FASHION RETAIL BUYING CONCEPTS

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Emerald Gilbert
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1 FASHION RETAIL BUYING CONCEPTS BUS 300 F / FAS 300 F Summer JUNE Monday - Thursday am Credit hours: 3 Course hours: 45 Additional Costs: Approx Euro (see point 10) Teacher's availability: the professor will be available for individual meetings with students by appointment 1- DESCRIPTION Retailing and the fashion business are stimulating, fascinating, and in a process of continual change. Understanding the dynamics and significance of retail buying concepts will be critical to the success of anyone interested in buying, selling or communicating retail consumer fashion products and services. Students will study fundamentals of fashion buying including planning, pricing and purchasing retail fashion inventories. Identification of wholesale merchandise and media resources will be included. With fashion industry undergoing major changes due to developments in patterns of consumption, mergers, acquisitions and technological advance, an important part of this class involves understanding current events and how they affect retail buying. This includes the luxury as well as other sectors of the industry, mega brands and independents. The class is targeted towards students who are looking for careers in fashion buying, merchandising, marketing, design, advertising or public relations and should have already taken classes towards these majors. The ability to work in teams and communicate orally is emphasized since nearly all aspects of the fashion industry require these skills. 2- OBJECTIVE, GOALS and OUTCOMES By the end of the course students should be able to demonstrate: A basic knowledge of the workings of the fashion industry and analytical skills to utilize this knowledge on the job. Understanding of the fundamental concepts of fashion buying including customer targeting, planning the buy, pricing and mark-up procedures, and assortment planning. Analyze the interrelationships between buyers, merchandisers, designers, production, sales and management. Understand concepts of supply chain management Learn to make informed, creative decisions from a global perspective considering the economic and technological influences on the fashion industry trough in class exercise and group work. 3- PREREQUISITES This is an intermediate fast-track level class geared toward students majoring in retail buying, fashion design, merchandising, marketing, advertising or public relations. Though we work on retailing and buying basics, due to the comprehensive nature of the content, students should have already taken as pre-requisites retail math, marketing or merchandising. This class is not a substitute for retail math. Fluent English is required. 4- METHOD Lectures, class discussion, videos, class presentation, and field trips in class case studies. The team project will help students understand some mechanics of the business. Proper understanding of European retail is impossible without store visits. If students expect to understand this class they should be looking at stores on their own time, wherever they go. Open classroom discussions about current international events are also important part of this class. Students questions and viewpoints are encouraged and appreciated. 5 - ASSESSMENT See Handout 1 for further details regarding each of the assignments.

2 Readings - you will have required readings and exercises from photocopy course pack or handouts which you are expected to complete no later than the class in which the chapter/handout concepts will be discussed. It is not enough to depend solely on class notes. Readings are CRITICAL to your understanding of course material and are REQUIRED. Assignments - (25%) - Pitti Palace Sala Bianca Costume Gallery report (15%) - Fashion News Report (10%) Group Project - (20%) Research Paper and presentation: Exploring the Producers of Fashion For the project you will research and study a European apparel manufacturer who is broadly recognised under a brand name or designer label. This will be a group research report and presentation (every person in the group must speak!) that summarizes the results of various exercises. Students will study and analyze a European retail point (it must have a store in Florence) and its competitor in detail to determine overall company retail strategy, customer profile, fashion buying techniques, competitor techniques. This is a written research project and oral class presentation. Research company /create customer profile /analyze store / draw conclusions Students will research the company to develop a company profile, as well as customer profile in order to give perspective on who the company believes it is and its place in the fashion market. Students will apply their knowledge gained through their research and in class and use it to analyze their company s store point. Students should evaluate the store point of sale in detail in terms of the overall marketing strategy, how it exemplifies (or not) the mission and communicated strategy of the company, whether it is well designed with target customer in mind (why or why not). Details should be included on overall product definition (design point of view), merchandise presentation and assortment, pricing structure, sales and customer service, visual merchandising (store layout, window display) overall fashion merchandising and marketing techniques. Use information gained through research, discussed in class and handouts to help focus your efforts and understand the firm s fashion merchandising strategy and how each department in the company contributes to this strategy. Do not focus ONLY on the visual aspects of the store. Make sure to examine the actual merchandise assortment. Note both strengths and weaknesses of the company and its competitor. Class participation - (10%) Class participation counts for 10% of your total grade. Speaking up in class is highly encouraged and welcomed. Please feel free to ask questions and clarify concepts. It is also expected that you actively listen to your classmates, pay attention, and participate in the class by reading assignments, doing homework and contributing to the overall class environment. We all have something to learn from each other! Everyone will be expected to come to class prepared to discuss all the assignments. Read ahead: don t expect to learn everything from the instructor s lectures. NOTE: ALL Assignments are due at the beginning of each class. For every lesson (or portion thereof) that an assignment is late, a full grade reduction will be taken (i.e. A to B). Please alert me (in advance whenever possible) if you have special circumstances that need to be considered. 6 EXAMS There will be one required mid-term test and a final exam to be held on the dates indicated on the course syllabus (lessons 7 and 15). Exams will cover teacher s course pack material, class lectures, any information from field trips and supplemental videos viewed in class. Exams will be primarily essay/short answer questions or buying math problems. Remember that the dates of the exams can NOT be changed for any reason, so please organize your personal schedule accordingly.

