Why fOreCAsT fAshION?
Like any business that caters to consumers’ ever-changing tastes, the fash- ion business can be complex and full of uncertainties, dependent on the whims of the consumer. For fashion entrepreneurs, reliable trend direc- tion can lead to early business successes. Understanding, knowing, and predicting the needs and desires of consumers help the designers, retail- ers, and manufacturers make well-informed decisions.
By knowing and understanding the consumer, fashion firms can deliver the right product or service into the market at the right time, the right place, in the right quantities priced for the right customer. For business success, all five elements (product, time, place, quantities, and customer) must come together. When a new look is first spotted by a forecaster, the look is often accepted by early trend followers prior to mass market acceptance. If a manufacturer whose clients are mass marketers ships the products too soon, the consumers may not be ready for the new look and will not buy the products. If the mass market consumer only had more time to become familiarized with the new look, they may be more eager to purchase. Or if the retailer purchases too small of a quantity of a look and does not have enough merchandise to sell to the consumer, sales will be lost and the retailer will not be maximizing their sales opportunities. On the other hand, if a retailer purchases too much quantity and the market is oversaturated in the look, the retailer will end up with unwanted merchandise and loss of revenue.
David Wolfe—Creative director, Doneger Creative services: money empire—Change from Creative to financial The new industry of fashion is one of building a money empire. The business direction of fashion is the modern direction; therefore, accurate forecasting relies on retail ties to inform about financial matters. heads of big business and financial investors are now interested in forecasting, since many of their portfolios contain companies from the apparel sector. my clients from the past were usually the creative ones: designers, illustrators, and apparel manufacturers. but now the clients are from the business sector: merchandisers, retailers, and the money people.
Michael Kors - Michael Kors inspired by London fashion by Bang Showbiz |…