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Telfar continues its “anti-luxury” campaign with a live price model

Telfar continues its “anti-luxury” campaign with a live price model

With a focus on keeping its products affordable and accessible, Telfar continues to shake up the luxury handbag market with its fashion pricing model launched on March 27.

Telfar continues its “anti-luxury” campaign with a live price model

Emerging as a phenomenon in 2019, the simple tote and logo-only Telfar bags have somehow become one of the biggest “It” bags of the decade. Not only appearing in the lyrics of the song “Summer Renaissance” by contemporary music queen Beyoncé, but the bag also attracts the attention of old faces in the fashion village, because even with a reasonable price, but it can also still compete. with luxury fashion houses.

With the aim of keeping prices affordable and accessible, designer Telfar Clemens has gradually shaken up the luxury handbag market. Now, he has a bolder idea. The New York-based brand announced that it is launching a new Telfar Live Price collection with a live pricing engine. This direct pricing model promises to be a game changer in fashion retail.

This collection has no fixed price! Conversely, sales speed determines the final selling price of the product. The starting price is the wholesale price (wholesale, usually only about 50% of the retail price). According to the timer, the price increased slightly with each passing moment, until the manufacturer Suggested Retail Price (MSRP) was reached.

If a consumer loves an item very much and quickly buys it out before time runs out, Telfar will use the final price at which the product was sold to determine the future selling price of the product. Example: If a shirt has a starting price of US$100 and sells out at US$200, even though the retail price is US$300, it will be available for sale in the future. with a selling price of 200 USD.

This activity is a way to both collect data on the shopping habits of customers and to know what are their favorite products so that the brand can increase the production of products/groups of products. it in the future. Telfar Live Price is also a measure to urge customers to quickly buy their favorite products because “the faster you act, the better prices you can grab”.

The Telfar Live Price model also exposes the inner workings of the industry’s traditional pricing model, as a way of provoking other brands to boldly change their pricing. “A lot of [luxury] brands use price as a way to limit buyers. I never wanted that to happen with my personal brand,” says designer Telfar Clemens.

The novel pricing formula Telfar Live Price is a move that fits with the way Telfar operates, the brand that positions itself as a luxury without the exorbitant price tag. In order to change the standards of the fashion industry, adopting a different model is paramount. Typically, a brand imposes a cap on its most sought-after products – be it a limit on sales (VIPs only) or a price cap (with a starting price). High). But with Telfar Live Price, the brand’s most popular, best-selling item comes at the cheapest price.

Telfar Clemens shared that he and Babak Radboy, the creative director, came up with this idea based on the fact that his brand has never developed based on the concept of exclusivity. Telfar has always made its products more accessible to anyone who wants to own them. In practice, this has upset the business order of luxury brands, which normally raise prices when demand is high or turn fashion items into rare items to increase value.

It can be seen that the pricing model is both a campaign to help Telfar once again emphasize the different orientations in the fashion world, making the whole world pay attention. This is also part of a smart marketing strategy that helps Telfar boost sales at a price that can reach as many audiences as possible.

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