Fashion Model Industry Data

Replies to This Discussion

Permalink Reply by Fashion Business Designer™ on July 4, 2011 at 12:32pm

Hi, James!

 

Statistics about which country you'd like to know?

 

Rod

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Permalink Reply by Vass on July 12, 2011 at 7:12pm

Hi James,

 

I am in the same boat as you - I am trying to compile research and am having trouble finding statistics (although I am looking for the women's footwear industry..)  I unfortunately can't be much help to you right now, but since it has been a few months since your post I figured I would ask if you have uncovered any good sources?  

 

Would love to hear about anything you have discovered about finding credible research!

 

Thanks!

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Permalink Reply by Fashion Business Designer™ on July 13, 2011 at 6:44am

Hi, Vass!

 

For which country you'd like to have statistics? Are you looking for consumer and market research?

 

Rod

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Permalink Reply by Vass on July 13, 2011 at 11:27am

Rod,

 

Yes I am looking for consumer and market research, primarily the US. I am planning to sell wholesale to boutiques in the US, but also plan to sell online so we will be reaching markets overseas as well.  Thank you for your response, would love to hear your suggestions!

 

Vass

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Permalink Reply by Fashion Business Designer™ on July 13, 2011 at 12:34pm

Hi, Vass!

 

Some public libraries in the US can offer you free access to their electronic resources where you can find loads of information (they pay market research companies annual fees to access their private reports). Visit your nearest one that specialises in helping businesses and tell them you are doing research for your start up to get free access. You can also try in the fashion schools libraries where they may have research support for their business-oriented students.

This is a useful guide for US market research in the clothing and footwear sector:

https://www.library.ohiou.edu/subjects/bizwiki/index.php/Apparel_an...

If you were interested in selling to the UK market let me know.

 

Now that you are starting your fashion business I'd strongly suggest you to choose between B2B (selling to businesses, "wholesale") or B2C (selling to online consumers, "e-tail") so you can just focus all your attention, efforts, time, money, synergies in one decision. Each path it's very different in nature and has it's own pros and cons. Evaluate each one in relation with your goals, capabilities and resources. Perhaps you can start focusing on B2B, whilst having a brand-building site (for consumers)and then in the future make it transactional.

 

Rod

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Permalink Reply by James Eaves on July 13, 2011 at 8:30pm

Hi Vass and Rod,

Sorry, I haven't been checking this email - connected with this group - often enough.  I have found some stats related to the change in the number of models and designers over the last 10 years. Id be happy to share that with you, but it doesnt seem like that is what you are looking for.  

 

If you find a database at a university that could help you and you can't get access to it, you can let me know - perhaps I could access it at our university's library.  Rod,if you have any data related to the modeling industry (e.g., how much businesses spend on models) that would be fantastic. It's very hard data to find, since most of them are independent contractors.

 

Good luck to you both!

James

 

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Permalink Reply by Vass on July 14, 2011 at 9:58am

James,

 

Thank you for your response!  I am having trouble accessing University Databases.  I actually called FIT to ask how to access thier resources, and they told me I would physically have to be here.  I am currently residing in the virgin islands and our library is horrible!  Is there any way you can access market research for the women's casual footwear industry?  When writing a business plan, I suppose I need the past 5 year trends, and then make my forecasts based on those trends.  Let me know if there is any way you can access this information, or any other suggestions you may have! I would REALLY appreciate it!!

 

Thanks,

Vass

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Permalink Reply by James Eaves on July 14, 2011 at 10:13am

Hi Vass,

 

It's no problem. Im not sure if they have that information or not, but I will write the library and ask them. If they do, I will gladly get you access to it. 

 

If you are building these forecasts for an investor, they aren't going to care much about the forecasts.  When they look at your financial model, they are looking for evidence that you understand the industry (are your margins, cost of customer acquisition, uses of capital...realistic given the industry your targeting).  So what you want to do is make sure your pro forma financial statements (or the ratios built into them-like margins) are consistent with comparable companies in your industry. 

 

I'll get back to you within a couple of days.

James

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Permalink Reply by Fashion Business Designer™ on July 14, 2011 at 12:32pm

True! Investors or potential business partner would look at those points among others.

And remember: Business planning is more useful to you than for any investor! Failing to plan is planning to fail!

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Permalink Reply by Fashion Business Designer™ on July 14, 2011 at 12:18pm

Hi Vass!



Hold on your horses for a little bit! :)

Researching and analysing a huge sector like footwear it's not an easy task! It's not only about getting yourself market knowledgeable (market size and trends, competitors, suppliers, channels of distribution, product substitutes) but also learning about your potential consumers (segments, trends, lifestyles, attitudes, behaviours, motivations, opinions, demographic and socioeconomic characteristics, not to mention demand analysis to set realistic objectives as you never project your sales based on forecasts!), and knowing about what surrounds and affects your business: politic, economic, social, and technological analysis should also be done! And there's not a single source to get all this: You have business and government sources, trade journals and magazines, business case studies, staff, executives and directors' opinions, private marketing research firms reports, and electronic resources and databases to name a few. And if you are planning to do online retail WHOA There's even more to know!!! :O As you can see it's not difficult to get lost with the vast amounts of information that are already published! And by the way, this research is just the starting point of the marketing research process! Other type of marketing research follows to confirm your findings about consumer insights or market opportunities. And then you could go back again to the first step: it's an iterative process. 

So I'd suggest you to follow an structured approach to get to the point of what really matters to your start up business. Remember that the goal of market research is to provide you with the facts and directions you need to make better business decisions. Ask yourself the following questions:

* What is the purpose of the research? It it to launch a new product? Or is it to reach a new market? Or is it for an investor, business partner or just for your own/team use? What's the market opportunity? Do you have alternatives? What kind of information you need NOW to make your first business decisions? The decision problem must be translated into a market research problem so you'll know which information is needed and how and where this data can be obtained. 
* What is the objective of the market research? Ensure true decision problems are addressed. For instance, if you were facing the following problem: whether to sale overseas, research problem may be to "assess whether overseas market would accept the new product". The objective of the research should be clearly defined.


Rod

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Permalink Reply by James Eaves on July 18, 2011 at 10:09am

Hi Vass,

I heard back from our library. We do have a Bloomberg Terminal. It provides data on publicly traded company.  But there is the same problem as FIT - you cant access it over the internet (you need to be here).  However, if there is some data from public companies that could help you, send me a list of companies and i will see if I can get a student to get their financials for you. It might be a little while, since everyone is on vacation.  Let me know. James

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Permalink Reply by Fashion Business Designer™ on July 14, 2011 at 1:04pm

Hi James!

 

Yes, it's not easy to find that information because it would take 1000 peeps and 100 years to aggregate it as the way you want it, and because of the nature of the relationships between models and related sectors: creative (photography studios, creative directors, producers, stylists, casting directors, etc), media (magazines, newspapers, tv, online), retail and marketing (PR, model agencies, events organisers, advertisers)!!!  :/

So you certainly will have to estimate it using your own methods or with conversion (waterfall) models using some awesome reverse engineering! ;D

 

Rod

 

 

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