Transcript - Sydney Price
Season 4, Episode 3
Conversation with Sydney Price, Founder, The Knew Purpose
Joshua Williams: Retail Revolution, a unique podcast that features in-depth conversations with guest experts in omni-channel retailing with myriad perspectives, technology, consumer engagement, data analytics, merchandising, and more. We pay special attention to current sociopolitical issues and challenges and their implications on fashion retail as well as opportunities to innovate and rethink retail's future visit retailrevolutionpodcast.com for more information, including full transcripts and follow us on Instagram and LinkedIn @RetailRevolutionPodcast. Retail Revolution is produced by Joshua Williams and hosted by Christopher Lacy, both are assistant professors in the Fashion Management graduate program at Parsons School of Design.
Christopher Lacy: Sydney is an award-winning executive and the founder and CEO at The Knew Purpose, a conscious leadership company with the vision to advance sustainability, social impact and innovation in business. She is a dynamic force at designing, developing, and implementing sustainability and social impact programs while also creating new revenue channels and profitability for companies.
Sydney is recognized as a catalyst in business transformation. And as a result, was awarded Most Influential Women by CEO Connection in 2015. Sydney is a remarkable retail revolutionary, and she continues to take her experiences to the next level by empowering other leaders, businesses, universities, nonprofits, and social entrepreneurs.
Today, she chats with me about the importance of conscious leadership and how it can positively impact a company's sustainability efforts.
This is Retail Revolution podcast with Christopher Lacey.
Welcome to the show Sydney.
Sydney Price: Thank you. It's so great to be here.
Christopher Lacy: I feel like it's been a long time coming for you to be on the show. I felt like I knew I wanted you on from the day we met. And when we finally got you here.
Sydney Price: Yeah, well, I'm really happy to be here. And your show has been incredible and so inspirational. So, I'm just so happy to be part of it.
Christopher Lacy: Thank you. Thank you so much. So, Sydney let's jump right in. I want you to tell our listeners a bit about your career and what you're doing now.
Sydney Price: Absolutely. Well, I started my career at the Neiman Marcus group right after college, and I walked out 18 years later. I started in their executive training program and while there held six different leadership roles. And the last role was VP of Jewelry and Watches at Bergdorf Goodman.
After that I then moved over to Kate Spade and Company as Senior Vice President of Global Merchandising and Direct Consumer. And my work as a merchant has brought me to over 50 countries where I've observed women in developing nations facing gender-based discrimination and in turn an increased risk of poverty, violence, ill health and poor education.
So, I became very passionate about helping to empower and give voice to these women. And I knew economic freedom was one way to do so. And in 2013, I made a big transformation in my career, integrating my merchant and business expertise with my desire to have a positive impact in the world, through the fashion industry.
And I was able to transition to Senior Vice President of Social Impact at Kate Spade and Company. There I designed and built a profitable commercial channel within Kate Spade's value chain. As well as created a women's focused social enterprise supplier model called On Purpose. And On Purpose is a social enterprise model through which we taught a group of women in a marginalized community to become a profitable, sustainable, and independent supplier to Kate Spade and Company and the entire fashion industry.
These women live in a village called Massaro in Rwanda, and they're between the ages of 18 and 60. 87% didn't have jobs. 95% went through the genocide. And just to be clear, these are not Kate Spade employees, rather it's a woman, Rwandan-owned business that produced products 12 months out of the year and every three months delivered to nine countries.
So, the model worked really because I was able to combine purpose, profit and positive impact. So, absolutely everyone benefited. And so, this idea of combining smart business with strong social and environmental mission; I also learned it has to be fully integrated into a company supply chain and actually tap into employ expertise.
And when you tap into employee expertise, it becomes the heartbeat of an organization, which it did at Kate. So, in 2017 I left Kate Spade and started my own company called The Knew Purpose. And really my vision was to really shift this paradigm from old leadership of kind of profit-driven only, to this new purpose of considering profit, of course, which is essential, but also integrating people in the planet within it. So, yeah, that's where I am now. We guide leaders, build profitable companies while integrating social impact and sustainability into their supply chain.
Christopher Lacy: So, we're going to have a very fun conversation today because we're going to go more into three words that you said: purpose, profitability, and positive impact.
So, I want to ask you, how do you define conscious leadership? And when you think about conscious leadership over the years you've been in the industry, has that definition evolved for you over this past year, because so much has happened? So, I'm throwing two questions out there to you right at the beginning.
Sydney Price: I think I can do it.
You know, there are a lot of definitions out there, but I view conscious leadership as a purpose-driven approach used by business leaders to move their company and community and an inspired direction where everyone benefits. So, this also includes learning growth and development phases.
So, to be a conscious leader, you have to wake up to your own potential and your own kind of source and purpose. And once you are awake, then you're able to inform and empower those around you, within your company, to make it a conscious company. And then once you are a conscious company, you are able to expand those principles to their community.
And obviously it can be a community where you live, but when you, you're using a business lens, I'm thinking about employees, customers, suppliers, investors, and the communities you work in the world. Conscious leaders are people who see a path and lead others on a journey along that path.
