Ever since its inception in 2005, New York-based fashion brand Telfar has been disrupting the fashion industry with its accessible approach to luxury, and the latest endeavour proves they’re at it once again.
Last night the label introduced a new live pricing system, which will peg the price of an item according to consumer demand, and will be enacted on their next clothing drop on March 27 and continue weekly until April 24.
It works like this: each item in the range (which comprises only clothing – so don’t get your hopes up on securing their new Pill bag or hyped wallet at a discount) will be listed first for the wholesale price. This initial price will increase bit-by-bit until it reaches its RRP, which is the price it would be sold for in a store. The catch? If the item sells out before reaching its RRP, the brand will lock the price of the item at the cheaper figure it sold out at permanently.
So if a T-shirt’s wholesale price is £20 and it sells out by the time it reaches £30 then it will cost £30 for the rest of its shelf life — even if it usually retails for £70. This reverse supply and demand model means that the fastest selling and by proxy, most in demand — items are the most accessible. Or, “the more you want it, the lower the price," as explained by the brand. The subversive strategy rewrites typical brand business models, where the most in-demand items are typically priced up.
In a press release the brand explained its motivations behind the new pricing system. "Telfar Live disrupts existing notions of supply and demand, scarcity and value perception — proposing a new mathematics for Black cultural innovation: Cool people ≠ rich people — therefore — cool clothes ≠ expensive clothes."
It’s a proposition in keeping with its slogan, "Not for you — for everyone,” that has remained at the heart of everything the label does. Founded by Liberian-American designer Telfar Clemens, Telfar quickly gained notoriety for its It-handbags that first debuted in 2014. Dubbed the “Bushwick Birkin” yet priced at just $140 for a mini and $240 for a large, they have helped famously push the traditional ideas of luxury — both in terms of who it’s made for, and who can participate in it.
“Become a queer, Liberian-American eighteen year old, travel back to 2004 and establish a 100% unisex fashion line in New York City,” runs its official bio on Instagram. “Try to make clothes that do not exist on the market – just as you don’t exist in the world.”
Since then Clemens has caught the attention of high society, winning the Fashion Fund in 2017, appearing on Oprah’s coveted list of favourite things in 2018, and designing the 2021 Olympic uniforms for Liberia.
In an exclusive interview with Fast Company, founder Clemens once again reinforced his mantra of making his products accessible and affordable to anybody who wants them when explaining the new live pricing model. “Many brands use price as a barrier to entry. I never wanted that for my brand,” he said.
Twitter is largely praising the decision, with one user commenting: “I think it’s a smart move. People love to complain all the time about the markup of fashion and bags in particular. Now we have a designer offering wholesale prices on their bag if you just go on their website as soon as it drops." Another pointed out: "It’s a good way to increase their traffic and also a good way for customers to get a deal."
The Telfar Live collection debuts on March 27 at telfar.net. Remember to collude with your friends to get the best price on your favourite pieces.
