Fashion retail brands face intense competition in an industry where trends move at lightning speed, changing month by month and season by season. Fast fashion brands produce 52 mini-collections per year, making it difficult to differentiate oneself.
To stand out, a properly structured range plan is crucial, providing a solid overview of the entire product range and lines, increasing productivity and creating an invaluable resource for potential buyers. This could sway their decision when viewing your latest collections as a potential investment opportunity.
A range plan includes information such as garment count, styles, illustrations, fabric, and color options, costs and selling prices, sizes, order quantities by style, and manufacturer details.
Without such a plan, buyers may struggle to understand your collection and brand identity. Creating a range plan can increase your appeal to buyers and ultimately benefit your brand. Still unsure about the benefits of range planning and PLM management? Consider a few advantages.
By using a range plan, you can obtain an overview of all your products and the materials used in their manufacturing. This way, you can easily identify which products use which materials and how they utilize them. Consequently, you will have greater control over their placement in your collection.
To have control over your product development, it’s crucial to have a clear pricing strategy for each collection to understand how much has been invested and how much can be earned. A range plan can provide this level of detail, helping you maintain even more control over your business.
Having an overview of your collection allows you to see where you’ve focused too much and shift your attention to other markets, which is attractive to buyers.
Buyers will appreciate the symbiotic collection and complementary products that are likely to appeal to consumers.
Efficiency is crucial when dealing with competition, and range planning can help align various processes, such as design, merchandising, buying, and manufacturing. With a range plan, you can see the direction you’re heading in and increase productivity, making everything run smoother.