The luxury fashion market is a highly profitable business to get into when you know what you are doing. If you love fashion and want to launch a business in the market, or want to get your brand trending, here is what you need to know when entering the luxury fashion market.
When walking down your high street, it is easy to see the difference between a consumer who has chosen a high street label, such as H&M, as opposed to those who have shopped in Gucci or Dolce & Gabbana. Immediately, the packaging screams luxury and consumers are proud to carry it. Packaging is a clever way to promote your business and get your brand seen.
Make sure that you choose a packaging provider that has the experience to craft unique packaging for your brand. For example, Maxipos is one of the leading luxury packaging providers, working with brands such as Elemis and Loreal. With Maxipos, you can create custom and bespoke packaging that promotes and represents your brand. Using luxury packaging is a key tactic when creating a luxury fashion label, so it is best not to skimp on this.
You Need A Physical Store
When creating a luxury fashion store, online should not be your first option. When you think luxury, it is not just about the look and quality of the clothing itself, but the whole aesthetic of the store. From the window displays to the attentive staff, there is much more to luxury fashion than the fashion itself. To create an online luxury store that works, you first need to have a market and build trust with your clients.
When choosing your location, make sure it is in a prime position that fits the luxury market, as this could be the difference between your store becoming profitable or not. Think about foot traffic, budget, and space when searching for the perfect place for your luxury fashion store.
How To Price Items
When pricing your luxury fashion items, there is a lot to consider. Firstly, you need to scope out the competition. Your prices need to stay competitive, whilst not being overly expensive. Although you want to make a profit, if you are charging more than some of the most popular luxury fashion labels, you better have a good reason, or your items just won’t sell.
When pricing your luxury fashion items, take into consideration things like material, time, and rarity. If there are only a few pieces available, this could bring the price up as people love to shop for one-of-a-kind items.
Creating A Luxury Customer Journey
As stated earlier, the luxury fashion is not just about the label. Your store should create a memorable customer journey from start to finish. This means hiring the right staff, keeping up appearances, and offering something that a usual store does not. Some luxury stores have extras such as personal shopping experiences or champagne at the door.
When entering the luxury fashion market, there is much more to know than how to create luxury fashion and sell it. Your store should promote a luxurious journey for the customer, with pricing and packaging being vital.