Fashion merchandising is where fashion and business meet. Fashion merchandising involves marketing fashions to various retail stores, boutiques and wholesalers. The mission of a fashion merchandiser includes connecting different fashions….
Shade Kennel & Partisanship Katharine Fashion Management Final assignment- Business plan and Management process Lecturer- Squamish Gandhi Submission date: 30th November 2013 Executive Summary This report is a study of management process for a retailing company – Bluishness – that was launched in February 2010. The 1,750 sq. Feet store is located in Juju, Iambi, India where it caters to kids wear between the ages of 2-10. With the concept of fast fashion and short lead times, the company also provides an exclusive Personal Shopping service that is new to the market and is the future of retail.
Few techniques utilized in this business plan included – Market Research, SOOT analysis, PEST analysis, Product Positioning charts and various financial tools. The report begins with a brief background of the brand as of to how it started, the company ownership, the goals and missions of the company. A detailed description of the company’s product lines and services has been mentioned that includes in-house licensed bags, shoes and accessories. The services include memberships and gift cards and the USPS of the brand will be the Personal Shopping Services that will be available in person as well as online.
Due to the high level of competition in the market the pricing of the products are fairly put with an average price of INNER 1,500. Also, the store is located on Juju Tara Road as there are no major fashion retailers for a distance of 4. 8 SMS from Shopper’ Stop Ltd. Uh) to Ever Mood (Sanctuary). Prior to the launch of the brand – there will be certain abstract ads that will not entirely give information about the brand but will be a key in creating curiosity among public. This research however focused primarily on the Indian market (Iambi).
Statistics ay not be entirely accurate due to the limited sample size in the primary research and second-hand information. Table of Content To give a start to the work process it was important to sketch clothing line. Careful attention was paid at the way children dress and get a feel for the trends, then sit down and do a full color sketch of each piece of clothing that was needed to be includes in the line. And once the designing part was done it was decided to approach a fashion unit where these designed collections could be stitched and viewed practically.
One of the most common downfalls of small retailers is that they tie up so much cash in inventory and overheads in the beginning. In order to use small amount of capital a decision was made to, concentrate on getting select quality merchandise. As our business grows and our customers increase, we can then afford to increase our inventory. We avoided buying expensive fixtures at the start, as customers will come to our store because of our merchandise, not so much the ambiance of our store.
Before opening the doors of our shop for business, we tried to learn as much about he demographic of our area as possible. Whether we will be leasing a space at the mall or opening a small boutique, knowing the population characteristics of our area – their income, age, population brackets – can assist in our decision making process. If our area is composed of high-income population, we wanted to purchase brand names and pricier merchandise. It was rightly decided to study the thinking power capabilities and needs of mothers for their kids.
If the area is a retirement community, we wanted to look for a new location for our kids clothing store. The success of our clothing store will in large part depend on the right product mix. This depends on our store concept, finances, space, and the expected turnover rate. We made sure to select our merchandise carefully to meet our market’s needs, and keep up with fashion trends by attending trade shows. At the start of our business, it may be smart strategy to buy specific items from within several product lines.
By offering a wider selection, we could protect ourselves in case a line does not sell as expected. It was made sure that all the merchandise delivered to us by our suppliers is inspected thoroughly and is of acceptable quality.Because of our appeal to a relatively select group of people, chances were we wouldn’t have hundreds of customers in the shop at any one time. We made an effort to know our customers by name, and even call big spenders when we get in a shipment with merchandise Just right for them. Our advantage over the larger stores is the extra attention we can lavish our customers.