Are you seriously thinking about starting a luxury fashion brand? If so, you’re on the right page.
Starting a fashion brand is a very demanding business goal, but this doesn’t mean that you won’t find any success. If you are talented in clothing design, you have marketing competence, and you are a positive and enthusiastic person, there’s no reason why you shouldn’t get excellent outcomes.
Insight Into Today’s Luxury Market
Of course, prepare yourself to be patient. Success doesn’t knock at the door of any beginner. You’ll have to work very much and gain experience all through time, but it’s well worth the business success that you’ll get in the future. Even the world’s biggest fashion brands started from little or nothing. Your day #1 might be today!
When we talk about fashion, we don’t mean only clothing. Although clothing occupies a very big share in the fashion sector, more segments are part of the luxury industry. For example, luxury cars like limousines, luxury jewelry, luxury foods and wines, luxury entertainment. Casinos are indeed part of the luxury entertainment segment, especially those 5-star dreamy casinos where only the world’s wealthiest people can think to go and have fun among roulettes, poker tables, slot rooms, and more.
However, customers who love the luxury industry can find a “cheaper” version of their favorite products around. Many businesses produce imitations of original luxury products. Their quality level and imitational design skills are so high that it’s even hard to know when a product is original or fake!
Even the gambling industry has plenty of cheaper resources for everyone out there. If you can read the Arabic language and you love sports, you may want to visit A7la Bet for best betting advice, latest sports news, and a lot of betting options. Same fun, same sports events, but at a lower price! After all, you don’t have to place 1 million dollar sports bets to get a winning – even a 5 dollar bet might turn out to be a lucky one for you.
Things You’d Better Know To Get Started
Back to the point, you want to get started in the luxury industry with a new fashion brand. Great, let’s see what you have to know about the industry, now. We’re going to mention some of the most relevant facts:
Costs to get started
As a startup, your business will have to face huge costs. You’d better save money in advance and get acquainted with the bank loan process. Prepare your business plan (hire an expert professional to make sure you aren’t making any mistake) and send your loan applications.
Physical stores require much more capital than online stores, but a true luxury brand doesn’t usually consider getting started online. You’ll need money for sales representatives, staff members, your designers, catwalk events, marketing campaigns, photoshoots, press coverage, participation in fashion events, and more.
Although you may be attracted by clothing fashion, you must know that clothing won’t be specifically your main source of sales. Look at the world’s biggest fashion brands like Moschino, Armani, Versace. Do they produce only clothing? Their product ranges are wider including accessories, as well. And that’s exactly what we mean: accessories make up for the biggest share of sales in the fashion industry. You’ll get a larger volume of consumers if you produce also bags, sunglasses, watches, jewelry, perfumes.
Most customers can’t afford expensive clothing, so they choose to buy smaller items that cost less and give them the sensation of owning a luxury brand item.
Higher prices, fewer customers
All luxury brand stores look usually empty. Even during season sales, there are no more than a few customers inside. That’s because of their high prices. Look at what happens inside a chain store: a crowd of people masses all together on the same clothe stands. Chain stores sell products in big volume because their prices are affordable for everyone.
If your products begin to gain popularity and success, the next surprise for you is to start noticing counterfeit products. It’s the “price” to pay for success. And the negative side of the story is that customers who can’t afford your original product will look into counterfeit products, this will cut into your profits.
The only way to fight against the huge market of counterfeits is to lower your prices. When people can afford to buy the original products, they don’t have many reasons to choose a fake version.