Fashion industry expert Jude Kingston shares the five key ways for fashion brands to ensure success in global growth. Kingston will elaborate on these in a seminar at the upcoming Global Sourcing Expo in Melbourne on November 22.
There are a number of significant challenges that designers should take into consideration. Addressing these challenges is all about preparation, preparation, preparation.
I can’t stress this enough – know your target audience, check that your financial plan is accurate, and that you have considered all possible outcomes to ensure that expanding into international markets is profitable for your business.
To set the right foundations for global success, here are five key ways to unlock global success as a fashion brand:
Do your homework: In addition to having a well-researched cost structure and a clear understanding of the manufacturing and shipping requirements for the various markets you’re planning to enter, it’s essential to research the customers and retailers, as well as potential partner agencies or third-party purchasers (3PP) in those territories. Learn about the market you are catering to, gain insights about retailers and how to cut through and access the international sector. Seek opportunities and speak to industry experts.
Choose partners whose brand values match yours: When it comes to sourcing materials and manufacturing partners or suppliers, be sure that your brand’s needs and values will be matched. Are they aligned to what your brand stands for? Take the time to research what brands or products they currently manufacture or supply. And evaluate whether they can meet your minimum order quantities (MOQs).
Prioritise ethical and sustainable practices: Noting that the fashion industry is one of the biggest environmental offenders, it’s wise to source recycled and repurposed fabrics. However, when sourcing new suppliers and materials, make sure they have all of the ethical and QC certificates such as: BSCI, ISO and SGS. It may even be a case of paying a visit to the factories of prospective suppliers, to see first-hand how they operate and ensure their commitment to sustainability and traceability.
Don’t let trends lead you astray: In the fast-moving fashion industry, trends are constantly changing. Don’t get caught up in ‘trends’ that don’t align with your brand and business. Manage your inventory so you avoid holding excess stock. Be relevant to what the customer wants but at the same time, dare to be different.
Patience, courage and resilience: A designer may have the most amazing collection, but it takes time to build a brand, so resilience and tenacity are important. Take calculated risks and grow from mistakes. It takes time – but believe in yourself and your vision.
Australia has a lot to offer the rest of the world and, as consumers, we are very diverse and open to new ideas and trends.
Kingston is the founder and director of Mind Your Fashion, and has held key positions in the fashion industry, including as senior buyer for Super Retail Group, product developer at Cotton On Group and more recently as an advisor at the Queensland University of Technology. The Global Sourcing Expo takes place from November 21-23 at the Melbourne Convention and Exhibition Centre.