Fashion Product Pricing
How Much Should I Charge For My Fashion Designs ?
Understanding how to price your fashion design products is probably the most important thing for any fashion startup or new designer in the UK to understand.
Many clothing startups have no understanding of pricing strategy. Some will price their designs too low, while others will price too high. The price needs to reflect the real value of the design, and the real cost.
You need to work out a pricing strategy that is appropriate to your brand. If you are just starting out this is unlikely to be at the luxury end unless you already have a name that will support a higher price level.
Competing with budget brands is very difficult for new brands, but entering in the high end category is realistic if you are producing low volumes.
How To Work Out My Fashion Product Pricing.
How you price your fashion product depends on two main factors : Your product cost, and your target market. While we all know that you can price your designs too high, it is also the case that you can price them too low.
Some of us learned about Giffen Goods in economics class at school. These were products that defied normal economics – Demand would rise as the price rises, and fall as the price falls.
If you are selling a luxury garment you need to price accordingly, but the product must still be perceived as value for money.
Your product price must take into consideration :-
- Fabrics
- Trims
- Labour
- Packaging
- Marketing
- Overheads
Online Video Course.
We have created an online video course for anyone interested in how to start a fashion brand in the UK. The course consists of eighteen chapters, including how to work out my product pricing. It is available to download to study from home in your own time. Just email for details.
This online video course was created by senior fashion business adviser, designer, and entrepreneur, Emile Vidal Carr. He has over twenty years experience in the fashion industry, running his own businesses and helping UK startups. He is also author of The Fashion Formula.
The online video course on how to start a fashion brand costs £200 – Or buy for less than half price using the discount code William – So, just £99 for all nineteen chapters.
Online And In Person Workshops.
We also offer a number of workshops for fashion startups. These are in the form of online workshops or face to face workshops in London.
EMAIL [email protected]