Timeless designs make big changes
The LAURIE brand both consists of classic items that are part of our product range for years and new designs that follow the latest fashion trends. Already before the financial crisis, many classic items were included in our product range as best-selling styles. We are proud to say that we still have trousers in our range that Rie designed more than 30 years ago. Not because they are modern now, but because they are wardrobe favourites for many women.
During the financial crisis, it was difficult for retailers (our customers) to get credit in the banks because they are very vulnerable when consumption declines. However, if they could buy one item from us, then sell it to their customer, and pay us later, that would ensure a positive liquidity for them. That became a self-perpetuating cycle that happened spontaneously as we had the courage to purchase more basic items. Because of the crisis, and because we all needed a way out of it. The shops made purchases on demand, and our revenue increased. If we purchased a little more, we could make a ”deduction” in our next purchase order because we knew that these items would continue over the next season. Thus, the risk was small, in a risky business where modern garments quickly go out of style.
When the financial crisis emerged, COZE was practically only a contract manufacturer. Today, more than half of our sales come from stock where we serve our customers on a day-to-day basis. In every way, it makes sustainable sense that we have our own general stock, instead of keeping products in backrooms where they could get lost among other products. We keep a full focus on our stocked items to make sure they are turned over. So far, we have never had to burn or discard any items. Someday, they will all be worn by a person.
Today, timeless designs are more relevant than ever because consumers are extremely price-conscious and want to make sure that they buy long-lasting items. The use-and-discard culture is strongly declining. This will also be supported by the EU regulation in the future where a great part of a brand’s product range must consist of timeless, high-quality designs. This is in LAURIE’s brand DNA, so we are very pleased with this regulation.
Innovation during times of crisis
Lena says: During the financial crisis we discussed new possibilities and solutions. In our product department, a conversation kicked off a new product development that ended up being patented because we learnt something about the position of women’s internal organs…
To be continued…