Telfar Shakes Up The Fashion Industry With A New Collection and New Pricing System
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March 23, 2023Telfar Shakes Up The Fashion Industry With A New Collection and New Pricing System
Telfar is in high demand and, with a new pricing system, they’re letting the world know they aren’t going anywhere.
After a dramatic announcement on Twitter and Instagram, the Black-owned luxury handbag brand finally made it official – the price is going up! Their newest collection, dropping on Mar. 27, will come with a unique pricing system. Fast Company reported prices for the bags and accessories will be determined by popularity, with a pricing tool designed to keep the fastest-selling products on the cheaper side.
WE HAVE AN ANNOUNCEMENT TO MAKE: THE PRICE IS GOING UP
MARCH 27 NOON ET— https://t.co/EpbOnsh5y7 pic.twitter.com/NvyPLzTfhA
— TELFAR (@TELFARGLOBAL) March 21, 2023
This new design reinforces the mission of founder, Telfar Clemens, to make his products affordable and accessible to anybody. “Many brands use price as a barrier to entry,” Clemens said. “I never wanted that for my brand.”
The brand has been a hot commodity in the fashion industry, setting the bar high for Black accessory designers. Celebrities from Chloe Bailey to Queen Bey herself, Beyoncé, have been seen sporting the colorful bags, which come in almost every color of the spectrum. With a variety of offerings, the products range in size and price, starting around $150.
Creative director, Babak Radboy, said that in the beginning, the team struggled with price points, as many brands were charging obscene amounts of money for things like hoodies. “The more we thought about it, the more it became clear that the pricing model in fashion doesn’t make any sense,” Radboy told Dazed.
“If we charge $600 for the hoodie, then only one class of person would buy it – the person who can afford it,” Radboy added.
The pricing for the new collection, consisting of handbags and garments for everyone, will start at the wholesale price and will increase over time. The final price at which the item sells will eventually decide the set cost for all future collections by Telfar.