3 7 - EVALUATION and GRADING SYSTEM Participation (10 %) Assignments (25%) Mid-term exam (20%) Final exam (25%) Final Group project (20%) The following grading system will be observed: 0-59 = F, = D, = C-, = C, = C+, = B-, = B, = B+, = A-, = A Evaluation is made on both content and expression (execution). Students should consider the following criteria for assessment: - Depth of Research (when requested), Content - Quality execution of written and or visual expression if graphic, - Oral presentation (when applicable) - delivery effectiveness - Creativity and Ability to draw innovative conclusions in work performed - Ability to apply critical thinking to your work and analysis 8 - ATTENDANCE and BEHAVIOUR Mandatory attendance is a primary requirement for a responsible learning experience at LdM. Please consider that if the student misses 20% of the scheduled class hours during this course (generally at the 3 rd absence), the Final grade will be lowered by one full letter grade. (A to B) If more than 20% of the scheduled class hours is missed (generally at the 4 th absence), the final grade will be F and NO credits will be given for this course. It is the responsibility of the student to catch up on any missed work. Make-up classes are always mandatory since part of the course program. If a class occasionally creates conflicts with another class, the student is required to inform both instructors in advance. The instructors will then share a written excuse for the class that will be missed. ***Class policy Coming late and leaving earlier affects the attendance and participation grade. It is important that students come to class on time. Three delays will be considered one absence. Be respectful of your fellow students, distractive behaviour such as casual talk among students, eating snacks, drinking beverages, sleeping, or inappropriate behaviour toward fellow students or faculty will not be tolerated. Faculty have the right and the responsibility to maintain a classroom free of such distractions. Students who persist in such behaviour may be asked to leave the class and will be marked absent for the session. Persistent disruptive behaviour will affect student s participation grade. Students are required to behave properly within the school premises. Classrooms are to be left in order and clean. Students must take care of available equipment and materials and promptly report any damage and loss. Students may not keep cell phones, Blackberry systems or laptop computers and wireless internet switched on during classes. Academic dishonesty: should issues of academic dishonesty arise (plagiarism and so on), the teacher will refer to the LdM written policy on such matters. ***Class participation Students will be evaluated based on their ability to understand and apply the reading material to class discussions and participation in homework review. Habitual absence from class and disrupting class (i.e., talking, text messaging, etc.) will reduce this grade. Each student will be expected to provide opinions, feedback and challenge the instructor's and other student's assumptions, in a respectful manner. A correct, active and responsible participation is highly recommended otherwise the participation grade will be affected. Each student is required to know exact meeting points and time for any scheduled visit. Late arrivals or

