4 keys to a successful fashion business, according to Samantha Tams

  • According to Statista, the fashion industry generates one trillion dollars worldwide, with the highest demand for women’s clothing.
  • Samantha Tams, co-founder of the Latin American Fashion Summit, shares her best advice for entrepreneurs looking to start a business in the fashion industry.
  • From professionalization to knowing that it is a long-term career.
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According to Statista, the business of the fashion industry generates one trillion dollars worldwide, with the biggest demand for women’s clothing: 68 billion pieces were used in 2022 alone, double that of men’s clothing.

Samantha Tams, co-founder of the Latin American Fashion Sumit and fashion consultant for luxury brands and stores worldwide, shares her best advice for entrepreneurs looking to start a business in the fashion industry.

4. Your fashion business needs to become professional

Tams, along with his co-founder Estefanía Lacayo, assures that professionalization is the first thing they address with entrepreneurs who want to start in the industry.

According to Tams, in the industry, creative design alone is not enough, but you need to have a business model that has tools that benefit the creative process of designers.

“First you have to structure your value chain well. Where are you going to make it, what materials are you going to make it out of, you have to import those materials, who is going to make the goods, what is the value of human labor,” Tams said.

3. The value of your fashion business

On the other hand, the expert assures that you need to demonstrate the value of the new product or brand you are going to bring. Tams emphasizes starting a business with this difference in mind.

“He has to have a point of view that no one has ever seen. When you start with that vision and say this is something that just stands out, like a material that no one has ever made, that makes a difference in a mega-saturated market,” Tams said.

2. The importance of the right price

From his experience, Tams assures that one of the main mistakes of entrepreneurs is not setting a fair price for their products.

“You have to have that part of the business developed so you don’t end up with something later that affects the operating costs of your business,” Tams said.

1. Targeted selling

Knowing the value of the production chain can give entrepreneurs a focus on generating the right sales to stores.

“Entrepreneurs want to sell in all outlets, but often don’t have the capacity to produce that much, especially in the early stages, so professionalization includes educating yourself on what market to adopt,” he added.

Tams says entrepreneurs should think that the journey within the fashion industry is about a high-performance career, “one piece at a time”.

«You can only publish two collections a year, you don’t have to publish four like everyone else. Not that you have to release new products all the time and above all understand that it’s a piece by piece,” he added.

Finally, Tams added that social networks can help entrepreneurs become known outside their country, so it is also important to have the right marketing strategy.

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