This morning, in Menlo Park, Calif., Mark Zuckerberg stepped up to a platform surrounded by other Facebook employees, picked up the bell that had been placed at the podium, and rang it. With that, shares of Facebook began trading on the Nasdaq market. It was the third-largest offering in the history of the United States.
And what did Zuckerberg wear on this historic occasion? A hoodie sweatshirt, like he does every day.
He might not have the most advanced taste in style, but the CEO of the world’s largest social network may have to start paying more attention to the fashion industry. The public offering — and increased cash flow — will usher in a time when Facebook will become more and more profitable each year, attracting new and innovative ways for all industries to capitalize on collaborations with the company.
WWD takes a long look at how the fashion industry will be further immersing itself in the business of Facebook. Advertising will still be key, though some experts from the industry believe in a precise blend of different avenues: shopping apps, buzz-building methods of ginning up the “likes” that can make a brand go viral, and the communities that come together at fan pages.
The offering could also spur on Facebook’s in-house development in a way that would build on the fashion industry’s presence on the social network. Facebook could add to its open-graph platforms, which would allow activity on other sites — such as, say, buying new Corgi socks on jcrew.com — to appear on your timeline. The socks are obviously awesome, so your friend sees them on Facebook, and clicks “purchase.” Now there’s more money in Mickey Drexler’s pocket.
But what Facebook does not appear to be doing is targeting the fashion industry specifically, even as some similar Internet companies have begun to reach out to the runway in a big way. Amazon has made a serious effort to attract the houses of high fashion, even co-sponsoring the Costume Institute Gala and having its CEO, Jeff Bezos, co-chair the ball in a Tom Ford tuxedo. On a smaller, but still relevant, level, Tumblr hired style writer Valentine Uhovski to be the company’s Fashion Evangelist. Yes, his official title at Tumblr is Fashion Evangelist.
“Tumblr ultimately is filled with the most creative people in the world,” Uhovski told Fashionista after he was hired in April. “It’s the most visual, most addictive, and most immediate forum for fashion. And a blogger from Croatia is just as important as Prabal on Tumblr.”
And while any brand would love to have a look from its new collection get 10,000 notes on Tumblr, the real money is in Facebook and its 900 million users. With increasing profit and cash flow, it’s possible Facebook will expand its official ties with high-end lines and offer a more comprehensive way to show and share your best finds with your friends.
If that ever happens, maybe someone can help Mark Zuckerberg buy a nicer sweater.