The fashion industry has undergone some significant changes over the course of the new millennium. Today’s consumers have a host of options to choose from thousands of brands, with the advent of new technologies and revolution in how they do businesses.
Though this has been a positive change for the fashion industry, many fashion retailers are still facing problems in sustaining their businesses in this highly competitive fashion market. According to the retail industry experts at Infiniti, it has become hard to forecast customers’ preferences with so many apparel options across thousands of brands.
But, Xcel Brands, a leading solution provider for brands and retailers in fashion and apparel industries, believes they could bring about a change in the fashion retail market. Realizing early on that the retail fashion industry needs to embrace change, Xcel Brands better positioned itself to resolve the challenges the retail was facing and is still facing today.
By creating a virtual vertical platform and pioneering a fast to market supply chain, the company gave retailers the opportunity to give their consumers what they want, when they want, and at reasonable prices. However, it was just a prelude to things that Xcel Brands was about to unfold.
Connecting the Dots: Industry, Retailers, and Consumers
The company emerged in 2011 in NewYork as a brand management and media company, with its first acquisition, Isaac Mizrahi. Soon after, the company continued to build its portfolio through the acquisitions of the additional dynamic and iconic brands.In 2015, “We noticed that the consumer was gaining control over margin, which caused us to adapt and better position the companyto resolve the challenges retail was facing and is still facing today,” says Robert W.D’ Loren Chairman & CEO, Xcel Brands.
Embracing the fact that technology and data science are reshaping the future of retail, Xcel Brands has also introduced an integrated technology platform. Specially designed for adopting new strategies that emphasize the increased flexibility and fast-paced production windows, it enables retailers to adapt to increasing competition and also give customers more control of their shopping experience.“We recognize the value of human touch in an increasingly technological world and continually see our talented employees play an integral role in our current and future growth of implementing new technologies into our processes,” asserts Robert.
Today, Xcel Brands is disrupting the retail industry and is delivering consumer-driven fashion and lifestyle goods through retail and licensing. The team at Xcel Brands takes pride in its ability to handles the entire process under one roof; from design, to print, to production, all the way to marketing and social media support.
Visibility in the market
Competition in the fashion industry is becoming more intense with the rapid evolution of fashion trends and the availability of multiple channels to customers. To stand out from the crowd, organizations need to have a new approach. As a key solution provider to its retail partners, the company’s vision is to help transform the way people shop by creating a unique experience with its brands and engaging today’s consumer through an omnichannel approach. By doing this, “We connect the channels of digital, bricks & mortar, social media, and interactive television to create a single customer view and brand experience for Xcel’s brands that deliver the products our customers want, when they want them, and at a price they can confirm as fair,” states Robert.
For Example, Xcel Brands owns and manages iconic personalities and brands such as Isaac Mizrahi, Judith Ripka, Halston, and C. Wonder. Some of the brands have engaging personalities associated with them that are able to help pioneer the omnichannel sales strategy by engaging with the customers and speaking regarding the designs and inspiration behind each collection/ category. Robert, further remarks, “These personalities are key players in bringing the brands to life, giving us the opportunity to have personalities who can deliver information and foster an authentic connection no matter how they are engaging with the customer.”
Comprehensive end-to-end solutions
Xcel Brand’s designers, merchants, and planners work under the same roof in the NYC headquarters. This “act-as-one” approach reduces time lost in a typical design, sample and approval process. This approach enables the Xcel Brand’s employees to communicate, execute and resolve the issues quickly in order to deliver the best products to satisfy the customer. Further, Robert adds, “Additionally, having all the pieces in place in house allows us to address the speed to market and giving the customer what they want, when they want it, at a fair price. It is only going to get faster and more challenging to survive and cater to these demands, it is an advantage that we have experts in place internally to help carry the processes along and execute.”
Giving the Customers What They Want
The consistency of the company in delivering the best responsive products to the customers has been very impressive. And that has helped them build long-lasting relationships with customers. “Our relationship with our consumers is a key factor in Xcel Brand’s success,” remarks Robert. One of the keys for this according to Robert is they actively promote the growth of consumer awareness through a wide variety of licensed product categories and partnership with dynamic personalities. Robert, further explains, “We want the customer to feel like they are able to experience these brands beyond apparel and accessories—that they can explore the brand’s full lifestyle experience with everything from home products, travel accessories, and various other categories. We see that our customers like to see when the brand adds a new category or there’s an exciting new collaboration.”
Robert shares thoughts concerning their future, “We are always looking for new and engaging brands to build Xcel’s portfolio. It has been a constant goal of ours to automate and digitize our approach which is something that will continue to do as we look ahead.” Going forward, the company intends to launch a new e-commerce business for a group of the company’s brands in 2019.
Our relationship with our consumers is a key factor in Xcel Brand’s success
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