Coterie is a fashion trade show where major fashion retailers go to purchase items on sale. Retail buyers representing names like Bloomingdale’s, Macy’s, and Amazon are all in attendance looking for a great deal.
Startup fashion brands also attend Coterie in hopes of the same thing. Le Tote, based in San Francisco, offers its members the opportunity to borrow outfits for a small monthly fee. They don’t limit the amount of looks that the members can rent, which means they need to keep a lot of clothes in stock.
In order to keep Le Tote.com in business, its co-founder utilizes some of his investment banking skills. He compares marketing sales reports to the latest and greatest fashion releases. Ultimately his goal is to deliver the things his members are interested in.
This rule applies to businesses in any industry. Give your target audience what they need and they’ll keep coming back to you in search of it. It’ll take a lot of money to keep that amount of merchandise in stock, but, if Le Tote has a solid budget, it’s very possible to keep that up. Click here to subscribe to the Professor Savings YouTube Channel. You don’t have to be an investment banker in order to learn how to appreciate the value of a dollar.