They understand and embrace the higher purpose of a business other than making money and focus on creating value for and harmonizing the interest of all business stakeholders. And they also recognize this integral role of culture and purposely cultivating conscious culture. So, it's like inspiring others within an organization.
And I'm not sure if my definition has evolved over the past year, but I will say I so greatly admire those leaders out there staying true to their values in such challenging times and continually holding themselves responsible for their social and environmental impacts from their supply chains.
Because it's been hard, but if you don't have values and if you don't use that as a compass to make smart business decisions you will ultimately lose your employees and your customers.
Christopher Lacy: That's extremely important, losing your employees. I want to take that part right there, because this season we said, we wanted to talk about sustainability, but really from all aspects. I think we often talk about sustainability; everyone automatically thinks about the environment. But there are other parts of sustainability, which is human capital, social and economic. And being a conscious leader. How do you to influence those other areas?
And I want to get into this with you because I don't know if you've been hearing the same thing I've been hearing, but it's really been upsetting. A lot of emails that employees have been getting from their store managers, the emails that they're getting from their corporate leaders. And to the public, we see this company, that's saying that they're doing things for their employees, or they're doing certain sustainability efforts, but then there are just these harsh communications that are coming down to those frontline employees that are in the stores every day. And maybe those other employees who are working in corporate and in different positions.
And so you said something very important about being a conscious leader is, not losing employees. And I want your thoughts on conscious leaders influencing the areas of human capital, of social, of economic and why that's important.
Sydney Price: Yeah, no, you're absolutely right. And there is a lot of confusion out there.
There's also a ton of greenwashing. Words get thrown around, but no one actually really knows what they mean. So, when I think about it, it's the management and the coordination of financial, as you said, economic, social and environmental demands and concerns to ensure responsibility so that you are actually being responsible, ethical, and that you also are making sure that you're going to have ongoing success.
So, there are three pillars to sustainability, and we also refer these two as a triple bottom line, which we can certainly dig into, because it's really kind of the crux of everything, is people profit and planet.
So, when you think of people, it's the social responsibility. Also, the social equity. So, gender, race, religion. So, this is where HR departments come in big time, or looking at your supply chain. Also, how are you treating your employees and your stakeholder’s wellbeing? And are you tapping into fair trade?
When you look at profit as a pillar, it's really, are you utilizing the best economic practices that maximize long-term profitability and promote growth?
And then the planet, you're thinking you really need to use the idea of environmental protection. And are you conserving natural resources?
When I think of a conscious leader, I also think of someone that's a good global citizen and are they aware, are they awake? Are they mindful? Are they recognizing what they do, how they do it, and the impact their actions have on people and the planet? And as conscious leaders, we ourselves need to be growing, learning and developing. We need to expand all the time because this is a space that is so dynamic. And the only thing that we can guarantee right now is change itself.
And so, we have to be on the cutting edge and learning, and also being humble about the realities of what's going on and really going back to, like we were talking about, the values of ourselves and how that's getting integrated into a company. The thing with sustainability, it's not only the right thing to do, but it's actually really good for business.
And there's some data with Babson and Social Innovation lab. If you look at the business lens, it gives a company much better positive business reputation. So, that's a competitive advantage. It also increases sales and customer loyalty, and it also increases like operational cost savings, reducing resource, use of waste, emissions.
If you look at the employee lens, 91% of Gen X females, and 76% of Gen X males feel it is important to contribute to their community or the wider world through their work. And it increases employee morale by 55% and employee productivity by 13%. And if you look at the consumer's lens, 55% of global online consumers across 60 different countries say they are willing to pay more for products and services provided by companies that are committed to positive social and environmental impact.
And 9 out of 10 Millennials said they would switch to brands with one associated with the cause. So, as you can see, it really goes back to not just doing good, but being authentic about being good and consistently checking yourself and making sure you're on the right path. I don't think employees and consumers are so caught up in what you are doing, it's how you were doing it and are you being authentic?
Christopher Lacy: So, bottom line, it really is about the effort to change what we've been doing in an industry on all levels, whether it's supply chain, it is design principles, it is how we treat employees, all those things, the effort to change it actually, in the long run, is far more beneficial to the business as a whole.
Sydney Price: Absolutely. And it's messy and it doesn't have to be perfect. I think that as long as there's transparency, honest communication of, there might be a hundred things a company or a leader might need to accomplish, but let's just say, we're going to focus on these three initially and be true to them and continue to kind of track and monitor where you are.
Everyone just feels better. I think it's when companies say they're doing something that they're not, is where we really jump into problems. Or being so unconscious that they're doing nothing at all.
Christopher Lacy: Exactly. Exactly.
So, when we think about what's holding companies back. I want to go into the conscious leader's mindset. And how does someone who's in this leadership position, evaluate their behaviors in the role that they're in to discover if they're a conscious enough leader and being that within the organization to create these sustainable changes that we need to have, for all the pillars we've been discussing today.
Sydney Price: Yeah. Great question. And, you know, it's hard. A conscious leader should measure themselves by who they are being, but also what they are doing in the world. Leaders need to continue to grow and learn. And often there is not a support system for the development. And honestly, I came across this myself, the higher you get up within an organization, it feels like the more tools you need for yourself to really be able to inspire yourself as well as your team around you.
