Merchandising, Buying and Financial Roles in the Fashion Business

Merchandising, Buying and Financial Roles in the Fashion Business

Pratik Patil
Department of Textiles (Fashion Technology),
DKTE’S Textile & Engineering Institute, Ichalkaranji, India
Intern at Textile Learner
Email: pratikpatil85388@gmail.com

 

Introduction:
The term “Merchandising” defined as a ‘Person who do buying and vend of good materials to make more profit is called as merchandising. In fashion industry there are various types of merchandising officers are there, they must perform various types of tasks all jointly at various stages of fashion industry. Over the years of the development of merchandising as an authority in the fashion industry, also there are many changes in the job profile of merchandiser. And these charges are from easy to more complex job outstrip almost all functions in fashion industry. This has led to a small change in the ability required for the job and development of the instruction of fashion merchandising.

There are various department under merchandising in fashion industry are as shown in figure 1.

various department under merchandising in fashion industry
Figure 1: Various department under merchandising in fashion industry

The responsibility of merchandiser is very critical and challenging in fashion industry. The growth of design, production implementation and sourcing, vending the merchandise to buyer and displaying the merchandise at vend shop, these are the main functions of merchandiser at different level in the industry. The knowledge requirement of fashion merchandising tuning with contemporary trends in market, forecasting of approaching fashion trends, technical parameters like fabric and trim details, quality of garment deciding the sourcing master plan, communication, and unity along with trouble people in the industry. Fashion merchandiser takes design from designer and made it in such a way that it will be market production practicable, and meets buyers demands. In this article I will discuss different roles of merchandising department in fashion business.

Buying House Merchandising:
The main role of buying house merchandiser is totally different from manufacturing merchandiser. Because the agent who works with the buyer and manufacturer/exporter is buying house to fulfill the commitment of the transport order. Merchandiser who works in buying house directly communicated with buyer. The main function of any buying house is to speak for their abroad customer. The effort done by buying house is hang on size of buying house, favor provided to buyer.

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The role of buying house is as follows:

  1. Research information
  2. Identifying vendors
  3. Keeping tracks on trends, understanding the buyers’ market
  4. Development of new fabrics
  5. Total costing of style
  6. Placement of orders
  7. Sourcing of fabric and accessories
  8. Quality control
  9. Updating the production tracking charts
  10. Documentation and logistics
  11. Timely delivery of shipments

Merchandiser is an Crucial Member of Fashion Business:
Merchandisers play an essential role in developing new fashion trends and make them obtainable to the collective. In many countries fashion has always been a vital funding including India $1.2 trillion is a global value which can shows Fashion is an international field. Any fashion related careers are extensive, providing a cost income for innumerable. That’s why merchandising has great roles in fashion business.

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You will find a fashion merchandiser busy in-

  • Forecasting the future trend in the fashion.
  • Be at fashion shows.
  • Generate commercial and marketing campaigns.
  • Work out with manufacturers and provider.
  • Value of clothing and other attachment.
  • Investigate customer enumeration to regulate how to market them.
  • Correlate attempt with dealing, design, and merchandise planning teams.

Buying is a Business in the Merchandising Field:
Executive consumer purchase comprehensively goods for retail initiation the focus in fashion consumer is to select the clothing and accessories that will go into the store. This duty is sometimes subsuming into the merchandising, and the two cooperate to make buying resolution. Consumer too must stay current on the latest fashion trends to decide what buyer wants to buy. A fashion consumer needs a clear knowledge of what type of merchandise the supply wants. This requires the analysis of the classic customer, as well as fashion tendency and style. Fashion customer also involves trace the store’s allowance, quality of the cloth and rate.

fashion buying and merchandising
Figure 2: Fashion buying and merchandising (Photo: Shutterstock)

There is a work side of purchasing and one need to have a systematic part of them to be a best buyer, but for that one doesn’t have to review business, practical skill is good. So, people should try out what they love merchandiser go for it, going work a deal job, going imprison during the summer that conduct experience.

Thus, we can say, merchandisers and customers bring about delight in new styles and legacy. They encourage latest trends and help people to connect the fashion world. In the past few decapods fashion has go through fast changes, and these all credit goes to the merchandisers and customers who are innovative sufficient to understand better clothing and have the ability to send it to the community.

Finance Career in the Fashion Industry:

  1. Supply chain finance manager
  2. Accounts teams.
  3. Retail finance manager.
  4. Chief financial officer.

Functioning in the fashion industry may appear beautiful but the reality is they need good monetary brains behind it, driving the work. They need pro to conduct quality finance procedures, such as accounting, designate, and issuing bill.

business of fashion
Figure 3: The business of fashion

4 different roles of a fashion mad accountant. Are as follows. 

1. Supply chain finance manager:
Supply chain finance deals with the finance of long-term procure of materials, interrelate the devising of financial plans including forecast and headcount analysis, based on the published timetable. They monitor real monetary production against supply chain plans, prepare difference analyses and interrelate the free of KPI and other information.

2. Accounts teams:
A fashion brand has many seller and stockist relationships that required being continued through productive accounts management. The accountants, accounts unpaid and accounts receivable pro keep the cash flow healthy and deliver on monetary goals. As the cycle is long in the manufacturing, capable and hardworking accounts teams are the centerpiece of any successful fashion house.

3. Retail finance manager:
Retail finance executive have a same role as those in supply-chain finance. These commitments are somewhat less challenging because the procedure begins at the point of receipt of the goods.

4. Chief financial officer:
Like any company, a fashion brand must need a CFO, in charge of controlling the daily monetary needs of the firm. CFOs supervise all monetary operations of a company including accounting, financial announce and business.

References:

  1. The Role of Buying and Merchandising in the World of Fashion by Avi Keswani.
  2. Fashion Design and Merchandising by Stevenson. Edu.
  3. The Fashion Business by Nicola White.
  4. Sustainability in Luxury Fashion Business by Chris K. Y. Lo
  5. Fashion Marketing Management by Dr. Vramesh Babu, A. Arunraj.

You may also like:

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  3. Fashion Retailing is a Tool of Fashion Merchandising
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