Fashion Law Journal
Expanding a fashion business requires a lot of hard work and constant dedication. No matter how good the products are, to expand one definitely needs external help and collaborations.
We have made the task a little easier for you, dive in to 5 tips on how to develop a collaboration strategy for expanding a brand.
1) Know your Audience
It is important that you identify the reason why you need to collaborate with other brands with your brand. Being pretty straightforward about who your customer is and gathering all the details you know about them is really important. Most recently, Adidas and Beyonce have collaborated to create a line of sneakers and clothing (Adidas x IVY PARK). This collaboration is the outcome of Adidas’ business strategy aimed at attracting more female buyers.
2) Create a list of future partners/collaborators
Finding the right match for the expansion is important. This can mean the difference between your successful expansion and your business’s failed attempt to expand.
3) Prepare a proposal for the collaboration.
Once you have a list of potential collaborators, it is necessary at this stage to prepare a collaboration proposal where you can describe the following:
- What do you intend to provide for the collaboration?
- What do you intend to gain from your collaboration?
- The existence of the collaboration as it applies to any potential partner listed.
4) Start sending emails to prospective partners.
Send out emails to initiate a dialogue with possible brands who might collaborate. When this is done and you start to hold conversations with the brands, it is important that you use the discussion to establish comprehensive collaboration plans.
5) Start with an agreement on collaboration/partnership.
Finally, guarantee that in an agreement the specific terms of the collaboration are documented. The agreement usually outlines the business nature and aims of the partnership, the collaborators’ contributions, and their individual rights and obligations. It would minimize future disputes or differences between the contributors by producing a written agreement.
Author: Lipika Sharma
Lipika Sharma is a practical and well-oriented law student, pursuing her BA- LLB (Hons.) degree from Fairfield Institute of Management and Technology, GGSIPU. She is highly inclined towards Constitutional law, Criminal law, ADR, IPR, and Family law. However, she is keen on exploring emerging fields of law.
