Telfar is selling its latest collection using a “live pricing” model that flips traditional shopping, consumption and cost rules.
The “Telfar Live” collection releases each item at wholesale cost. Prices will rise per second — and an item’s set price moving forward will reflect its cost when sold out.
The new set price will be the “forever price” of that item, according to the brand. If an item doesn’t sell out, pricing will remain at its MSRP or manufacturer-suggested retail price, Highsnobiety reported.
The industry-shaking pricing strategy gives consumers the power to determine set prices of pieces from one of the industry’s most coveted (and resold) brands. With items initially listed at their wholesale cost, Telfar pieces have the potential to be priced over “50 percent off” their standard retail price.
Telfar’s “Live Pricing” began March 27, and new items drop weekly till April 14.
Standout pieces that are up for grabs — and are still rising in price — from the collection’s first drop are the brand’s Tall Jersey in Oxblood, the Cap Hoodie in Heather Grey and the Basic Customer T in Black.
So far, the brand hasn’t listed any of its iconic Shopping Bags using the new pricing strategy.
“Basically, I want the people to choose the price,” founder Telfar Clemens told CBS Morning News. “I want people to be able to get the clothes. And for the clothes to be able to have a life outside what people [can’t] afford and it being too expensive.”
The pricing model will hopefully make Telfar items more affordable and accessible. It’s described as a “sale in reverse” as it flips traditional pricing rules based on supply and demand. Instead of the brand raising prices because of high demand, Telfar removes another barrier of exclusivity in the fashion world with this move, allowing popular items to become cheaper.
The Telfar Live pricing model is a testament to the New York City-based brand’s ethos, “Not For You — For Everyone.”
The strategy’s innovative launch follows up on similar industry shakeups Telfar has done in favor of its consumers, such as the brand’s Bag Security Program and a pop-up store held at a Rainbow in downtown Brooklyn.
During the one-day-only pop-up — amid New York City Fashion Week last September — shoppers purchased up to five Shopping Bags in any size or color. The totes, Telfar’s claim to fame, have been seen on celebrities, fashion “IT” girls and everyday baddies alike. The brand’s pop-up allowed consumers to get their coveted shopping bags without waiting for the color they wanted to drop, or their online cart selling out before they can make a purchase.
See social media’s reactions to Telfar’s Live Price model below.
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