I have created several multi million dollars businesses in the fashion industry. The key to their growth,was success at retail. The bottom line is the stores that did well with my product increased their orders each season. Their customers voted with their wallets and laid down their money to buy. In order to build a million dollar fashion business you need to have styles that people want.
There are plenty of mediocre products out there, and chances are these companies aren’t making a million dollars. In order to generate big sales, you’ve got to bring something to the table that wows customers and generates buzz within your marketplace. Product is everything. That is where you must start. Creating a great line that stands out in the market as unique is what makes million dollar fashion business.
So you must first ask yourself, what makes me unique in the market and what makes my product fabulous?
As the co-founder behind the Kate Spade and Jack Spade brands, Andy Spade once said; “don’t worry about starting a company, If your product is great, the rest falls into place.” This doesn’t mean you don’t have to think about setting up you business correctly. It just means making amazing product is first and foremost.
Consuming data helps make you right.
Even the smallest businesses generate data these days. If your business has a website, a social media presence, sells wholesale, etc., there is data it can collect on its customers, through its user experience, web traffic, selling reports and more. Studying your data will tell you what styles work and what doesn’t. Are you getting enough traffic and is the traffic converting to sales? In this day and age consumers love to comment. Use all the information to make your collection even better.
The companies I ran started with a pretty good product, but as we learned and grew it got better and better till we were the leaders in our category. That’s how you create a million dollar brand.
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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