June 27, 2014 1:03 p.m. ET
Fashion and technology are coming together in a surprising way.
They aren't just sharing ideas. They are actively trying to poach each other's talent.
Google's GOOGL -0.06% Google Inc. Cl A U.S.: Nasdaq $585.35 -0.34 -0.06% June 30, 2014 9:47 am Volume (Delayed 15m) : 69,098 P/E Ratio 31.93 Market Cap $392.19 Billion Dividend Yield N/A Rev. per Employee $1,281,680 06/30/14 Morning MoneyBeat: Big Rallies... 06/29/14 Furor Erupts Over Facebook Exp... 06/29/14 Say No to the Distraction-Indu... More quote details and news » recent hire of Ivy Ross, a former Gap, GPS +0.24% Gap Inc. U.S.: NYSE $41.33 +0.10 +0.24% June 30, 2014 9:47 am Volume (Delayed 15m) : 43,765 P/E Ratio 15.70 Market Cap $18.17 Billion Dividend Yield 2.12% Rev. per Employee $118,197 06/27/14 The Fashion and Tech Industrie... 06/26/14 IKEA to Raise Minimum Wage for... 06/25/14 Japan's Fast Retailing brand U... More quote details and news » Coach and Mattel MAT -0.92% Mattel Inc. U.S.: Nasdaq $38.97 -0.36 -0.92% June 30, 2014 9:47 am Volume (Delayed 15m) : 49,425 P/E Ratio 15.75 Market Cap $13.34 Billion Dividend Yield 3.89% Rev. per Employee $221,912 06/25/14 Best Buy Considers Options for... 06/12/14 Mattel and Warner Bros. Extend... 06/12/14 Stocks to Watch: Lululemon, Re... More quote details and news » executive, to head its Glass unit, and Apple's AAPL +0.89% Apple Inc. U.S.: Nasdaq $92.80 +0.82 +0.89% June 30, 2014 9:47 am Volume (Delayed 15m) : 2.06M P/E Ratio 15.36 Market Cap $554.61 Billion Dividend Yield 2.04% Rev. per Employee $2,185,850 06/30/14 Morning MoneyBeat: Big Rallies... 06/29/14 Say No to the Distraction-Indu... 06/29/14 HEARD ON THE STREET: NXP's App... More quote details and news » well-publicized hire of former Burberry BRBY.LN +0.75% Burberry Group PLC U.K.: London GBp1485.00 +11.00 +0.75% June 30, 2014 2:31 pm Volume (Delayed 15m) : 249,216 P/E Ratio 0.21 Market Cap GBp6.54 Billion Dividend Yield 3.12% Rev. per Employee GBp240,235 06/27/14 The Fashion and Tech Industrie... 06/16/14 Sterling Continues to Strength... 06/13/14 L'Occitane Plans to Open Virtu... More quote details and news » chief Angela Ahrendts to lead its retail business, are two examples.
Nike Inc. NKE -0.64% Nike Inc. Cl B U.S.: NYSE $77.18 -0.50 -0.64% June 30, 2014 9:47 am Volume (Delayed 15m) : 209,287 P/E Ratio 25.32 Market Cap $68.21 Billion Dividend Yield 1.24% Rev. per Employee $579,146 06/27/14 U.S. Stocks End Higher 06/27/14 The Fashion and Tech Industrie... 06/27/14 Stocks to Watch: DuPont, Finis... More quote details and news » has grabbed talent from giant tech firms including Facebook, FB +0.34% Facebook Inc. Cl A U.S.: Nasdaq $67.83 +0.23 +0.34% June 30, 2014 9:47 am Volume (Delayed 15m) : 1.10M P/E Ratio 87.55 Market Cap $173.49 Billion Dividend Yield N/A Rev. per Employee $1,406,970 06/29/14 Furor Erupts Over Facebook Exp... 06/29/14 Say No to the Distraction-Indu... 06/27/14 The Fashion and Tech Industrie... More quote details and news » Yahoo YHOO +1.95% Yahoo! Inc. U.S.: Nasdaq $34.92 +0.67 +1.95% June 30, 2014 9:47 am Volume (Delayed 15m) : 1.41M P/E Ratio 27.93 Market Cap $34.48 Billion Dividend Yield N/A Rev. per Employee $382,952 06/30/14 Morning MoneyBeat: Big Rallies... 06/27/14 The Fashion and Tech Industrie... 06/26/14 A Banker for a Smaller Crowd More quote details and news » and Microsoft. MSFT -0.36% Microsoft Corp. U.S.: Nasdaq $42.10 -0.15 -0.36% June 30, 2014 9:47 am Volume (Delayed 15m) : 934,848 P/E Ratio 15.60 Market Cap $349.00 Billion Dividend Yield 2.67% Rev. per Employee $840,333 06/29/14 Say No to the Distraction-Indu... 06/29/14 Delta, Alaska Airlines Go to W... 06/27/14 Foxconn Aims to Fashion Its Ow... More quote details and news »
Wal-Mart Stores Inc., WMT +0.01% Wal-Mart Stores Inc. U.S.: NYSE $75.35 +0.01 +0.01% June 30, 2014 9:47 am Volume (Delayed 15m) : 244,604 P/E Ratio 15.47 Market Cap $242.87 Billion Dividend Yield 2.55% Rev. per Employee $216,954 06/29/14 Boards Race to Bolster Cyberse... 06/27/14 Canadian Supreme Court Rules A... 06/27/14 Re-elected Tesco chief gets ch... More quote details and news » for its part, recently bought a localized mobile shopping app Stylr only to shut it down—its true motive for the purchase was to acquire the app's two founders, who are Stanford alumni.
