From womenswear to menswear and casual to professional, there's a million different categories and subcategories to choose from when it comes to the fashion & apparel industry.
For our in-house brand, we've decided to specialize in activewear. Here's why:
1) Follow the data. A rule of thumb for starting any business is to choose an industry that is large and growing. Picking one that is stagnant or shrinking means that you will likely be in an overcrowded market fighting for consumers that already have established brand loyalties. This would be like opening a physical bookstore today. It’s not impossible but it makes getting customers even more difficult. Luckily with activewear, the market has grown from $180 billion in 2007 to $270 billion in 2015 and is predicted by Morgan Stanley to be over $350 billion by 2020.
2) Be authentic. If you want people to love your brand, you need to love your brand. This means you’re going to eat, sleep, and breathe your brand. It will much easier to do that if your brand is just an embodiment of who you already are. For our team, we go to the gym every day, compete in triathlons & marathons, and even wear workout clothes to work. We are athletes and the brand will just be an extension of that.
Missed the reasoning behind why we're starting an in-house brand? Read about it here. And as always, feel free to shoot me an email with any questions or topics that you want to be covered in future posts.