24 Nov Expert Industry Advice: Sourcing and Supply Base Strategy
It’s never easy to set up your own brand or manage a business, it takes a lot of courage, a little bit of good fortune but there always needs to be a robust plan in place.
Jackie Bertram Deputy CEO at Fashion-Enter Ltd held an online masterclass on Wednesday 23rd November on the topic of ‘Sourcing and Supply Base Strategies’. Jackie has worked for some of the biggest UK retailers across merchandising, sourcing and strategy.
The masterclass started with an overview of retail climate today and explained how those that are doing well are connecting with the customer; whether that be with product, price, values or experience. Being able to source product well and being nimble to support brand growth.
Jackie then explained how a sourcing strategy links to a total business plan, and how it ensures that your brand has direction and allows you to evaluate performance.
The sourcing strategy section then explained some of the key elements to consider when sourcing product from UK or abroad; some of them included; country of origin, supply chains, fabric sourcing, ethics, quality and price.
She then continued on to new technologies and manufacturing processes that are revolutionising sourcing and supporting brands to reduce waste and provide personalised product on demand.
The masterclass was full of tips and examples based on Jackie’s experience and it was summarised with the following advice:
- Continue to review your strategic direction – evaluate it
- Reprioritise or realign strategy based on learnings
- Stay close to market intel and customer trends
- Make ESG part of your plan
- Build supplier partnerships with those that hold the same values as your brand
One of the additional areas that Jackie discussed was the different types of jobs that are available within the sourcing and supply side of the fashion industry. Too often many people want to become a designer and own their own brand without realising how expensive and unaffordable brand creations and collections are.
The presentation reviewed a host of additional jobs including merchandiser and the different levels of market entry for people from junior to assistant, senior to manager; fabric buying and sourcing, trims and components buyer. Also at different entry levels, the new legislation on End Producer Responsibility was discussed and how new jobs for the industry will be created in ethical compliance and sustainability, and finally IT and how that interfaces within factories, suppliers and auditors.
The session rounded off by opening up to attendees with their own business related questions.
Feedback included:
“Epic class.”
“So interesting, thanks Fashion-Enter.”
“Really informative and easy to understand.”
“Thank-you so much, really appreciated.”
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