First let me tell you what a gross profit margin is. A gross profit margin is the difference between COGS ( costs of goods sold) and the net sales of your product. This is an important metric for your business as this will have a direct impact on your bottom line profitability. That is why it is so important to constantly work on improving your margins. The following are the 5 tips you should try to increase your profitably:
There are even other things that will help your margin…choosing fabrics that are in your price range, designing based on what you buyers want, learning what sells and making more styles that are salable. You want to have a carefully directed margin plan in order to keep margins as high as possible. Good margins and salability go hand in hand.
Maria Pesin knows fashion, especially the business side of the fashion industry. Do you know how Manolo Blahnik got his start in the industry? How he leveraged a paltry 3 grand into one of the world’s most famous luxury brands? While she doesn’t take credit for Manolo’s success, Maria has walked a similar path on numerous occasions. The world of fashion is not silicon valley, and it has nothing to do with Madison Avenue marketing. In this industry there is ALWAYS room for something new and exciting, but you have to have your ducks in a row. If that’s what you need, believe me, Maria is the General Patton of fashion ducks!
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