"We are at a critical juncture for fashion, technology and retail," said Karen Harvey, head of Karen Harvey Consulting Group, a retail and fashion executive consulting and recruiting firm. "The war just got bigger for talent. Neither sector is necessarily at a place where you are grooming the right talent to build a sustainable brand for the future."
Many retailers, including Target, American Eagle Outfitters AEO -2.14% American Eagle Outfitters Inc. U.S.: NYSE $11.18 -0.24 -2.14% June 30, 2014 9:47 am Volume (Delayed 15m) : 58,193 P/E Ratio 38.13 Market Cap $2.25 Billion Dividend Yield 4.37% Rev. per Employee $81,811.4 06/30/14 American Eagle to Open 3 Store... 06/10/14 Abercrombie Names Next's Angel... 05/29/14 Abercrombie Says It Sees the L... More quote details and news » and Wal-Mart have set up tech offices in Silicon Valley.
"In one year, I spent a good half a year in Silicon Valley to meet a lot of people down there," said Michael Leming, Chief Talent Scout at Beaverton, Ore.-based Nike, in an interview.
Nike has made more than 300 hires in the last year for its digital team, mostly from Silicon Valley. "There's this morphing" between fashion and technology, Mr. Leming said.
The hires are being tapped to develop digital devices to offer athletes more real-time, personalized feedback on their performance, Nike Chief Executive Mark Parker said on a conference call Thursday.
Like other brands, Nike wants to expand its e-commerce business. The company was awarded 540 patents for different innovations in the past year. It recently named eBay Chief Executive John Donahoe to its board.
Recruiter Ms. Harvey, whose executive placements include Lululemon's LULU -1.11% lululemon athletica inc. U.S.: Nasdaq $39.97 -0.45 -1.11% June 30, 2014 9:47 am Volume (Delayed 15m) : 92,671 P/E Ratio 23.21 Market Cap $5.88 Billion Dividend Yield N/A Rev. per Employee $213,858 06/27/14 The Fashion and Tech Industrie... 06/25/14 American Apparel CEO Made Cris... 06/23/14 Stocks Break Six-Session Win S... More quote details and news » new CEO Laurent Potdevin and Gap Creative Director Rebekka Bay, said her firm now regularly gets approached by the tech world and startups about hiring fashion talent. Meanwhile, many top fashion executives are seeking her advice on whether they should jump ship to become "tech entrepreneurs," because they are being wooed by that world.
Ms. Harvey made the comments Wednesday at the inaugural "Fashion Tech Forum," an event she founded and that brought together more than 400 attendees and presenters, including fashion retailers and brands such as Nike, Nordstrom, Coach and Gap, at Pier59 Studios in New York City.
Nancy Tilbury, a fashion scientist, founder and creative director of Studio XO, which created performer Lady Gaga's 3-D printed white dress that makes bubbles, joined a panel to discuss the future of clothing and how outfits in science fiction are no longer a figment of the imagination.
A contest featuring three tech startups was judged by a panel including Coach's Executive Chairman and former CEO Lew Frankfort ; Gap's Bay; and angel investor David Tisch, a managing director at BoxGroup, which has invested in such brands as Vine and Warby Parker.
Rank & Style, which uses an algorithm to create top-10 lists in various beauty and fashion categories, won the "Founders of the Future Award" challenge, garnering a $50,000 prize and a six-week "intense" mentorship.
Write to Andria Cheng at acheng@marketwatch.com
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