tactical plan 🤔 (Geoffrey)

Long-term foresight on customer behavior, the zeitgeist , the emergence of new societal values ​​is very interesting.

But these studies are more about theory than about putting it into practice.

More than ever, we will have to be tactical, and not just strategic, to succeed in emerging from the crisis and benefiting from the recovery.

Yes, we are well positioned on the underlying trends that the crisis is accelerating: values ​​of transparency and kindness, social and environmental responsibility, e-commerce, direct-to-consumer, reinvention of physical stores... Our strategy is the right one .

Now we have to put it all to music! Tactics is the execution of the strategy plans, it is its implementation in a short term horizon.

Our #bonnegueule2020 action plan must therefore be:

• Pragmatic with concrete actions in the short and medium term
• Aligned with strategy and our values
• Scalable , if the context changes or to capture an opportunity

A collection with a stronger style 🙌 (Benoît)

1. What we did in 2020

We will have tried things!

Among the regrets that I may have had, the question of delivery times is there. Covid has considerably disrupted the textile world, on both the customer and supplier sides. We had to deal with production delays, workshops and fabric suppliers forced to close production lines, etc.

At present, the tailoring world is still in a chaotic state . Realize:

• Formal clothing has fallen apart . This pushes suit fabric suppliers to be even more innovative and inventive in the materials they offer.
• Some factories have experienced a sudden drop in their orders , because the market is transforming. While others are overwhelmed with orders, because the growth of "outdoor" clothing has increased by 30% according to one of our suppliers.

This is what we have to deal with to deliver beautiful clothes to you.

Looking back, I realize that we released some truly unique products, but that we perhaps didn't know how to convey them well enough.

2. And on the collaboration side

On the collab side, we released two:

• The famous noragi with Borali . Almost instantaneous sold out on a collab on which I took enormous pleasure in writing the introductory article with Boras.
• Our Ventile parka with Kestin and its removable lining , which was almost the only outerwear I wore this winter . It was a collab where I took (and learned) a lot of joy from working with Kestin, who joins the closed circle of the nicest creators I know.

4. Geoffrey's favorite pieces

Our SUWO overshirt in sashiko cotton

A garment that I can't wait to wear again in the spring, since I replaced it quite a bit with sleeveless vests this winter. Especially since it skated really well, and the sashiko seams add something that we rarely see in our Western wardrobes.

Finally, I find that this not-too-military olive khaki works well with my wardrobe, which is very focused on blues and beiges. A big WIN of 2020!

With the expansion of the collection, and its more casual side, I have never done so many total BonneGueule looks. Here with the SUWO overshirt, our MILAN linen tee-shirt , the SHIRO chambray shirt that we have been producing since 2014, and the AXEL chinos that go everywhere.

Our OKUNO sleeveless vest in vintage Japanese nylon

I can honestly say I spent the winter in this room, I wore it so much. Probably two days out of three... in the photo in the article, in the lives...! It's really been my go-to piece, whenever I needed a little extra warmth. And I've been waiting for a garment with Japanese nylon and its very particular crisp for so long.

Our LUKE t-shirt in cotton and camel

We all have our idea of ​​the perfect t-shirt, and for me it's this one. The ideal color, neither too light nor too dark, to fit into all layerings. The right combination of texture and softness. And the 20% Bactrian camel wool which makes its yarn super noble.

Our ROUGH boots with vibram soles

If someone had told me 10 years ago that one day, our little blog at the time would release shoes like that! Here too, Ben and Julien's work on these boots was a real favorite, for me who almost only wears high-top shoes and who loves the combination of very beautiful leathers and more modern materials.

5. What we are going to do in 2021

So, what are we planning for 2021, given this completely new context?

To begin with, I am delighted to have finally been able to improve our raincoat , still with this very technical membrane and its wool exterior, but with the welded seams on this "v2"! I've been dreaming of this for a while.

The knitted jacket released in mid-January symbolizes the two great desires of the moment among men: a desire for elegance, with roughness, while having absolute comfort, particularly for working from home.

February 2021 was a very good month with the perfecto and the Tokyo sneakers, whose reception exceeded my expectations.

April 2021 will be one of my favorite launches, with the western shirt that I'm eagerly awaiting.

In May 2021, we will show you a blazer in a very beautiful material that I can't wait to show you, perfect for the heat that is coming. Even if the blazer is a piece that has been a little neglected during these periods of confinement, the goal is to offer you such a cool blazer to (again?) make you want to be elegant.

And as for winter 2021, it is clearly one of the most ambitious that we have to prepare, with pieces where we will push texture, technicality, detail, etc. further.

Important point, I haven't talked about the color variations that will brighten up the year, but there will be some! And sneakers will be affected.

