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
Introduction to Pricing, Global Fashion Managementwith Thierry Bayle
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. Global Fashion Management is an international fashion business consultancy with experience working with both retail and wholesale business models. Here they share with us their expertise on setting pricing structures for both.
Pricing Strategies for Ethical Brandswith Jeroen van der Heide
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.
Pricing a Product for Retailers, Vibe Consultingwith Maria Pesin
Have you ever wondered what it takes to grow a multi-million dollar business? Maria Pesin is a senior apparel industry executive with over 30 years of field experience and is the founder of New York-based Vibe Consulting. She is responsible for launching and growing several multimillion-dollar fashion businesses, including Sienna Studio and the Jessica Simpson brand, part of Fleet Street. In this video, she 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.
Additional Pricing Methods & How to Add Value To Your Productwith Charlie Bradley Ross
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.