4 are considered absence, and a no-show on days of visits counts as an absence. Students with learning disabilities are required to contact their LdM Advisor or LdM Dean of students. All students at risk of failing will always be alerted by the instructor who will also inform the student s advisor. 9 READINGS and SOURCES Lectures are based on a series of readings from articles and selected chapters from the following books: Levy/Weitz, RETAILING MANGMENT, McGraw Hill, 2007 (FASH 3 ) Diamond/Pintel, RETAIL BUYING, Pearson Prentice Hall 2008 E. Moore, MATH FOR MERCANDISING, Pearson Prentice Hall, 2005 Students are required to study on a photocopied coursepack, containing the necessary readings, to be purchased at Centro Stampa Toscana Nuova 2, Via degli Alfani 103r (r= red civic number, between Via dei Servi and Via Ricasoli). Give course number and professor name. Requires Euro. Suggested readings: TIM JACKSON & DAVID SHAW : MASTERNIG-FASHION BUYING AND MERCHANDISING MANAGEMENT, Palgrave Master Series, 2000 (FASH 55) TOM HINES & MARGARET BRUCE : FASHION MARKETING, CONTEMPORARY ISSUES (FASH 62) JOHN DONNELLAN, MERCHANDISING BUYING AND MANAGEMENT, Fairchild Publications, New York. (IB 46 MB) DICKERSON K.G., INSIDE THE FASHION BUSINESS, PRENTICE HALL 2003, (FASH 45) JOHNSON M.J., MOORE E.C, APPAREL PRODUCT DEVELOPMENT, PRENTICE HALL 2001, (FASH 47) STEELE V., FASHION, ITALIAN STYLE, YUP 2003, (FASH 39) MARK TUNGATE, FASHION BRANDS : BRANDING STYLE FROM ARMANI TO ZARA (FASH 62) Please note that all mentioned books are available for reading at the LdM school library (see specific location code next to each title). Please check the library for new entries and other useful reading material. Web sites on Fashion and Business Students will be provided with a list of internet sources (handout 1) on fashion industry and business of fashion 10 ADDITIONAL COSTS Throughout the course students will spend approx. 55 Euro as follows: - Approx 16 Euro required for the reader (see previous point). - Approx. 9 Euro will be spent for materials for personal use (see point 12). The cost for the materials can be split among group members - Approx. 30 Euro required for visits / trips (entrance fees Pitti Uomo trade show 22, Ferragamo Museum 5 euro,) 11 - VISITS and TRIPS The following visits are planned during this semester: 1. Sala Bianca, Costume Gallery Pitti Palace, walking distance. No Fee 2. Retail analysis COIN and Rinascente department stores. Downtown, walking distance. No fee. 3. Ferragamo Museum and store, 5 euro entrance fee to Museum 4. Pitti Uomo Mens Trade show approx 22 euro Due to the difficulty in pre-confirming appointment dates, all dates of the visits will be re-confirmed HINTS/TIPS - Make sure you know the exact meeting point and how to get there; be aware that there might be changes in the visit schedule! - Please don't be late at the meeting point as the class can not wait for you! - If you have been absent please find out what to do and where to meet for the next lesson MATERIALS - A basic calculator is required. You will need this for in class work as well as midterm and final exams.

