What does it take to start a fashion brand? I asked the same question myself a million times! I read books, blogs and stories. Before I started, I thought I knew it all but I was shocked to find the reality was completely different.
While there was quite a lot of useful information I gained from what I read especially on the technical side, I think the majority of sources missed key things especially for people who never worked in fashion before and I really wish if I had access to such information before.
I would sum up the lessons I learned based on my experience with Alina Romanov as an online business; most of it is more relevant for people starting up a luxury brand.
- For expensive goods, people tend to buy once they see what they are buying by themselves, till they feel it and try it on. Hence conversion rate is typically way below expected! This showed me the importance of working with multi-brands stores and fashion boutiques
- Most of what I read said marketing is a lot more important than PR at the very beginning of a brand! However, no matter how much you spend on marketing it still does not give people the trust to buy from you! Make sure you are being featured in good magazines and having regular presence in media this will give people the comfort and show them you actually exist in reality
- Building a brand from scratch is not an easy thing! A lot needs to be spent on marketing and PR at the initial stages. Just make sure you are targeting the right audience
- You will realize quite a lot of what you planned did not lead to the results you were hoping for! That’s completely fine; just make sure you update your business plan regularly based on what you learn!