BY AURELIA MITCHELL DURANT Globalization has become a reality for the planet. The very loose and fluid definition of globalization is summed in an often-quoted quote by former Secretary-General of...
Originally posted 2014-09-24 11:00:38.
Diana Chan | amdlawgroup.com Fashion Week in all the major fashion capitals is an exclusive event where big name designers showcase their fashion line for the upcoming season. For up and coming designers, fashion week provides an opportunity to get recognized and to make their mark in the fashion world. But how much does it actually cost to get to that point? Is it worth launching your own line? The luxury fashion world is often viewed as a brutal business that is exclusive and requires hard work, connections…and money. Launching a fashion line can initially require at least $2 to 3 million which goes into hiring employees, leasing office space, traveling, public relations, and production. Because of the expensiveness of the industry, designers often hold other jobs to help compensate for the costs of designing their own fashion line. Other designers choose not to create their own fashion line but work for already successful, high-end brands. Other designers have the financial resources through family or have worked at least a decade before being able to launch their line. Launching a fashion line is a daunting task where hard work doesn’t always reap the benefits. While success in the fashion industry seems dreary, not every circumstance is the same and recognizing the hurdles and pitfalls may help better prepare any brand for what’s to come. Should you launch your own brand, here are three things to keep in mind:
- Have a plan. Although it might seem obvious, having a plan is essential in making sure you’ve weighed the costs and that you know what alternatives to initiate should something go wrong. Being prepared will prepare you for any surprises.
- Your brand is your identity. Your brand is the force behind the business and gives meaning to the product.
- Market your brand effectively. Social media definitely helps to speed up brand recognition and can certainly indicate the popularity of the brand, but followers does not mean loyal customers. Give followers a reason to be customers.