Export: the way forward

During times of economic crisis it seems ever the more challenging to create business opportunities to sell and make money. Exports may be the way forward for designers, exporting makes sense because a weak pound can open up a lot of opportunities for fashion brands to build up and grow their business in other markets like Europe or America.

 

 

 

The following list sets out some of the key things fashion brands need to think about if they are planning to export. It also deals with some of the problems which can arise through lack of preparation.

 

 

ONE: A clear strategy

A designer needs to make sure they have spent enough time in preparation and training to get the implementation right. A thorough check list of what is to be done and what can be expected is part of good planning. Gaining help from experience personnel can help effectively strategise an idea into a plan; it may be expenditure worth investing into.

 

 

TWO: Preparation: the export operation can only succeed if the designer is thoroughly prepared and understand what the new market requires and what will trigger agents and buyers to take on the designer’s brand. Business knowledge is key, a designer needs to know how to invoice ship and collect money.

 

 

THREE: The success of any fashion brand today is based on a holistic approach.

With this in mind, a designer needs to have the knowledge in-house or from outside partners or consultants to handle design, production, sales, marketing, PR, invoicing, logistics and credit management, both in the UK and in the countries to which you are exporting. If every part of their operation is ready and running smoothly, their brand stands a good chance of conquering each new market. In order for a designer to succeed, they must be able to guarantee that their lines can be delivered on time and paid for within a reasonable time.

 

 

FOUR: UNIQUENESS

The brand or collection needs to have uniqueness so it can stand out from competitors; they need an element of USP- unique selling point. It may be subtle such as an overall conservative collection, may have an edgy piece that the press and buyers will all want to see. It is about attracting attention and USP’s can help brands sustain amongst competitors.

 

 

FIVE: Understand, Control and Anticipate risk.

Business deals do not always go as planned; a late manufacturer can lead designers to missed deadlines with buyers and clients. Since buyers need hard work from designers to build up trust and loyalty, it is necessary for designers to plan ahead with alternatives if such problems arise.

Logistics must be handled by a fashion specialist transporter. If the goods arrive late, designers may have to grant a 5 to 40% discount. Even worse, the buyer may decide not to take the goods. If you give credit terms to buyers, the designer must have a plan to collect money as it cannot be dealt with after the goods have been shipped.

 

 

SIX: Never underestimate the value of training.

Fashion brands need to keep up with new rules, new techniques and new skills. Even if a brand has dealt with oversea business for years, rules and regulations changed overtime. It is important not to miss opportunities such as failing to optimise duty payment when shipping goods to the US and therefore wasting significant sums of money.

 

 

 

 

 

For more information:

www.globalfashionmanagement.com

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