Kathleen Fasanella, the production person over at Fashion Incubator, visited my blog here and invited me to read their blog - which I did... I am impressed with the valuable content and information that the three bloggers provide! (I know I've come across this blog before? Looks very familiar..)
Anyways, there's a post called Financing fashion:10 Mistakes Designers Make, which I think is a highly recommended read. Kathleen interviews Gary Wassner, president of Hilldun Factors. Gary shares his wisdom, which I've recapped here:
1. Don't believe your own press
While making the pages of Women's Wear Daily or Vogue is a feather in anyone's cap, it's not a million dollar deal.
2. Spend now, worry about it later
Designers get caught up in the whirl of PR and putting on fashion shows and waste a lot of money thinking they can pay the bills later.
3. Wanting to be in certain stores
Gary says it's a mistake to think that increased volume will cover the shortfall of underpricing.
4. Shipping on time
You can't ship one season late; that will be your downfall. Credibility is everything.
5. Production
You can't job this out, not if your name is on it.
6. Credit worthy stores
Designers make the mistake of assuming a prestigious beautiful store is a good credit risk, bypassing mainstay stores.
7. Don't speculate
Do not -do not- over produce. Do not cut extra goods with the potential of reorders in mind.
8. Never sell on consignment
Consignment amounts to lending; why would you lend your customers money?
9. Hands on all aspects
Don't rely on consultants. Gary says many designers will often job out production oversight to consultants and production managers but you can't rely on them or abdicate your responsibility.
10. Don't allow one store to dominate your sales
Above all, avoid concentration. If one account dominates, you can be hit hard if they drop your line.
Read more of the post here...and make sure to subscribe to their blog!
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