Telfar introduces 'live' pricing — and shoppers are divided
The New York-based brand announced a live pricing model for their latest collection, which will debut on March 27.
Telfar is making its styles more accessible — but shoppers are divided.
This week, The New York-based brand — whose popular handbag has been dubbed the “Bushwick Birkin” — announced a live pricing model for their latest collection, which will debut on March 27.
According to Business of Fashion, instead of standard set prices, Telfar plans to allow the "consumer demand" to determine the cost after each new collection is released. The items will begin at wholesale price and increase until it reaches the retail price. The cost of the items is cemented once they become sold out.
Some shoppers are calling out the band for their decision, which they're comparing to Ticketmaster's dynamic pricing.
"Literally the issue with Ticketmaster, but go off," a commenter wrote.
"Isn’t this the Ticketmaster pricing structure?" someone echoed.
However, while the "dynamic pricing" element is certainly similar to Ticketmaster — it's actually the opposite approach.
According to the Telfar site, the collection drops at the wholesale price — more than 50 per cent off retail — and goes up every second until it reaches full price. Whatever price it sells out at, it becomes that price for future drops. "The more you want it, the lower the price," the brand explains.
Some shoppers are arguing that the new pricing model may cause a "panic" or "fear of missing out" among potential buyers.
"Creating fear of missing out but on the beast level. Will cause a lot of harm to the brand," one Instagram user wrote.
However, others are praising Telfar for their "bravery" in thinking "outside of the box" and breaking pricing norms — not to mention, easing pricing barriers.
”Many brands use price as a barrier to entry. I never wanted that for my brand,” designer and founder, Telfar Clemens, told Fast Company.
"However this results for consumers or the brand, the bravery of doing things our own way in an industry like ours is worth being celebrated," one person penned.
"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."
"This is a really good idea. It's going to make the bags accessible to people who might've not been able to afford the retail price, so long as they act quickly after a collection is released," one person wrote.
The Telfar Live collection debuts on March 27.
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