Overview: This is a specialized masterclass designed to equip fashion designers with the knowledge and skills needed to accurately cost their designs for both direct-to-consumer sales and retail distribution. Participants will gain valuable insights and practical strategies to ensure profitability while maintaining competitive pricing in the fashion market. This one-hour session will cover five essential sections, including an introduction to costing in fashion, breakdown of cost elements, materials sourcing and costing, labour cost calculation, pricing strategies for direct-to-consumer sales and retail distribution, and financial analysis and profitability. By the end of this masterclass, participants will have the necessary skills and tools to confidently determine the cost and pricing of their fashion products, ensuring profitability and success in the industry.
Section 1: Introduction to Costing in Fashion
- Understanding the importance of accurate costing in the fashion business
- Exploring the key components of the cost structure and different pricing strategies
Section 2: Breakdown of Cost Elements
- Identifying direct and indirect costs involved in fashion production
- Understanding the impact of quantity and scale on costs
Section 3: Materials Sourcing and Costing
- Evaluating fabric and trims costs
- Efficient material sourcing and negotiating with suppliers
Section 4: Labour Cost Calculation
- Determining labour costs for different processes
- Considering time and motion studies, wage rates, and production efficiency
Section 5: Pricing Strategies for Direct-to-Consumer Sales and Retail Distribution
- Understanding target customers and market positioning
- Exploring pricing methods, profit margin considerations, and negotiating with retailers
- Q and A
Conclusion: By the end of this masterclass, participants will have gained the necessary skills and knowledge to accurately cost their fashion designs, make informed pricing decisions, and optimize profitability. This masterclass is suitable for emerging fashion designers and established brands seeking to enhance their pricing strategies and ensure success in the competitive fashion industry.
This masterclass takes place Wednesday 10th January, 10 – 11.00am via Zoom. Add to basket to register your free place and a Zoom link will be emailed to you closer to the date.