Launching a luxury brand involves more than just understanding customer needs; it requires a strategic approach to inventory and stock management. Key considerations include evaluating product range, service models, and market demand. Entrepreneurs must carefully plan how to manage stock levels to avoid surplus, focus on sustainable revenue through various pricing strategies, and understand distribution channels. A detailed checklist for inventory management is essential, covering aspects like revenue breakdown by product/service type, overhead costs, and markdown strategies to ensure growth and brand protection amid market fluctuations.
Caution and brand protection suggest privileging continuity over a lucky seasonal earning.
Understanding your customer should be at the top of your to-do list before establishing your stock strategy.
It's crucial to assess your inventory needs based on customer demand and market trends to avoid surplus stock.
Your stock strategy must account for your service model, structure of your collection, and distribution channels.
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