Glossy’s Post

How is this against the law? Many brands/retailers such as Hermès offer goods to an exclusive set of customers who qualify by being part of a particular program, or have purchased certain items, or purchased a certain $$$ amount. No one has the right to buy a #Birkin handbag. Exclusivity and FOMO are two methods of encouraging sales, especially to brand enthusiasts and brand collectors. #ecommerce #exclusivesales #customerlifetimevalue

👜Hermès is hit with lawsuit for controversial sales tactic: Customers are allegedly required to purchase from other product categories to be eligible for a sought-after Birkin bag Could Web 3.0 loyalty programs offer luxury brands a new way to keep their products exclusive, while also making the buying process more transparent and trustworthy? 💡 What do you think? Seen first at Megan Kaspar and Katerina Ali #luxury #branding #marketing #hermes https://lnkd.in/dJdYmuzJ

Hermès sued by customers for their Birkin Bag sales policy !! If you are in the know of Luxury brands and luxury watches, you would know how difficult it is to get your hands on a Hermès Birkin bag or a ROLEX Daytona watch from the brand retail outlet. Its common knowledge that there is a waitlist of several years to buy a Birkin Bag from Hermès store. Some customers also talk about retail staff asking them to buy X thousand $ of other merchandise (to build a purchase history & brand loyalty) before they can even be put on the Waitlist for the bag and awarded the prestige of buying a bag. Limiting supply of products to paying customers and creating scarcity, is well known amongst the luxury brands and the longer the waitlist, the higher premium the brand is perceived to have. Its a cunning strategy which plays with the emotions and ego of the customers, building a stronger urge for them to own the brand, especially when they are unable to buy it off the shelf. It seems that the customers have had enough, and now they are revolting against such policies. Social media posts talk about the negative comments and frustration amongst customers on how those who want to buy their 1st bag have to wait for many years, but some 'Loyal/VIP' customers end up offered/getting multiple bags in a year (some of these end up in the secondary luxury market). It's about time the brands realise that the customer can be loyal for a brand for their integrity and empathy with their customers. #retailstrategy #brandloyalty #luxurybags #hermes #rolex #customerinsight #exclusivity https://lnkd.in/dvZnzDtG

This is a very interesting read. I have serious reservations about some of the claims made in this article such as consumers not interested in saving money. There is also references to how branding in jewellery is more prevalent. It is beyond me to challenge some of the self serving statements made in this article but they certainly gives food for thought. There is a very unhealthy attitude which seems to suggest that consumers somehow needs to be educated to buy jewellery items which offers greater profitability to the retailers. This attitude is most glaring and disappointing in the case of Signet. Instead of possibly taking a hard look at is mutiple banners and bloated overhead and how to make it more efficient, they decided to pivot to natural. I think the betrayal by Signet has cast the retail jewellery in a very bad light. To be honest, there is so much opaqueness in the entire diamond retail system that one should never assume you have a friend in the business. Jewelers need to make money. We all do. Signet has shown its true colours. They look at their customers as a profit centre. Consumers should be glad they still have a choice to shop with independents in their community. Why would anyone trust a Signet banner ? Their management takes orders from HQ. Their sales associate are trained with the help of De beers to limit your freedom of choice. This is so sad. Wake up America ! Signet is not on your side. Maybe it never was. They have now made their motives public.

How much should I charge? It’s a difficult question to answer even for experienced retailers. When dealing with luxury products, a product should sell for more than it cost to make; otherwise, what’s the point? Nailing down exactly how much more than cost you should be charging depends on a number of factors including your business goals, your competition, and what you offer consumers beyond the product itself. And in the fine jewelry business, you want your pricing. Here are a few different approaches to pricing to consider. Pricing Strategies for Retailers: An Overview of Pricing Concepts and How to Choose the Right One ▸ Link in comment