And we are already starting to work on 2022, just to anticipate as much as possible, in order to no longer experience the delivery delays that we experienced in 2020. I am therefore in the process of finalizing the 12 "briefs" of the 12 key pieces of 2022, but you can imagine that at this stage, I have absolutely nothing to announce or spoil :)

The big main focus remains 2021, and very good things will happen.

6/ And the women’s collection? She comes ! (by Benoît)

What we did in 2020

Nothing ! 🤦

Between Covid-19 and the production concerns to manage, the priority was really to deliver our men's clothing at all costs, and less on the creation of women's clothing.

What we are going to do in 2021

The subject on which we are expected to discuss, and I would be lying if I told you that I didn't have pressure...

She comes ! 2021 will be the year where we will lay the fundamentals of the women's collection, and with Geoffrey, we finalized the "strategic plan for the 2021 women's collection" document at the beginning of the year.

It is a voluminous document of 3700 words (= a very large article) intended for our internal team where we explain our vision as a founder: why this project, who are we targeting, what will we propose , through what channels, etc.?

Given that we are approaching 50 employees, it is now an essential step to launch this type of big project. And I find that very healthy, because it pushes us to clarify and structure our thoughts and desires.

In practice, there will be four women's capsules in 2021, the first of which will be released in July. The goal is, I remind you, to lay the building blocks of our vision of style for women, capitalizing on our experience and know-how acquired since 2014.

And above all, 2021 is also the year to prepare for 2022, and we will not delay in launching the recruitment of a women's stylist to design a complete collection in 2022.

Indeed, if I like men's fashion and if I am able to have an opinion on women's clothing, I think it is necessary to have someone whose job it is really to design women's clothing. .

As soon as we have more things to announce/reveal, we promise we will tell you more!

Taking a new step in our social and environmental approach 🌱 (by Geoffrey)

1. What we did in 2020

At the end of 2019, we published a large article summarizing our social and environmental approach. It is still relevant today:

Ethics and environment: what BonneGueule does ✊

In 2020, we continued our efforts:

• #tousuniscontrelevirus : €18,000 donated to the fight against the virus (Fondation de France, Institut Pasteur, AP-HP)
• List of labels and certifications of our suppliers
• Use of 100% recycled and recyclable material in our packaging
• “Low-packaging” option in e-commerce which is very successful
• Working with a visual artist who upcycls with our scrap materials, as part of our shops currently under construction.

We also know that the road remains long, but we are happy to have managed to get away from CSR topics even in the midst of a health crisis.

2. What we are going to do in 2021

2021 is also the year where we want to go further in our CSR approach . Let's be clear: for several years, we have intensively used organic and/or recycled fabrics, with several labels to boot, but we do not yet put it forward enough on the e-shop.

Concretely, in addition to our wool sheets from Jules Tournier, which we have been working on for 5 years, we are going to present to you other fabrics made in France, including one that is very close to my heart...

But there will also be more organic fabrics used. Our CSR approach is not limited to the product, and we are in the process of being supported by several players on this subject. For the moment, it's still a little early for me to say more...

Finally, we have three major CSR projects for 2021: a carbon footprint, the B-Corp label and Mission Company status . Nothing is certain about these projects, but we are doing our best to bring them to fruition!

Always new content 📰 (by Benoit)

1. What we did in 2020

On the editorial side, it was a hell of a year. As soon as the first lockdown hit, Christophe's old reflexes as a seasoned journalist resurfaced, and we were able to adapt the editorial line very quickly.

Then for the summer, we created Checklist , the format that explains what we put in our vacation suitcase, which was very popular.

And recently, we launched a monthly podcast , where the whole team comes together to discuss clothing.

2. What we are going to do in 2021

We're continuing with the fundamentals this year with the continuation of my Parlons Clothes ,Panache , Sapristi and Gimmick .

My vision of clothing! – Let’s Talk Clothes #13

🎬 6 outfits to wear moccasins well (and live happily) – Panache S02E6

The ideal wardrobe, fantasy or reality? – Sapristi #13

🎥 Minimalist style: 6 outfits to do more with less – Gimmick #9

And David will continue every Friday to write articles aimed at answering your questions.

And some new stuff, with more topics on watches , a new Sunday format which replaces the Pépites . It's called Carte Blanche to give free rein to the inspiration and desires of each editor. All types of subjects, all types of treatments will be welcome. It's the Sunday surprise.

My ideal wardrobe – Carte blanche to… Benoît

Finally Jordan inaugurated a new video format, his Vlog. He will share his experiences with you. He never ceases to surprise us.

Reinventing the aesthetic codes of BonneGueule ✨ (by Geoffrey)

1. What we did in 2020

We have worked a lot on our mission, our vision, our values... in short, on the DNA of BonneGueule . With the key being the construction of what we call a “brand platform”, a sort of identity card for BonneGueule.

