Sourcing Summit: Simpler, Timely Drops are Key to Fashion’s Future, Experts Say

Financing Fashion and Consumer Products Since 1958

Sourcing Summit: Simpler, Timely Drops are Key to Fashion’s Future, Experts Say

October 26th, 2020 by

https://sourcingjournal.com/topics/retail/sourcing-summit-seasonless-collections-digital-sampling-buy-now-wear-now-238418/

Sourcing Summit: Simpler, Timely Drops are Key to Fashion’s Future, Experts Say

 

Missed Sourcing Journal’s Virtual Sourcing Summit? It’s not too late to view all keynotes and panels from the two days. Watch on demand now.

The days of seeing winter coats in stores in July might be over.

When the Covid-19 pandemic hit, the fashion industry was essentially forced to skip a season as a result of closed stores and paused production. Until then, the concept of “buy now, wear now”—offering timely styles rather than delivering a season ahead—was little more than a conversation that would ensue among fashion experts when discussing dreams for the future.

But now, some of those same experts see it as the only way to move forward. During the R/Evolution Sourcing Journal Summit on Thursday, Gary Wassner, CEO of Hilldun Corporation, described it as one of the positives to emerge from the pandemic—and that it could reset the industry to better align with supply chain and consumer needs.

“Frankly, seasons don’t make sense,” he said. “It’s a global industry, and it’s a different season everywhere you look.”

Climate change is another factor, he added, as it’s affecting how long seasons last.

Experts agreed that smaller, more frequent drops would solve a number of problems across the supply chain. Margaret Kutt, senior director of product development for Newtimes Group, noted that factories are currently struggling to ship their goods.

“Right now, everybody ships at the same time—logistics, shipping lanes, cargo, factories are all jammed—everyone is trying to get their goods out,” she said.

As a result, this is driving a willingness among factories to take smaller orders. For example, rather than a typical 10,000- or 20,000-piece order, they’re willing to accept a small batch of 2,000.

This opens doors for smaller brands that have struggled to meet the high minimums set by factories. Likewise, these same brands are benefitting from the industry’s shift to a digital sampling process.

Experts noted that the process of creating one sample using traditional methods can cost around $1,000 to $2,000 apiece. According to Wassner, these costs can wreak havoc on a small brand that lacks the funds and workforce required to produce numerous physical samples—and it’s in a store’s best interest to protect these smaller outfits.

“Just think about what that does to a small business; to a brand that does a couple of million dollars a year in sales,” he said. “And we have hundreds of those brands who make up the really cool sections of all of our department stores. So, they’re necessary—but [simpler processes] need to be put into place and they need to be adhered to.”

All the session’s from this year’s Sourcing Journal Summit, R/Evolution, are available on-demand for the first time. Follow this link for more information.

Liberty Fairs Presents: Fashion Forward- Building a Successful Omnichannel Fashion Brand

September 25th, 2020 by

Liberty Fairs sat down with Hilldun’s Josh Kapelman and Tim Moore as well as Syama Meager of Scaling Retail, to learn more about how fashion and consumer products brands and retailers should be looking at omni-channel and building their companies.

Hilldun Presents- State of Fashion in the New Normal

August 20th, 2020 by

Today, Hilldun’s Josh Kapelman and Tim Moore had the opportunity to sit down with Colleen Sherin, President of Coterie, Danielle Licata, Owner of Curio Retail and Showroom, and Stacy Smallwood, Owner of Hampden Clolthing, to learn about how the fashion industry is adapting to virtual selling and what brands can do to be discovered. Feel free to watch the video and reach out to us with any questions!

Liberty Fairs Presents: Fashion Forward- Financing Recovery and Growth

July 31st, 2020 by

Liberty Fairs sat down with Josh Kapelman and Tim Moore to learn more about how fashion and consumer products brands and retailers could be financing their businesses. They discussed factoring, credit insurance, investment and shared some success storeis.

LF&LF – Fashion Forward The Next Steps for Success

July 6th, 2020 by

Last week, Liberty Fairs and Hilldun came together to talk about how fashion brands are adapting to the new normal. Watch Hilldun’s CEO, Gary Wassner chat with Liberty Fairs Co-Founder Sharifa Murdock.