So THE VAMPIRE'S WIFE shutters following hastily in the wings of Mara Hoffman and #CalvinLuo. But is it the case that brands are making unsustainable commitments or that #wholesale has become too difficult? What is important is for #fashion brands to consider what caused the demise of these brands and the near failure of ROKSANDA and to apply any necessary changes now - before it is too late https://lnkd.in/gd-n-Cih - www.fashionlaw.co.uk

🌸 Maximising Accessory Sales in Spring: 3 Key Takeaways 🌸 As the #spring season blooms, accessory retailers have a prime opportunity to boost sales and engage customers. Here are the 3 key insights from our latest guide to optimising spring #accessories #sales: 🌷 Trendy Assortments: Curate spring-themed accessories with floral patterns and pastel colours, blending classics with trends. 👛 Data-Driven Planning: Analyse past sales to forecast demand accurately, optimising inventory and pricing. 🕶 Smart Markdowns: Clear excess stock with timely markdowns, using data insights for effective promotions. Learn more ➡️ https://bit.ly/3TFlL9h #RetailStrategy #SpringSales #AccessoryTrends #KIVALUE

Doomsdays in luxe fashion E-tail at the end of the year. A glimpse into 2024? 'Matches was once a fast-growing, profitable business. Founded by Tom and Ruth Chapman in the late ‘80s as a brick-and-mortar store in London’s Wimbledon neighborhood, the retailer was highly regarded for its tightly curated buy with a unique point of view and its championing of emerging design talent. However, since selling to Apax Partners in 2017, the company has struggled to balance the complexities of attracting new clients and scaling its business against profitability, accruing widening losses year-on-year. Multiple leadership changes, a challenging pandemic period, and the broader structural decline of the wholesale model have only added pressure. Matches has proven an extremely costly investment for Apax, which purchased the company at a reported $1 billion valuation and subsequently made multiple significant investments into the business. Matches’ gross assets were valued at £170 million for the fiscal year ended Jan. 31, 2023. Sales in the period dipped slightly to £380 million, while losses widened to £39.8 million in adjusted EBITDA terms, compared to £25 million the previous year. Matches is not the only luxury e-commerce player facing troubles: Farfetch narrowly escaped bankruptcy by selling to South Korean group Coupang this week, while the future of Richemont’s Yoox Net-a-Porter is unclear after a deal to merge the loss-making unit with Farfetch fell apart. A broader slowdown in the luxury sector and high borrowing costs are only compounding the crisis.' https://lnkd.in/dECx64G2

I always find it heart breaking when great indie brands announce they are closing, but it’s also not surprising. As mentioned in this article; cash flow (or lack thereof) is usually the down fall of these brands. When brands rely on wholesale payments and they suddenly drop off it can bring the whole machine to a grinding halt. If fabric suppliers and manufacturers don’t get paid on time they wont produce samples for your next season, it all has a knock on effect. Wholesale is in fluctuation but brands also can’t rely on D2C as their only income stream. In times like this It’s important for smaller brands to have a diversified commercial strategy and come up with creative solutions whilst taking calculated risks. As a former buyer, merchandiser and strategy consultant I work with small to medium sized brands to help them through times like this and to create a tailored strategy for growth. DM me for a free consultation call. #strategyconsultant #businessconsultant #sme #commercialstrategy #ecmconsulting

With many own brand goods manufacturers reporting increased profits (for example, see the news on McBride's this morning: https://lnkd.in/eKu_SnSg) it shouldn't come as any surprise that interest in own brand products is increasing. Liberty's are well-known for their London department store and their signature prints. Last year they launched their own label perfumes which have proved to be a hit. The management team are betting on their beauty brand, LBTY, to fuel growth for the wider group, with the expectation that sales of beauty products will outperform fashion sales in the current economic climate. Adil Mehboob-Khan, CEO, has also suggested that this growth could fuel new bricks and mortar stores, which would stock only Liberty-branded products. Whether that happens, only time will tell... #consumer #retail #turnaround