An incorrectly priced product range could make or break a business. A question the ethical clothing industry is consistently faced with is, how much are people willing to spend on sustainable fashion? Coupled with the challenges of starting a business without economies of scale, the task of setting prices can quickly become overwhelming. This Masterclass will help you make sense of the numbers and economic terminologies so that you can find the right pricing strategy for your product: crucial for the long-term success of your business.
In this Masterclass you will learn:
- Practical guidelines you can follow to ensure your prices align to your values
- How pricing affects your brand, plus tips on retail and wholesale pricing calculations
- Financials to look out for and the numbers you need to know: COGS, LDP, IMU, MSRP
- Ways to fund your business, including investment and crowdfunding, but getting started when you're inexperienced
- About margin erosion, putting your products on sale and cost-saving tips
- How to actually work out the value of your product to price it correctly, then communicate it authentically
- Testing your pricing and reasons to be transparent with it
- How to build a remarkable multi-million brand
- How to identify your brand motivation and translate it into tangible elements for your customers
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Introduction To Pricing For Retail And Wholesale
with Thierry BayleSummary
This is a 12 minute Lesson fromThierry Bayle, founder of Global Fashion Management, an international fashion business consultancy that has experience working with both retail and wholesale business models.
It can be tricky to put a price on your product, but there are some practical guidelines you can follow to ensure your prices are aligned to your values. Establishing where your product sits in the market is a great place to start. Here Global Fashion Management share with us their expertise on setting pricing structures for both retail and wholesale business models.
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Pricing Strategies for Ethical Brands
with Jeroen van der HeideSummary
This is a 31 minute Lesson. For many social entrepreneurs, embracing the dualism — do good and make money — is not easy. Never the less, it's undeniable that in order to make any continued, positive impact, you must absolutely make money - so how do you reconcile the two?
With invaluable experience working alongside huge fashion names, such as Karl Lagerfeld, Jeroen van der Heide turned his passion for fashion to do social good and co-founded Impakt Tribe, a Netherlands-based platform that connects start-ups to Impact Investors. He launched his own companies with crowdfunding campaigns and uses his knowledge of this popular method to help businesses navigate the tricky path of early investments. In this video he talks about starting his own zero-waste T-shirt brand, TShared, where his customers vote on which designs get manufactured. His approach to the topic of money is refreshingly honest and he offers straightforward answers to questions that we might sometimes turn a blind eye to.
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Pricing A Fashion Product For Retailers
with Maria PesinSummary
Have you ever wondered what it takes to grow a multi-million dollar business? This is a 32 minute Lesson with Vibe Consulting, a New York-based sales consultancy founded by Maria Pesin. Maria is a senior apparel industry executive with over 30 years of field experience and responsible for launching and growing several multimillion-dollar fashion businesses, including Sienna Studio and the Jessica Simpson brand.
In this Lesson, Maria offers her tips on selling styles to retailers - drawing on her experience of working with the likes of Saks, Neiman Marcus, Bloomingdale’s and Nordstrom - as well as how to manage and better structure your markdowns during sale seasons.
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Additional Pricing Methods & How to Add Value To Your Product
with Charlie Bradley RossSummary
Discerning buyers will attract discerning customers. Maintaining a clear sight of your customer and product value, but also the practicalities, like resources, time and flexibility will give you a better advantage when you come to scaling your business or reaching out to a new market. This video, with Charlie Bradley Ross, will help you tap into some strategies for understanding the value of your product and the ways you can communicate it.
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Additional Links
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Additional Reading
What The Fashion Industry Should Take Away from COP26
Monday Nov 15th, 2021
What Wellbeing Strategies Can You Implement To Be An Agile Business?
Thursday Dec 17th, 2020
Can The High Street Recover From The Covid-19 Pandemic?
Thursday Dec 10th, 2020
How Fashion Retail Has Survived The Covid-19 Pandemic
Thursday Dec 3rd, 2020
Building A Healthy And Happy Work Culture After Coronavirus
Thursday Jun 11th, 2020
Crowdfunding craft with Kickstarter + Yodomo
Monday Oct 21st, 2019
3 Pricing Tips for Sustainable Fashion Businesses
Monday Sep 9th, 2019
Should You Crowdfund Your Design?
Friday May 29th, 2015
How To Sell Your Designs
Tuesday Apr 7th, 2015