The retail landscape has changed drastically over the last decade or two. Margins are being squeezed through increased costs and it can seem as though profits are elusive. However, private label could be an answer to your profit nightmares.
A number of ways exist where clothing retailers can increase their turnover. Many of the leading retail minds have covered these topics in length over the years. If you do a Google search for ‘how to increase turnover’ you receive almost 100 million results which cover the four ways to increase your turnover:
- Increase the number of customers
- Raise the average basket size
- Increase the frequency of orders per customer
- Raise prices
There are many good articles in the results (and some dubious ones) about increasing your turnover and therefore your profit, so I’m not going to teach you how to ‘suck eggs’. However what if you are having difficulty in increasing your turnover and so you need to increase your profit instead?
Of course, the usual ideas of reducing stationary bills (remember Duncan Bannatyne and the paperclip saga), negotiating better delivery and packaging rates along with looking at your heating costs should be considered. All of which can increase your profit margins and are covered copiously in other articles.
There is, however, another way to increase your profit margins Why not copy the method all the leading supermarkets, clothing stores and huge conglomerates use?
Just as the retail landscape has seen drastic changes over recent years private label and own label products have been going through their own transformation.
Walk round any supermarket and you will see an abundant supply of own label produce; in some instances you wouldn’t even be aware the item was own label.
Clothing is no different, some shops have only ever stocked their own brands (think M&S or Next) but even shops that have traditionally stocked branded goods are now creating their own label. Just like the supermarkets, you may not even realise the clothing is own label, as they create a whole new identity.
Benefits of Own Label Hosiery
If you are a retailer, creating your own range can seem a little pointless (after all you are a retailer, not a manufacturer). Using your own brand for your ranges can, however, be the differentiating factor between you and your competitors. It shows faith in your brand and makes an easy add on sale to complete an outfit. You have done the hard work of creating and maintaining your marketing identity and now it is time for that identity to work for you.
When you elect for your own branded line or range you effectively take on complete pricing control of the products. If you want to sell them for twice as much or half as much as they are worth there is no one to stop you.
More importantly there is no one to compete with. No one can drive your prices down by price matching you as you have complete control over the product. Only you have access to your products so competitors cannot sell them as well.
Higher Profit Margin
Buying private label is usually cheaper than buying wholesale! If you decide to have your own label created and sell the items at the non-private label rrp your margins increase. It is as simple as that!
Will customers actually buy my own brand?
The simple answer is yes! Own brands have increased hugely in popularity in recent years thanks to the prominence supermarkets give to them. Customers now feel comfortable buying an own label brand when they visit fashion boutiques and online stores. It is not uncommon for customers to be surprised that a shop does not have its own private label collection.
Costs Of Private Label Hosiery
Do you want your own brand of hosiery, but feel the cost may be too high?
You will be amazed at the low entry point of having your own label hosiery brand. Minimum quantities of standard styles are only 60 pairs per size and colour. If you decide to have a design printed exclusively for you, the minimum only rises to 130 pairs.
How Can Pamela Mann Help?
Did you know Pamela Mann supplies many shops (big and small) with their own, private label hosiery?
Pamela Mann is a leading manufacturer and is able to supply a wide range of businesses with their own label and custom designed hosiery ranges. These cover large multinational companies, pure play online retailers and independent boutiques, who all benefit from utilising their brand name across their hosiery.
Many of our contract customers simply want the standard colours, sizes and styles in their own branded packaging. There is, however, a growing trend towards producing something a little more bespoke. These can be a completely different design or a slight change on the original. Larger clients are regularly asking Pamela Mann to create an entire range of hosiery that is completely unique to them.
Pamela Mann have a huge range of printed tights, but you could have your own unique design created. Recently we have created printed tights for tourist areas, events and simply with designs created by our clients.
Regardless of your business size you will benefit from our outstanding customer service. Pamela Mann has many years of experience designing, manufacturing, and distributing bespoke hosiery. Our in-depth knowledge ensures a smooth experience for you, with our expert team guiding you through the process every step of the way.
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