Jimmy recalled some of the major influences Fishman & Tobin had on the children’s suit industry. He discussed how when he was young, his predecessors brought color into boy’s suits and began selling them as separate pieces to be mixed and matched. Fishman & Tobin even went so far as to rethink the way in which suit jackets are manufactured. “The company reengineered the men’s suit jacket to make some coats feel more similar to a shirt. By doing this, they were able to create a men’s sport coat that was half the cost to produce, and thus less expensive to purchase than the average jacket. This was a great development for children’s suits. While many were skeptical of the product at first, once large retailers put in orders for that style of suit, the design took off.”
After sharing some of the history of the company, Jimmy opened up the floor to questions. “Our culture has gotten much more casual in the last few years,” one scholar noted. “How have you noticed a demand shift in children’s clothing?” Jimmy responded that the changes in children’s clothing trends are a bit more complex. “That’s a great question,” he said. "Boy’s dress wear is not sexy. I have the data on who’s wearing suits – I know where they are and where they bought them. Children do dress up, but they do so for an occasion. Boy’s dress up apparel sells more consistently than almost any other product carried in major department stores. I’m not saying that it’s a fast growing area, but it is certainly not drastically shrinking. It’s a need-based item; if you put it on sale, a mother is not going to buy their child two nice sport coats just because it is 50% off. They will make a purchase when they need the suit.”
“You mentioned that in your experience, you were able to work in a number of different departments in your business like supply chain, design, and all different functions of business. However, it can be really easy for someone to remain in one area of a company for a long time once they begin. What do you think is the best way for us to get an overhead view of the business without necessarily having to hold jobs in each of those different departments?” another scholar asked. “I would take whatever I define my core job to be and do that job really well and ask a lot of questions,” Jimmy said. “Whether you’re in sales, whether you’re in design, whether you’re in production, it’s all connected. I would hate for each of my teams to be in silos – I want them all to be intertwined.”
Fishman & Tobin has certainly seen a great deal of expansion over the past century. “What do you think the most difficult part in growing the company has been thus far?” one scholar asked. “I think the hardest part has been working together to get the culture of the company cohesive. We want our employees to feel secure and happy to be here. Everyone wants to do a good job at their work, but you have to give them the tools to get there. If you listen to what their difficulties are, you’re going to be able to help solve whichever aspect of the work it is they are struggling with. That’s how we work towards building a positive culture here.”
With the landscape of retail quickly changing, our scholars were naturally curious to see where Jimmy believes the industry will head. “You spoke on how the retail industry is changing so much right now. What do you and your company think is coming next?” one asked. “I think everyone in the industry is trying to answer that question right now,” he said. “Technology and e-commerce are definitely going to play a large role moving forward. I would speak to lots of different start-ups and see how they function, and maybe even invest in them. We are all still working to better our performance in the industry. You have to constantly be learning.”
Jimmy Rosenfeld’s Words of Wisdom
There is something that can be learned from every aspect of the business that can help you be better at doing your job.
Integrity is the most important part of being able to get the job done.
Don’t be a one trick pony – don’t just understand one aspect of the company.
You don’t bring a basketball player to a baseball game unless they’re going to sit in the stands. If you don’t know how to play the game, you’re going to fail.
No matter what, you have to satisfy the customer.
Under promise, over deliver.
Whatever you do, do it really well.