So, a few years back, I actually designed a very practical map that has served me well, both at work and life. And I call it soul map. And it was really born from studying different energy systems and applying business best practices. So, systems relating to the flow of energy within our internal selves, as well as our external environment. So, kind of thinking about Feng Shui and chakras, and then also tapping into the natural order and flow of life. So, this both seen and unseen.
There are nine core principles and they all build upon themselves. And the first one is purpose. So, that question you're asking is how does a leader evaluate how they're showing up and then what are they doing about it? So, purpose is the first one, are they awake? Do they feel inspired themselves? Do they feel like their life has meaning and then with this, are they feeling positive, change and transformation with their work and life?
The second principle is values. Are you clear on your authentic values? Do you feel the aliveness, depth and richness in being in those values and then are you actually allowing your values to guide decision-making and mapping out your desired life and those around you, especially at home and at work?
And then you think of knowledge as the third principle. And are you being insightful? Are you letting your inner guidance? Are you listening to it? And also, are you prioritizing learning and up-skilling and growth, not just for yourself, but for your team?
The fourth principle is health. And you need to have perseverance and gut. I always think about, it's like this tree and it's bending through the wind and you need strong roots as well. So, are you practicing self-care and mindfulness? And are you also creating that environment for your team and company?
And then another principle is prosperity. Do you feel empowered within your company? and that you could really tap into all your abilities? And then also are you showing up for your team that way and setting priorities and goals and taking responsibility?
And then the next principle is integrity. Being a global citizen, are you accountable? Do you recognize what you do? And how are you also rewarding your team and recognizing them?
The seventh principle is culture, and really inspiring yourself through your own passion, but also creating this incredible dynamic culture within your organization.
The eighth principle is creativity, and it's really about you being a change maker. And tapping into curiosity and creativity and really kind of promoting fun and play and laughter with a company. And letting your employees come to life in the last one, which is so important, is partnership.
And are you building site safety and trust and transparency with your team? And then also, do you have your own support system outside of work and inside of work to really support you as you grow and develop as a leader?
Christopher Lacy: I appreciate those principles so much, because I think anyone who's been in a leadership role, and I actually will say anyone who's been in a job where you have to service the public. One thing you probably forget to do is fill yourself up every day and, and really ask yourself the right questions. When you're in a role of service, we take for granted that, you kind of get up and you do it every day. And then people say things like, "Oh, I want to have a great experience when I go to this place," or "I want to inspire other people," or whatever that goal is.
And what we forget to do quite often is hit some of those principles. Maybe you don't get to all nine that you just mentioned, every single day, but if you could maybe just kind of look at it and go, one or two or three, and this is what I'm going to really work on for this month. It does change your mindset as a leader, because then it becomes less about how much volume did we bring in today and did we beat LY? But it becomes more about did we achieve the right culture and is the feeling right in the organization right now? And is the feeling so good in the organization right now that our customers feel how good it feels in the organization? And what's bringing meaning and that that takes time, but it is something that I wish we would teach every single leader when they're young and they, and they get promoted into a position. Quite often I think people are like, I want to be the boss and you don't.
Sydney Price: Yeah, yeah, no, you're, absolutely right. It starts with us and it also and being vulnerable that we need to do our work as well. Just one quick other thing, looking at that question from more of a macro level, collective action has never also been more important in the world. And if you look at the fashion industry, right now there's three things like common goals, a common system to measure ourselves, especially around sustainability and kind of a common action plan through the CEO Agenda which happens in the Copenhagen Fashion Summit. But I just wanted to reiterate that, for all of this to work, we really need to own ourselves. And what we just talked about, those nine principles, but we cannot do it by ourselves. And so, we also have to tap into this collective action that is really an incredible movement going on.
Christopher Lacy: Sydney, I want to thank you for being on today. And I want to ask your permission if we can share those nine principles with our listeners who may not have been in a situation to write it down, but who need it. And maybe share that on our website so that they can get that information readily. So, if you don't mind?
Sydney Price: Absolutely. I'll send that over.
Christopher Lacy: I appreciate it. Thank you. So, other than that, though, how can our listeners stay up to date with what you're doing?
Sydney Price: Absolutely well, I'm on LinkedIn @sydneyprice. Also have a website, www.theknewpurpose.com And its K-N-E-W purpose and then Instagram @theknewpurpose.
Christopher Lacy: Fantastic. Sydney it was such a pleasure to have you on today. I actually feel a little filled up to go through the rest of my day to day. So, I thank you for that; for reminding me of some principles I need to have.
Sydney Price: Yeah, well, it was a pleasure and I really appreciate being part of this.
Christopher Lacy: Thank you. You take care.
Sydney Price: All right. You too.
Joshua Williams: Thank you for listening to this episode of Retail Revolution, a very special thank you to everyone who has helped make this podcast possible. If you'd like to support the work we're doing, please visit our show page at retailrevolutionpodcast.com and click on the donate link. Our theme music was composed by Spencer Powell. Be well and stay tuned for our next episode.
