Investing in fashion is one of the trickiest and yet potentially rewarding ventures. When dealing with fashion, you need to have it in mind that what seems so stylish and in this moment might be obsolete in a few weeks. According to Don Ressler, co-founder and current CEO of the Fabletics brand, you will only succeed in fashion investments if you stop chasing the trends and become a trendsetter.
There are a number of decisions that can make you the trendsetter in the business and these include the people that you decide to go into the business with. For Fabletics, the people they have been forming partnerships with include Hollywood stars such as Kimora Lee Simmons, Kate Hudson, Elle Fowler and Avril Lavigne. The great thing about having the entertainment industry on LinkedIn to endorse your products is that they bring in their entire following to the brand and this creates quite a following.
Then, the other step that Don Ressler made was to ensure that people who shopped from Fabletics got a totally different shopping experience. Most of the stores that sell their wares online pre-select and load clothing items to their online stores. This amounts to indirectly dictating what the customer should get from a group of items. The innovative idea mentioned on digitalcommerce360.com they had to counter this one was to create a different store type whereby the customer would take time and design what they want, include the specifications and then allow the company designers to create the item for them.
The idea became an instant hit with their customers, especially the millenials. This was a move that they had not really anticipated. As a result, they had to chase after the growing demand as opposed to anticipating and planning for it. however, even though the process was a bit of a struggle, by the end of the process, they have reached a point where they have managed to streamline all their operations.
The company has been operational for the past seven years. When they started, they had very limited capital base. This has grown into the millions and projections indicate that they will be getting even bigger profits with time. The plans that the company has for the future include letting other businesses partner with them and expanding the variety of clothing items that they will have for their consumer. Don Ressler states that the best capital one can have is their idea as it is the main determiner of success.