How much does it cost to start a luxury clothing brand? Fashion is a very attractive business, especially for entrepreneurs who are interested in the luxury market. The point is that this industry has different types of public. And within this segment, those who buy luxury clothes are some of the best known. However, targeting this audience is hard, so there are several things to consider before you begin. Also, you must know what the price will be for starting a clothing brand. One that will be seen by some of the most demanding audiences.
What makes a brand luxurious?
When a person opts for a product from a luxury brand, they´re aware that they must pay a high price. And when we talk about price, we not only mean the cost that the product may have. But also, the high-level experience that you live when acquiring it.
That is why luxury brands invest directly in an exclusive market. Where the goal is to meet the customer’s tastes and pay the attention each purchase deserves. These are characteristics that cannot go unnoticed to create a luxurious brand.
That´s why to know how to start a brand of that level, it´s important to keep these factors in mind:
Design your buyer
When you design your buyer, you can easily incorporate it into your marketing. And this will be a good step in building your luxury brand successfully.
To do this, you can prepare interviews for people with a high social or purchasing level.
Since that´s the only way to understand what the client wants.
Look for those elements that can make life easier for the customer. And, create your advertising campaigns and your marketing strategy based on them.
Partner with other luxury brands
If you are getting started with your luxury brand, one of the fastest routes will be to associate your brand.
Meaning that some brands are starting and are associated with recognized brands for the segmentation of their target audience.
Of course, for this, it will be essential that both brands sell or belong to similar sectors. So that both parties can benefit.
Add elements of luxe
It´s true, selling a product can be a very simple process. But that doesn´t apply when that particular product is only in the luxury sector.
An expensive product will require an extra demand. So that it is positioned at a five-star level and can have added value that makes a difference.
You may have concerns about what to add to make your product experience great. To get started, you can take a look at what your competition is up to. And get ideas about what your exclusive customers might like.
Apart from focusing on adding to the product, you should pay attention to the moment before or after the purchase. You need to make sure your target audience feels special.
Label high prices without fear
Pricing is a matter for any brand.
But to enter the luxury circle, although it must be a high price, it must be the right one. So, to get into the exclusivity market, a product will not only be sold because its price is high. But because it has something different to show, unlike low-cost brands.
Because of this, if you are creating a truly exclusive experience, determine the price that that feature deserves.
How much does a luxury clothing brand cost?
Starting a luxury clothing brand has an approximate total cost that will be determined by several things. In fact, like conventional fashion brands, luxury brands must follow a series of steps for their creation. Which would be the name, design, and image for your business. And, based on this we´ll give you an estimated cost to include in your budget to start your luxury brand:
- If you already have a name and design, you will also need to register them. Which may cost approximately 250 Canadian dollars.
- Now, if you already have the name for your business but need the services of a graphic designer. Because you do need a professional design. You should raise your budget from 450 CAN$ to approximately 800 CAN$.
- To create your brand image and give an assertive message to your target audience, you must have branding services. And the cost for this could be 9200 CAN$ or more.
At the same time, it´s important to make it clear that these prices are only an estimate. Considering that the features of a luxury brand must be more exclusive than those of a common clothing store. And this, of course, can increase your budget.
Regarding graphic design and branding services, for a luxury brand, it is best to look for a professional marketing agency. Since it´ll be the only place with a trained team that can help you with one thing. Meet the needs of the most demanding clients.
Budget to open a luxury clothing brand
Once you have created the name, design, and image of your luxury clothing brand, it´s time to create your product.
In this case, conventional brands focus on stocking their products, for this, they create many pieces of the same garment. Instead, luxury brands must make exclusive clothing items that only a distinguished group of customers can purchase.
To do this, luxury clothing brands must include many elements within their budget. But this time we pay special attention to the cost involved in creating the workshop. And, an online store to reach their target audience more easily:
In general, independent designers are the ones who build luxury clothing brands. And they need a workshop to make their clothing and meet the requests of customers who want tailored pieces. That is why the budget must include:
- Investment in machinery.
- Supplies for the operation.
- Support team.
- Cleaning equipment.
By adding all these values together for a cheaper clothing workshop, the budget would be approximately 3000 CAN$. This means that to start a luxury clothing brand said amount could be considerably more. To get a quality product with exclusivity.
Nowadays, even luxury clothing brands can also have an online business for the sale of their original clothing. Having an online store is more expensive for luxury brands since other clothing brands simply buy products to sell. And when buying in quantity their price decreases.
On the other hand, luxury brand online stores must offer exclusive clothing. And, instead of renting a space on a server, it´s best to have this space built by a professional team. That´s why the price will have variables according to your needs. And to offer a pleasant experience during the purchase process, you should also invest in good computer equipment.
Considering that the investment of an online store for a clothing brand could be 1300 CAN$, in the case of a luxury brand the price will be much higher.
Did you like this post?
Clothing brands need many elements to make themselves known and achieve their goals. In this case, luxury brands tend to make a large investment.
Not only for the creation of a workshop but also, to know and be able to exclusively attend to the needs of their consumer. That is why luxury like other brands must make use of marketing.
At BluCactus Canada we have a team of professionals.
That´s why we can create the marketing strategy and do the branding management for luxury brands that you need to target a specific audience and add value to your business.
You just have to contact us, and we will gladly help you!