Here is the summary, at a glance:

2. What we are going to do in 2021

Then we worked on the graphic charter, with David Polonia , a talented and super friendly AD, as well as Chloé the brand manager and Francesc our internal AD.

A graphic charter responds to a simple need: to visually transcribe the identity of BonneGueule . Here are some almost finalized elements, including different ideas for the new logo .

The editorial formats will also have their logos.

And in 2021, you will gradually see the new colors appear, as they are rolled out.

Redesigning our website and IT 👨‍💻 (by Geoffrey)

1. What we did in 2020

In 2020, we continued to lay the foundations of our IT system. ERP is now mature and stable: we are finally out of our IT turmoil .

There are no more bugs, package addressing errors, emails, etc. for quite a while at BonneGueule.

We then moved on to overhauling our middle office infrastructures, with a new CRM .

The foundations of our IT resilience are now there!

2. What we are going to do in 2021

In 2021, you will finally see the results of this titanic IT work, but invisible because it is carried out behind the scenes.

Because as we write these lines, Lolita, Pierre and Bertrand are in the process of selecting partners who will support us in the redesign of our media and e-commerce websites.

Our goals ? More pleasant navigation, so you no longer get lost between editorial and brand. Especially on mobile. And much faster loading times too.

Logical bridges also, in both directions. So that a person who buys jeans can have all the useful content to make the most of them: size choice guide, history of jeans, maintenance, look ideas... And vice versa, so that a reader looking for quality and committed clothing will find what they are looking for in our e-shop, or can head towards our boutiques.

This is not a model strictly speaking, but here is what our future website could look like, on the media side, with the new graphic charter.

Working on operational excellence ⚙️

1. What we did in 2020

“The two most important things do not appear on the company’s balance sheet: its reputation and its people.”
~Henry Ford

Some of our confined employees have experienced difficult times . It wasn't, it's not a vacation!

Distance also changes social relationships and relationships with society; we need to recreate connections, listen, and communicate well .

This was one of our big points of vigilance.

2. What we are going to do in 2021

There are many projects to make everything more fluid internally. And it’s a daily process, tools and communication work.

But rather than knocking you out with a Prévert-style inventory, here is the memo we gave to our managers at the end of confinement. This will still be our way of working for the coming year!

Open our Lille store 🏠 (by Geoffrey)

1. What we did in 2020

Officially, we have signed a great location in Lille! At 16 rue Lepelletier to be precise.

And as is often the case, we find an (empty) store that looks like this. Not necessarily our image, but that's what the work is there for, so nothing alarming a priori...!

The Lille store, when it was still used for private sales by our friends from Série Noire .

With Jean-Yves, a top owner, and Prune, Olivier, Mathilde and the entire Série Noire team who are adorable neighbors, coupled with our great architects ( Rowin ), our trades (particularly AEC) and a line - brilliant collection of decoration know-how (the Entreprise du Patrimoine Vivant Manufactures Catry and Briqueterie de l'Amour , the artist Jeanne Goutelle , the lamp publisher Flos , etc.), we said to ourselves: " but what is what could go wrong?

Basically, this:

“That” is waterlogged walls and a cellar behind the many layers of plasterboard. Dangerous joists, a leaking roof and chimneys...

With Jean-Yves the owner, we had to redo all the structural work, before moving forward with the layout work. Not to mention the difficulties in supplying certain materials, and synchronizing everyone in a stop-and-go context.

Everything is finally back on track, and we will open in May. But with a year's delay, we can really call it a cursed construction site!

But it will undoubtedly also be one of our most beautiful boutiques.

2. What we are going to do in 2021

The design of the place will be based on minimalism, and a certain truth of matter in construction and design, which is close in more than one way to the Japanese principle of Wabi-Sabi :

• “Wabi”: simplicity, nature, asymmetry and which refers to the fullness and modesty that one can experience in the face of nature.
• “Sabi” in the alteration by time, the patina of objects, the taste for aged things, or those in which we can detect the work of time or that of men.

And the other good news is that in our misfortune, the crisis has also allowed us to find very beautiful locations in cities that have long been part of our objectives:

• Nantes : signed boutique, opening in June
• Rennes : signature being finalized, opening in September
• Strasbourg : signature being finalized, opening in November

And we continue to look keenly in Toulouse, Aix-en-Provence, Paris Batignolles and why not Brussels, Annecy, Boulogne, Nice or Marseille...

Everything is always subject to hazards, but Laurent our store director is keeping an eye on things 😉

Funding with meaning 💶 (by Geoffrey)

1. What we did in 2020

In the midst of the turmoil of the first confinement, we had the chance to finalize a fundraising of €6.5M to have the means to achieve our ambitions over the next five years: even more content, even more elaborate clothing, even more CSR approach. strong. But also a new website, new stores, and the women's collection.

