Parsons x Teen Vogue: Production Experiment
22/12/2015 § Leave a comment
A short while ago we were asked to develop an accessory using only unusual materials, their example was a belt made from rope and a padlock. I haven’t had to think like this for quite a while now (graduation feels like a lifetime ago!) and so my brain started ticking, I dusted off my art box and half an hour later I had a wearable, quite stylish, necklace.
I used 3 materials all found in my home as well as glue – that part was vital – and I quite proudly uploaded my image to the Gallery. In the next course “Understanding Fashion Production” however, we were then asked to break it all down to figure the costings. Now i’m not bad at maths, I love solving problems but business has never been my strongest, so I was really quite excited to start learning about all the issues designers and retailers have to tackle on a daily basis that wasn’t covered in Textile class.
Below you’ll find I’ve broken down material costs, labour costs and calculated my profit along with total costs:
You can see under Material Costs (bulk) that i’ve figured out the costing based on packs/rolls of material and therefore, even though I’d still be making a profit, it’s a smaller amount and a lot less accurate.
Over on the opposite side, Material Costs (single), I’ve calculated exactly how much it would cost for one single necklace – down to the very last quarter of a glue stick! This has brought down my overall materials dramatically, leaving a larger room for profit and making my Estimated Retail Price of £12 a working possibility for retailers!
This assignment has shown me how important it is to make sure your outgoings are kept low to ensure your profit margins can remain higher, allowing you to use that money to pay employees, open shops and live!