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Here are five powerful lessons from Australian retailers, designers and brands.

1. Knowledge has never been more powerful

Specialty Fashion Group, which operates more than 1000 stores across brands such as Katies and Millers, secures 80 per cent of its sales from seven million loyalty club members. How? It has an internal data mining department called Noodle Box. The seven-man team mines its database of customers to create tailored marketing and promotional strategies, identifying four core customer groups across data points such as average spend and frequency of shopping. 

2. The industry is rife with errors

Administrators for collapsed designerwear brand Lisa Ho revealed the industry has a poor approach to inventory. HLB Mann Judd unearthed enough dress bags at the company to last to 2015, 43 kilometres worth of unused fabric worth up to $500,000 and 5,000 units of clothing when 10,000 were registered on its systems. Partner Simon James said this issue was rife across the entire sector, from designer brands to major retailers. "People do not invest time and money in systems and processes to know what stock is right."

 

3. There's nothing wrong with being commercial

Iconic Australian designer Peter Morrissey pulled no strings about his successful collaborative venture with Big W. He revealed his 2014 collection had turned over $1.4 million within three days of release and saw a 55 per cent sell-through over the same period. Morrissey first joined forces with the discount department store in 2009 to launch 'Man' and 'Woman' collections nationwide.

4. It's about quality not quantity

What was the first thing former Sass & Bide CEO David Briskin did when he took on his position at the designer brand? "The first thing I did was close four international showrooms because they weren't making money and every sample set was costing $100,000". When the financial crisis hit, the brand also lost $800,000 in the US market due to unpaid debts. The solution was to establish a solid retail and concession store network across Australia, positioning the brand for the international expansion it is now pursuing on more solid footing.

5. Change is the essence of success

Retail Apparel Group CEO Gary Novis revealed its Connor brand underwent three transformations before finding its place in the market. The menswear chain first launched as mid-market, mature-age retailer before finding a niche as a men's value store. The Group didn't sit still and wait for sales to suffer, reformatting its target market, product offer and rolling out large-format stores. Connor now sits as a strong offer in the Retail Apparel Group stable, which also includes Tarocash and YD.

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