ABERCROMBIE & FITCH: BUYING SIMULATION
This project simulates the role of an Abercrombie & Fitch merchandise buyer. The goal was to create a 6-month buying plan, aligning with A&F's brand, target market, and competition. This involves market research, product development, purchase order generation, and financial analysis.
Class
FASH-342: Retail Buying Simulation
Date
09/08/2024
RETAIL MATH
FINANCIAL ANALYSIS
PRODUCT DEVELOPMENT
Skills
MARKET RESEARCH
PROFESSIONAL WRITING
MICROSOFT EXCEL
TARGET MARKET
To develop a successful 6-month buy plan, it's crucial to have a deep understanding of the target market. This includes demographics, psychographics, shopping habits, and consumer values. Additionally, understanding how Abercrombie & Fitch plans to retain customers and foster loyalty is essential for long-term success.
6-month Plan
Once we defined A&F's target market, we developed a comprehensive 6-month Fall 2024 buying plan. This plan includes projections for total sales, monthly sales, stock-to-sales ratio, beginning-of-month inventory, turnover rate, planned markdowns, and purchases.
Leveraging Microsoft Excel and essential retail math formulas, we strategically planned the season's numbers, aligning with the 4-5-4 calendar and considering industry events.
Assortment Plan
After finalizing the 6-month plan, we created the assortment plan, detailing key classifications, their projected sales, and purchase quantities.
This assortment plan serves as a roadmap for buyers during market appointments, ensuring efficient purchasing decisions and optimal inventory levels for each classification.
The outcome
The project successfully delivered a comprehensive 6-month buying plan aligned with A&F's brand and target market. Key achievements include in-depth market analysis, strategic product development, accurate financial forecasting, optimized vendor selection, and a well-structured buying plan.
