Thoughts for a New Year
2021 starts with hope, with the very welcome roll out of a Covid-19 vaccine the end of the tunnel is very much in sight. True, we are still very much in the depths of a pandemic and living a restricted life, but hope pushes us through.
Which is why now, more than ever, we should shift focus to the future. Here at Elizabeth Parker we recognise that for Tailors and Menswear, there is a requirement to keep collections capsule, offer something that is desirable yet affordable and above everything else, keep a firm eye on the business finances.
To support partners old and new, we have taken the decision to continue with our no minimums policy and offer a strong stock service which allows for both an active and reactive buying model to be implemented. We have also made the decision to continue with our 2020 pricings into 2021, partly to allow for our partners to get their feet firmly back on the ground and update their offering without the worry of inflated prices but also because we recognise that the pandemic has hit everyone hard, we are lucky to still be here and want to support the industry and in particular our EU partners where we can.
Elizabeth Parker also acknowledge the potential need for innovative ways to conduct business. Last year we successfully launched our Retail Bundles; a selection of designs that have proven to sell over and over, these bundles take out the uncertainty and worry that comes with attempting to predict what customers will like and buy, leaving partners with more time to conduct business and sell.
We are pleased that our official exit of the EU was done so with a deal in place, enabling us to continue to work with all of our esteemed EU Partners without too much disruption, especially at a time, where disturbance seems to be the new normal. We pride ourselves on the relationships that we build with our customers, and throughout the past year have been here to listen to worries as well as give recommendations on stock and solutions to any issues they might have.
It would be remiss of us to think that consumer behaviours will go back to how they once were; a number of studies have looked into consumer habits and one thing is very clear, people want to support small and independent businesses more and more, and strive to avoid larger corporations where they can.
With that in mind, will we see a shift in menswear towards the bespoke? Will gents head to tailors to invest their money in something completely custom and tailored to them to make them feel as special as the events they are attending are. These events, that are synonymous with men’s formalwear feel like a distance memory at present but hope, once again will prevail and the return of such occasions will no doubt see a surge in demand for luxury adornments such as cufflinks and tie slides.
Will our men stick with tried and tested designs that they know make them feel great or will the lack of recent occasion entice them to delve into the world of accessories and make more daring and interesting choices?
We would welcome any thoughts you might have on the future of our industry.