5 You can NOT use your cell pone calculator for exams. - Due to handouts instead of a textbook, students need a way of filing and easily accessing materials. A flexible binder with dividers or tabs, or series of folders will work. You also will be required to take notes in class so a notebook is necessary. If presentations are prepared in digital format, a CD on which to hand in work. Any digital presentations will need to be printed and handed in. A calculator is required for each student. There may be misc materials and costs associated with individual/group projects or presentations for visual aids, and printing 13A - CLASS SCHEDULE NOTE: the lectures may proceed at a slower or a faster rate than the below schedule depending on the students ability. (Monday -Thursday 9-11:45) CLASS SCHEDULE Date Class focus Please come prepared having read chapters/ handouts!! Lesson 1 Introduction and outline of course, assignments and May 25 expectations An introduction to the history and the importance of the fashion industry. Lesson 2 May 26 Lesson 3 May 27 Lesson 4 May 28 Lesson 5 June 1 Lesson 6 June 3 The role of fashion in Florence Site visit: The Pitti Palace Sala Bianca, The Costume Gallery (Res C: #475963/ P:475967) The nature of fashion industry Lecture: The structure of a fashion company and overall flow of the buying process. Interrelationship of roles of the players and timing of the steps. Understanding Customers and Planning the Purchase Lecture: Planning the purchase for a target customer In class exercise : Creating target customer profiles for brands Video: Planning The Purchase WEEK 2 Planning sales and inventory Lecture: Types of plans, merchandising planning structures, planning sales and inventories, assortment planning (6 month plan ) Case study : Developing a buying plan for Hughes Tuesday June 2 - National Holiday NO CLASS Buying Merchandise - Costing Pricing fundamentals Notes: Homework/reading DUE Reading: Photocopy Coursepack Giorgini..., Pitti Meet at class time in front of Pitti Palace Reading: Retail Buying Chapters 1 The Buyer s Role & 2 Buying for Traditional Retail Organizations Assignment 1 due: Costume Gallery report Homework Exercise: Prizm (see worksheet in course pack) Reading: Math for Merchandising, Chapters 8 Fundamentals of the 6 month plan, 12 Calculating OTB, Chapter 13 Building Balance Classification Planning Reading: Retailing Management Chapter 15, Retail Pricing. Lesson 7 June 4 Lecture: Costing fashion items and retail pricing strategies. Review for Midterm test Midterm Test

6 Lesson 8 June 8 WEEK 3 Costing and Pricing Applications for the Buyer Case study: How much for a sweet smell? Assign Group Project - form groups Reading: Math for Merchandising Chapter 14 Cost Sheets and Pricing Lesson 9 June 9 Fashion retailing in the international market - formats and retail strategy - Part 1 Department stores, specialty stores, other retailing formats. Retail strategies seen in the European Market. Site visit: Retail store analysis : The International fashion retail environment (Chapter 5) Retail Market Strategy and article Visual merchandising VM View: Mary Portas Queen of shops, Site Visit Meeting point : Piazza della Republica, in front of Rinascente Lesson 10 June 10 Lesson 11 June 11 Lesson 12 June 15 Merchandise resources Lecture: Manufacturers, merchant wholesalersdistributors, importers, trade shows, resident buying offices; Choosing the vendors. Developing good buyervendor relationships. Case Study - Negotiating with a vendor Fashion retailing in the international market - Part 2 Retail strategies seen in the European Market. Site visit: Ferragamo Museum and Store - Italian designers WEEK 4 Global sourcing and ethics Lecture: Issues in global compliance in supply chain management Reading: Retail Buying Chapter 11 Merchandise Sourcing and timing the purchase Meet in front of Louis Vuitton in Piazza Strozzi at normal class time Reading: Ferragamo readings Note: Bring laptops to class for in class exercise Lesson 13 June 16 GROUP FINAL PROJECT PRESENTATIONS Review for final exam Lesson 14 June 17 Pitti Uomo Mens Trade Show Buying in action Lesson 15 June 18 FINAL EXAM 13B- ALTERNATIVE LESSON Should the instructor be indisposed or otherwise unable to attend, a substitute teacher (whenever available) will conduct the scheduled or a pre-prepared alternative lesson, at the regular class time. The alternative lesson might be: Viewing of a FASHION video. Analysis and discussion; questionnaire in class. The material will be collected by the substitute.

KOMAR UNIVERSITY OF SCIENCE AND TECHNOLOGY (KUST)

KOMAR UNIVERSITY OF SCIENCE AND TECHNOLOGY (KUST) Course Title B2B Commerce B2B Commerce Course Syllabus Course Code ECO 4330 No. of Credits 3 Department E-Commerce College College of Business Pre-requisites Course Code Course Coordinator(s) Foundation