Telfar Clemens, the founder of the beloved black-owned bag brand, wants you to pick the price.
The new pricing model will allow buyers to drive the cost to ensure that the brand remains affordable to everyone.
The New York fan-favorite brand, dubbed “imported” by Beyoncé on her Renaissance album, Telfar, is looking to set a pricing strategy solely based on customer demand.
The system will work by allowing the costs to be driven by the consumer; prices are determined after a drop. A price could start to increase the wholesale price up to the retail price; whatever price the product sells out at will be the price it lands on for future collections and ongoing.
In an interview with Fast Company, Clemens explained why the brand is entering this price strategy stage.
“Many brands use price as a barrier to entry. I never wanted that for my brand,” Clemens said. Celebrities from Beyoncé to Dua Lipa have carried his variety-colored totes ranging in price from $157 to $250. The tote-focused brand also has accessories like hats, wallets, and clothes.
The new pricing system won’t last forever; Clemens and his creative director Babak Radboy decided to try this method for the latest clothing collection on April 24, at least for now.
“I want people who want my clothes—and will look cool in it—to be able to get it.”
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