In short, everything we talk to you about in this article 2020 review and 2021 projects.

And the icing on the cake, having cash in the account allowed us to sleep during this year of pandemic!

For those who want to return to this key event in the development of a young, fast-growing company, we wrote a very large article on the subject:

BonneGueule raises €6.5M… and we tell you everything

2. What we are going to do in 2021

Concerning financing, not much compared to fundraising.

Simply healthy management of our expenses, our cash flow, and recourse to our banking partners to open our next stores without spending too much on fundraising.

And always, break away from the Bermuda Triangle 🚨 (by Geoffrey)

1. What we did in 2020

Last year, in the 2019 report, we wrote:

In 2019, we were right in this danger zone between €2 and €10 million in turnover which is very dangerous for a fashion brand. Because it must structure itself with new IT systems, hire more, and be at the level of rigor of an established brand... while having very modest financial resources (low margins + strong growth = difficult self-financing)!

Well with this damn crisis, we are still in this famous Bermuda triangle of fashion brands! It's a bit annoying, because we should have come out of it, and crossed the symbolic, but also very real, milestone of €10M in turnover.

Here too, Geoffrey developed this concept in a video:

Why BonneGueule must grow

What we are going to do in 2021

In any case, we are fully committed this year to jumping the bar, and always on the basis of healthy growth and reasoned .

The personal assessment of Benoît and Geoffrey 🙋‍♂️🙋‍♂️

2020 seen by Benoit

2020 was a “challenging” year in every way. In terms of suffering , however, it remains behind the winter of 2015 , when BonneGueule had to mourn the loss of one of its employees and major cash flow difficulties.

And with Geoffrey, I think we were much better mentally prepared and experienced in the face of the difficulties inherent in the life of an entrepreneur.

For my part, this crisis was an opportunity to fully work on my gratitude.

On the professional side: gratitude for having such a great team of collaborators, for having a community full of support, for having beautiful clothes arriving and overall, for having an incredibly rich and educational professional life.

Personal side: to be surrounded by extraordinary friends, to be in good health despite the closure of the gyms, to have a family who supports me unconditionally and to have our offices and my home in my favorite district of Paris (the 2nd).

Indeed, in these crises where it is very tempting to focus only on what we have lost/will lose, it is good to remember what we still have, whatever happens. For example, if everything collapses, I know that there will always be room at my parents' house in the Basque Country to take a little walk in the Basque mountains, me and my outdoor "gear"...

This crisis was also a unique opportunity to take a step back from what really matters to us and what makes us feel good.

In a sense, this crisis allowed me to connect even more strongly to my passion for men's clothing and my desire to pass it on. This is what I want to do, and for many years to come.

~Benoît

2020 seen by Geoffrey

L ike every year, and even more so after this one, a HUGE thank you to you who read us or wear our clothes. Many of you trusted us and placed orders even at the height of the crisis. This allowed us to keep the boat afloat without handicapping the future of BonneGueule.

And above all, a lot of you also sent us encouragement, asking us during the lives how we were doing, how we were feeling, how the team was doing. And it really boosted our morale a lot.

I personally came away exhausted from the cash flow problems of the winter of last year, from the sometimes empty shops following the demonstrations in the city center, from fundraising, from crisis management during the first confinement, and overall from a certain excess of responsibility.

I then learned to work differently, and to better manage my stress, and sometimes even my anxiety. I reprogrammed my mode of operation, and reinvented my positioning within the team.

I came out with renewed energy at the start of 2021. As I write these lines, I strongly believe in 2021. I know that we can capitalize on our strengths, continue to reinvent ourselves, to take full advantage of the recovery.

And imagine together this next world, which starts today.

~Geoffrey

2020 was also the year of the Camino de Santiago and Stevenson by bike for me. So I wish you good luck, wherever you go, whatever you do!

PS. And finally, a big thank you to our amazing team, without whom we wouldn't be here: Alexandre, Antoine, Belynda, Bertrand, Camille, Cécile, Charlotte, Chloé, Christophe, Claude, Clémence, Clément, David and David, Emilio , Emilie, Farah, Francesc, Giovanni, Grégory, Jade, Jérôme, Joffray, Jordan, Julien, Kelly, Kilian, Laurent, Laurianne, Loan, Lolita, Lucas, Marie, Maud, Matthieu, Michel, Morjane, Nicolo, Oana, Pierre , Rémy, Sarah, Soraya, and Youssef, as well as all those who preceded them...

PPS. And it's not a professional subject, but this year we had a lot of employees who celebrated births. It’s just nice to point out, because it’s something that makes us happy!