Advice for a luxury goods start-up

[WoodyStylee]

Hey guys,

So i've been tossing the idea around for about a year of starting a high-end bag/luggage company (not purses), and I've finally got to the point where I feel comfortable moving forward with the idea. I have a pretty clear vision of what my product will look like, but will definitely need to collab. with a designer to fine-tune my vision.

Just wondering if anyone has gone through a similar process of a fashion start-up. Do's and Dont's would be great. Also, any advice on locating investors, since capital will be necessary in having samples made, and other start-up costs.

Thanks in advance,

Ryan
[email protected]

 

[Cavalier]

Originally Posted by WoodyStylee

Hey guys, So i've been tossing the idea around for about a year of starting a high-end bag/luggage company (not purses), and I've finally got to the point where I feel comfortable moving forward with the idea. I have a pretty clear vision of what my product will look like, but will definitely need to collab. with a designer to fine-tune my vision. Just wondering if anyone has gone through a similar process of a fashion start-up. Do's and Dont's would be great. Also, any advice on locating investors, since capital will be necessary in having samples made, and other start-up costs. Thanks in advance, Ryan [email protected]
Spend plenty of time thinking about a business plan before putting it to paper. How much start up capital is needed? The amount needed makes a big difference in how/whom you will be pitching the concept.

 

[globetrotter]

OP, aren't you a yatch broker?

I would think that if things were going well in the luxuray world right now, you wouldn't be looking to moonlight, right?


maybe wait a few years, or find a business idea that isn't in luxury? all my friends who are in luxury are suffuring, all my friends in medical devices are doing well.

 

[Cavalier]

Originally Posted by globetrotter

OP, aren't you a yatch broker? I would think that if things were going well in the luxuray world right now, you wouldn't be looking to moonlight, right? maybe wait a few years, or find a business idea that isn't in luxury? all my friends who are in luxury are suffuring, all my friends in medical devices are doing well.
It's a bad time for LVMH, but look at the purchasing power of this forum alone. Small start ups like MJK do very well because they focus on creating a quality product. Just because luxury is down whatever % since middle-class suburbanites aren't buying junk at Saks doesn't mean there is no opportunity.

 

[WoodyStylee]

Originally Posted by globetrotter

OP, aren't you a yatch broker?

I would think that if things were going well in the luxuray world right now, you wouldn't be looking to moonlight, right?


maybe wait a few years, or find a business idea that isn't in luxury? all my friends who are in luxury are suffuring, all my friends in medical devices are doing well.

Yes, I'm a broker. Our business is down, but staying afloat. I'm not exactly looking to 'moonlight', I love my job, and i want to continue what i do. However, this is something i have a passion for, and the flexibiliy of my job allows me to try an additional venture. The concept of the bags will attract a demographic of boaters, so this will actually be a benefit.

I figure that by the time my product is actually in its finished stage and ready to ship, the economy will be back on the upswing. I'm assuming it will take AT LEAST a year or two (right?).

 

[globetrotter]

Originally Posted by WoodyStylee

Yes, I'm a broker. Our business is down, but staying afloat. I'm not exactly looking to 'moonlight', I love my job, and i want to continue what i do. However, this is something i have a passion for, and the flexibiliy of my job allows me to try an additional venture. The concept of the bags will attract a demographic of boaters, so this will actually be a benefit.

I figure that by the time my product is actually in its finished stage and ready to ship, the economy will be back on the upswing. I'm assuming it will take AT LEAST a year or two (right?).

good luck

 

[Douglas]

Try PMing forum member Eric Glennie. He is working on his own fashion line. As I understand it, he has been largely foiled in the building of his empire by copycats, but it might be worth it to rap with another creative mind.

 

[JohnGalt]

As part of your business plan make sure you have well thought out your potential distribution network and the costs associated with that. for example, if you plan on working with nationwide chains there are a number of cost considerations that people often don't have the slightest idea about (vendor chargebacks, returns procedures, merchandising/buying processes, advertising requirements, etc).

If I keep going I'll have to charge you