Ragtrader Live will return for another round of business insights, stories and strategies on May 2.
Grab your tickets here and don't miss out!
Below is a teaser of learnings from previous editions.
1. Every journey has its hurdles
Intimate apparel retailer Honey Birdette, owned by giant BB Retail Capital, is on an upward global trajectory with a US rollout currently underway. But that doesn't mean it hasn't encountered challenges, MD Eloise Monaghan told our audience.
"One of the biggest and most shocking learnings was when we first opened our Covent Garden store."
After signing a £250,000 lease, the brand soon received a letter from the council.
"It was a £125,000 land tax bill."
Monoghan advised brands to consider all costs when expanding overseas. For instance, a UK Honey Birdette site averages out at £95,000 over $45,000 in Australia.
Other key learnings included the importance of a dedicated country manager, localised promotions, relevant seasonal marketing campaigns and an understanding of product and sizing preferences.
2. When you encounter a hurdle, build a bridge
Australian bootmaker R.M. Williams also encountered issues as it expanded its retail presence, as demand outstripped supply for its hand-made boots.
CEO Raju Vuppalapati told our audience he reached out to the South Australian government, where its factories are based, to preserve onshore production.
Together, they launched an apprenticeship program and training pilot to encourage the next generation of craftsmen.
"The easiest option is to go offshore, but for our company, retaining that Australian provenance and skill is absolutely critical. We lose the magic and we lose the storytelling."
He said the company hired around 150 men and women, with the expectation it would take six to 12 months for the workers to produce a good pair of boots.
3. And when you build a bridge, make it the right one!
Australian womenswear designer Alice McCall has positioned itself as a serious luxury contender, with premium stockists globally.
General manager Robert Moore said it could have been a different scenario without a change in strategy.
The brand first entered the UK eCommerce space via fast fashion site, Asos.
"Then suddenly 18 months later, you've got 80 SKUs that are all 70% markdown and no control over your branding in one of the biggest markets in the world.
"You have to know what you want out of those deals before you get into them."
Moore also warned designers to avoid rushing into leasing deals and pursue organic, well-researched opportunities.
"You can get locked in to relationships and find yourself rolling out stores you don't really want to roll out. Actually, if the trade doesn't come, it's pointless and it doesn't make any sense."
The brand is now available via premium partners such as Net-a-Porter.