Telfar Clemens, the fashion designer, is causing a stir in the fashion industry with his innovative pricing approach. Unlike most fashion brands that charge more for popular items, Clemens wants his customers to have a say in the price of his clothes.
To achieve this, the latest collection from his eponymous fashion label will feature a dynamic pricing tool on their website, ensuring that the most in-demand products sell at a lower price. The goal is to make his products more affordable and accessible to everyone.
Clemens has become one of the hottest names in fashion, and celebrities like Alexandra Ocasio-Cortez, Dua Lipa, and even Beyoncé are fans of his logo-embossed tote bags. Despite winning the CFDA/Vogue Fashion Fund in 2017 and showcasing his collections alongside Louis Vuitton and Givenchy at fashion weeks in Paris and Florence, Clemens has always been committed to affordability since launching his brand as a teenager in 2005.
He has previously partnered with brands that are perceived to be lowbrow, such as Kmart and White Castle. He even held an in-person shopping event at Rainbow, a store that specializes in selling trendy clothing at affordable prices in low-income neighborhoods. This pricing model is an extension of his ideology.
Clemens and his creative director, Babak Radboy, developed the pricing model while trying to figure out the prices for an upcoming collection. Radboy proposed a more reasonable and logical way to determine the cost of an item by assessing its popularity.
The label could then place more significant orders with the factory for future collections, negotiate a better price, and pass the savings to the customers. When customers visit the website, every item will be at the wholesale price, and the price will go up by a few dollars every second. If a product sells out in 10 seconds, that becomes its final price for future collections. The pricing model also helps to gather data about demand, such as how quickly products sell out and how much of each product to order in the future.
This model is the opposite of what we’ve come to expect from the fashion industry. Most brands start the season with their highest prices, then sell any extra inventory at a discount.Â
Telfar is starting with its lowest prices, which will rise over time. This dynamic pricing system will run on all new clothing drops through April 24.
This dynamic pricing model is a refreshing change from the traditional pricing approach taken by most fashion brands, which start the season with their highest prices and sell any remaining inventory at a discount. Telfar, on the other hand, starts with the lowest prices, which gradually rise over time. This pricing model will be in place for all new clothing releases until April 24.
Telfar Clemens’ revolutionary pricing model is a game-changer for the fashion industry. By allowing customers to have a say in the price of their clothes, he’s keeping affordability at the core of his brand. The pricing model is an experiment that will help Clemens and Radboy determine pricing for future collections while providing valuable data on demand. It’s a change that prioritizes the customer and makes popular items more accessible to everyone, regardless of their budget.
