The new selling model for runway fashion is transforming the way companies sell jewelry, too, according to the New York Times. Jewelry companies that sell luxury pieces are adopting the see now, buy now tactic, making their jewelry available for sale right after it crosses the catwalk.
See-now, buy now fashion is the industry response to the consumer demand for instant availability in an increasingly digital world. H&M recently made the switch to offer its spring line immediately after the runway show. Other designers like Burberry, Tom Ford, Tommy Hilfiger and Ralph Lauren sell in the see now, buy now model as well.
Suzanne Syz, an art jeweler, said her pieces sold quickly right from a Paris haute couture show. Previously she had guests order her jewelry, which meant a three-month wait.
Other luxury jewelry, including pricey pieces like Amrapali earrings for $34,770, can sell quickly now. The earrings took an hour to sell out when listed on luxury fashion e-commerce site Net-a-Porter.
A shift to sell instantly and online doesn’t just affect supply management. Chief Executive Nicolas Bos for Van Cleef & Arpels said that market feedback is much quicker. This creates a more agile dynamic between sales and design.
And Louis Vuitton VP for jewelry, Hamdi Chatti, said training for marketing has taken a turn as well. The company is able to communicate digitally to its employees on an ongoing basis, enabling continual support and updates.
There are some difficulties within the faster model. Designer Anna Hu said selling to consumers who demand quicker availability obligated her to speed up her design process. Hu wants to find a chief executive to oversee the business demands, which will allow her to focus on design. However, she said that the speedy new process has benefited her company by creating a better cash flow.
Monique Péan, a jeweler in New York, said that one of the challenges of instant selling is that it adds time and expense to the initial production side of business. Selling after the show means that there has to be a backing inventory.
That carries risks as well since inventory might not sell. On the flip side, there might not be enough of a popular item while consumers are interested, said jeweler Stephen Webster. The same risks go for any fashion item kept in stock, but luxury jewelry can be much more expensive. This can result in much greater losses per item.
And yet the see now, buy now, digitalized sales trend continues to grow, becoming an increasingly vital part of the fashion industry. Luxury jewelry might be a newcomer to the model, but it won’t be the last.
Featured image via Flickr/Jeffrey Beall