Digital is on the rise, and not just when it comes to brands’ and retailers’ consumer-facing interactions. Faire, which hosts seasonal events on its footwear, apparel and accessories pre-order marketplace, is expanding its reach with a new event bringing brands and buyers to come together.
Faire Fashion Week, a global buying and selling event, will take place on the virtualized B2B platform starting Aug. 30, it said. Running through Sept. 3, the affair will showcase up to 2,500 emerging and established apparel and footwear labels from 80 countries, including Just Black Denim, PX Clothing and Amy Byer.
The forthcoming event will build upon the success of Faire’s February Winter Market. “The marketplace proved to be critical for retailers looking to lock in the best inventory and plan ahead, and helped brands triple their preorders sales ahead of upcoming seasons,” Faire wrote on its blog this week.
Faire decided to create a dedicated shopping week for brands to highlight their latest designs to a community of 200,000 independent retailers “after seeing more than a 10x increase in preorder demand on Faire over the past year.” As an added incentive, buyers will receive 20 percent off orders of seasonal styles totaling more than $1,000 from any single brand at the event, funded by Faire.
The event will also offer increased term limits requiring no payment from retailers up front, helping them to secure inventory while managing cash flow. Payment is charged to retailers 60 days after their order ships, giving them time to sell through merchandise before paying for it. Retailers can also test styles in store and return the product that fails to sell through without penalty for 60 days, incentivizing them to try out new brands, Faire added.
Established in 2016, Faire founder Max Rhodes aimed to help retailers discover unique wholesale goods for their stores, while giving nascent brands exposure to a greater breadth of opportunities to sell their wares. During 2020, the platform saw an uptick in interest as physical trade shows were put on the back burner, and both brands and buyers moved operations increasingly online. Last June, Faire said it saw demand for apparel on its platform jump by 50 percent from just three months prior.
Lauren Cooks Levitan, Faire’s chief financial officer, told Sourcing Journal in February that the company’s best decision throughout the course of the pandemic was launching its virtual trade show model, which it believes represents the future for the wholesale community. “So much of the industry is built on connection,” she said, “however, the pandemic accelerated what was already beginning to happen with trade shows.”
“As business shifted online, it became evident that the traditional model needed to change in order to continue bringing value to retailers,” she added, noting that Faire launched its first Summer Market event last August. The experience “proved instrumental for small businesses looking for a safe and effective alternative to in-person shows,” she said, and the company has since pivoted to “invest in this efficient buying format long term.”