Trade fair Fashion Exposed is set to kick off from February 22-24, 2014 at the Melbourne Exhibition Centre. Here, ragtrader.com.au presents a series of exclusive interviews with keynote speakers from its business seminar line-up.
To check out the other exclusive interviews in this series, click here.
General Pants: Lauren Jones, womenswear buyer.
1. What are the keystones of successful fashion buying practices for retail?
Much like personal gift shopping your chances of success are maximised if you actually know the person you are buying for. The same principle applies to buying, but on a much broader scale. Always have a clear vision of who you are buying for and build a profile, using previous sales and store feedback, identifying key price points, trends and products that speak to this customer. It’s important to continually reassess product performance in the context of the season to identify any shifts behaviour or demand. Successful buying addresses customer needs, by offering the right product, at the right price, the right time, in the right location, supplied in the right volume. Sell through will identify how accurately the style has been forecasted, this result will help shape future buys for like styles/ trends.
2. How do you define what trends will sell well in-store?
Speaking back to customer profiling and reviewing previous sales reads, you can identify how quickly your customer has responded to previous trends, for example if they have historically favoured more feminine or masculine trends, literal trend pieces or a soft takes on trends. Understanding how your customer embraces trend items helps you define what new season trend will hold most relevance and dictate the necessary timing of delivery into stores. When looking at particularly new or difficult trends emerging, it’s important to always highlight pieces that push the boundaries a little in a controlled quantity. You can use reads as trend indicators and evolve and grow product volume in line with demand.
3. What do you look for when selecting stock for a coming season?
When ranging always keep your core customer at front of mind in every decision, always considering previous sales results on like styles, market analysis and feedback, forecasted shifts and your gut instinct. Previous sales reads will become your checklist so that you can place product as accurately as possible. Always identify key volume drivers of the season, and assess wether to repeat, update or move on.
Brands: We will look to introduce a new brand if the brand caters to a gap in our current assortment or is in demand within our target market. The brand should compliment your assortment without canniblising existing sales. It must be relevant to your target market. When sourcing, we look to stock brands that have a certain brand equity, a unique/recognisable and authentic handwriting. Stussy is a great example of a General Pants brand that consistently evolves and nods to key trends in a way that is always distinctly and recognisably Stussy.
4. How can brands get your attention?
Physically sending a brand pack introducing the brand, briefly touching on background, current stockist, brand ethos and vision in addition to a product sample if possible, will get a buyers attention. Clear contact details for us to contact the right person or a follow up phone call to discuss the pack is your best option.
5. Has the rise of technology such as social media affected traditional buying practices?
The speed in which trends are now delivered and digested by consumers has drastically changed with the growth of social media and online shopping from international sites. The pressure to stock on trend product by fast fashion brands & retailers has resulted in reinventing the critical path, often working from cads and images to shorten lead times in order to supply trending product in time with demand.
Lauren Jones is a womenswear buyer for General Pants.