You Ask, We Deliver – Fashion Business Series

- - Fashion Business

We have recently had requests by our schools who teach Fashion Buying and Merchandising in addition to our corporate account, GIII Apparel Group, to post lessons which include basic information that every fashion student, designer and individual interested in working in the fashion business needs to understand. We know that design is a creative endeavor, however, emerging designers increase the viability of their businesses by understanding the following concepts presented in Basic Retail Math, Profit and Loss and Creating a Retail Merchandise Plan.  

In our most recently posted video, you will learn about how to plan sales and your stock and what stock turnover means to the success of your retail business. By using actual examples you will learn all about Stock to Sales Ratio as a method of planning your inventory. You will also learn how to calculate Gross Margin Return on Inventory Investment (GMROII) and your Open-To-Buy (OTB). We suggest watching this video third in our series following Understanding Retail Profit & Loss and Basic Math Concepts for Retail Buying below.

Second in our Fashion Business Series we discuss various factors that affect retail profit and loss. You will learn the definitions of the common terms used in buying such as cost price, net sales, Cost Of Goods Sold, and what Operating Expenses encompasses. By using actual examples you will learn the relationship of the cost of the merchandise sold to the net sales and why that is an important factor in determining whether a business will earn a profit.

In Basic Math Concepts for Retail Buying, we provide the strong foundation retail buyers need  in math concepts that involve decimals, percentages and fractions. You will learn how to add, multiple and divide decimals and then convert them to fractions and percentages. These basic concepts are the foundation for buying, planning and allocating retail merchandise. Our newest series is packed with useful information. We urge you to put on your business hat for an evening and learn about concepts vital to a successful fashion business.

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Kara Laricks is a regular contributor to the University of Fashion. She’s also a New York based women's wear and accessories designer. As the first winner of NBC's Fashion Star, Kara has designed collections for H&M, Macy's and Saks Fifth Avenue. Her masculine meets feminine line, Kara Laricks, debuted at New York Fashion Week in 2012 and her S/S 2013 collection sold exclusively at Saks Fifth Avenue. Kara's designs have been featured on the Today Show and HBO's True Blood as well as covered in Women's Wear Daily and on Style.com. Kara holds Master's degrees in both Curriculum and Instruction from the University of Kansas and in Fashion Design from the Academy of Art in San Francisco. An educator turned designer, Kara is dedicated to supporting emerging designers and inspiring others to follow where dreams lead.