fahion retail- susan millin
TRANSCRIPT
Susan Millin
Fashion Retail
Season-less and Consumer Driven
Susan MillinMCIPS
Susan Millin
Susan Millin
Susan Millin
Susan Millin
What I do now…
‘from brand vision to commercial excellence’
Susan Millin
Commercially Successful Brands
Brand values
Customers’ desires
Profitable execution
Susan Millin
Fashion - How it was…
• 2 ‘seasons’ - Catwalk driven
• Glossy monthly magazines
• ‘tell’ consumers
Susan Millin
Then what happened?
• Promotions and discounting
• Fast fashion
• Digital age – Democratic sharing
• Catwalk schedules changing
Susan Millin
3 ways to keep your customersand your business happy
Susan Millin
1 – Trans-seasonal product
• Not driven by ‘seasonal’ weather
• Buy now, wear now – with longevity
• Excitement in print, colour, shape, texture
• Effective design brief / brand feedback
Susan Millin
2 – Real customer focus drives full price sales
Susan Millin
The Discounting Drug
Undesirable product
Discount to clear
Sales lift
Product & experience
still poor
‘Why pay full price?’
Discount again to hit
budget
Susan Millin
‘Turnover is vanity, Profit is sanity’
Full 33% 50% 70%
Price off off off
Selling Price (inc 20% tax) £100.00 £67.00 £50.00 £30.00
Selling price ex tax £83.33 £55.83 £41.67 £25.00
Cost Price £24.00 £24.00 £24.00 £24.00
% Sales Margin 71% 57% 42% 4%
£ Margin per unit £59.33 £31.83 £17.67 £1.00
Sales units to make same £ margin 1.9 3.4 59.3
Susan Millin
Real customer focus drives full price sales
• How does your customer want to feel?
• Full price sales from emotional desires, not clothing needs
• Experience is ‘worth full price’
• Emotional connection = return visits
Susan Millin
3 - Rethink the Budgeting Process
• Like For Like growth? Profit first
• Opportunities to drive full price sales
• One brand – holistic multichannel targets
• Educate team re profit drivers
Susan Millin
In summary
• Understand customers’ desires
• Offer trans-seasonal product
• Service and experience ‘worth full price’
• Budgets based on profit drivers
Let’s discuss…..