TheIndustry.fashion X Nextail: fashion leaders discuss driving more sales with less inventory
Understanding where and when product is most needed is fundamental to driving sales and profit, particularly in a market that is so volatile and challenging.
Consumer sentiment and intent can be difficult to predict, particularly when the Government schedules a Budget on the eve of the most important shopping event of the year, Back Friday.
It was against this backdrop that TheIndustry.fashion – in partnership with merchandise execution platform Nextail – staged a high level breakfast with leaders from some of fashion's biggest names last week, from luxury brands to high street giants. The event took place at Michelin Starred restaurant Hide Mayfair.
H&M Group Finance Director Galina Safina and LK Bennett Finance Director Musriq Anjum
Everyone present was participating in Black Friday, with approaches varying from selective and agile offers to across-the-board mass discounting, with much debate about which was the most effective approach. The promotional extravaganza is ongoing and for many the discounts will remain in place until after Christmas. How successful Black Friday has been, amid such unusual conditions in the UK remains to be seen.
Belstaff Head of Merchandising Jon Stewart
But what is clear is that retailers felt they did need more support when it comes to optimising stock availability. For retailers with stock in DCs, owned physical retail stores, partner stores and marketplaces, this can be a huge challenge. There's a need for greater agility to react quickly to market changes throughout the season (and these can be positive changes, such as feeding a new channel or market that has taken off) and a need to deal effectively with unsold stock and returns. Making the most out of the product you already have, rather than relying on pushing new to drive sales, is a key aim.
Nextail CEO Carlos Miragall
Nextail CEO Carlos Miragall was able to share insights on how some of the world's biggest names in fashion approach the issue, while those present were all in agreement that AI-enabled tools could help them unlock the value in their stock. And in turn drive growth and profit.
To enable a free and transparent debate, the discussion was held on an off-the-record basis with the mix of heads of merchandise and finance all sharing valuable insights, challenges and advice.
Along with representatives from Nextail and TheIndustry.fashion guests present included: Belstaff, Head of Merchandising, Jon Stewart; H&M Group Finance Director, Galina Safina; John Lewis, Merchandising Director, Anna Milne; LK Bennett, Finance Director, Musriq Anjum; Nobody's Child, Digital and E-commerce Director, Kate Murray; Phase Eight, Head of Merchandising, Jennie Clarke; River Island, Head of Branch Merchandising & Transformation, Claire Gavin; Future Today Retail Consultancy, Managing Director, Simon Calvert; and Positive Solutions, Director, Asma Mansuri.
To find out more about the Nextail platform and how it could help transform your in-season merchandising processes, visit the Nextail website.
If you would like to stage a breakfast Fashion Leaders event in partnership with TheIndustry.fashion, please email [email protected].
