Isabelle Guichot, Managing Director of SMCP Group, offered seven key lessons to professionals on how to manage a fashion company in times of uncertainty at the 2023 IFM Fashion Reboot event. These tips were collected by Florence Julienne in a December article published on FashionUnited , which we found interesting, so we are sharing them with you. Let’s see!
- Transforming the structure of collections, simplifying sales, protecting margins
To minimize financial risks, Guichot recommends reducing the number of collections, increasing the number of permanent and updated products, and introducing new products to refresh the season. To protect margins in an inflationary environment, he advises optimizing transportation, energy and raw material costs, and adjusting prices by geographic zone.
In addition, it is essential that the right product is produced in the right place, at the right time and in the right quantity.
- Communicate boldly, with commitment and regularly!
Let your communication reflect creativity and authenticity, focusing on your brand values! Don't hesitate to surprise your audience with unexpected campaigns, concepts and collaborations!
- Be locally relevant, adapt to the market conditions of your environment, while also preserving your brand identity!
Guichot sees geographic diversity as an opportunity, and encourages others to do the same! This means that it is essential to adapt to different market needs, which can be easily exploited to gain an advantage. That is why always strive to remain locally relevant (e.g. with exclusive products, capsule collections) in addition to your online presence!
- Strengthening brand loyalty
Reach your customers in as many ways and platforms as possible, from offline stores to online stores: think of it like pieces of a puzzle!
- Enhance the customer experience!
Sell with passion, optimize store operations! In the post-COVID space, the attitude towards work has changed greatly, and in response, the SMCP director recommends making working conditions more flexible and keeping staff motivated, which can be achieved most effectively through promotion opportunities and salary increases.
As for the consumer side: it is worth providing as many services as possible to the customer, paying particular attention to making the processes as flexible and time-saving as possible - primarily for the customer.
- Integrating ecological responsibility into the business model
What does this mean exactly? Let's create increasingly responsible, high-quality and traceable products! According to Guichot, CSR (Corporate Social Responsibility) is closely related to growth.
- Finally: there is no business without modern tools!
It is always important to pay special attention to the latest technologies in order to accelerate development: you should always invest in this, especially to make the relationship with customers even more personal! Guichot concluded by saying that nowadays there is no longer a priority in terms of investments: "everything has to be coordinated"!