Telfar To Introduce A Live Pricing Model
The Black-owned luxury brand Telfar will be trialing a new live pricing model. This will take into effect with its upcoming collection.
Telfar, known for its vegan leather bags, will regenerate its site so that all drops begin at wholesale pricing. From there, the cost will increase by 1 cent every 20 minutes. The price at which the item finally sells out will determine the cost of all future collections, according to Fast Company.
More Accessibility
The reconstructed price model is meant to better align with owner Telfar Clemens’ mission to keep his brand affordable. The idea stems from a conversation between Clemens and Creative Director Babak Radboy about pricing for a future collection. “If we charge $600 for the hoodie, then only one class of person would buy it,” Radboy states.
This is not the first time Telfar has shown commitment to its motto, “Not for you — for Everyone.” In 2021, the brand also introduced Telfar TV — a live-streaming channel that allowed shoppers to purchase products using a unique QR code. This was done to prevent bots created by resellers, who make it increasingly difficult for dedicated customers to get their hands on a bag.
Telfar Breaking Barriers
This revitalized approach largely goes against the typical pricing model within luxury fashion. Most brands will start their hottest items at the highest price tag, which will decrease over time. Telfar, however, is doing the opposite. A Louis Vuitton bag costs over $2,000 retail price, whereas a Telfar bag can run anywhere between $75 to $850 for a larger bag. Now, Telfar customers can expect to pay even lower prices.
“Many brands use price as a barrier to entry,” Clemens says, “I never wanted that for my brand.”
The live pricing model will apply to all clothing drops through April 24, which will help determine the cost of popular items moving forward.
Featured image source: Instagram.com/telfarglobal