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I've got a meeting with a potential stockist tomorrow and wondering whether or not to cancel it. They told me via email that they put a 2.3 markup on all items.
So if my cost price for something is £10 - that's what I'll get, but they will sell the item for £23 getting £13 out the sale.
Is that normal? I think it's a bit much! I#m not sure it will be worth my while.
Any opinions?
When I was starting out I was warned that some mark jewellery up by 300-500%. As a result I pick and choose very carefully.
Those that stock my items only normally work on about 50%, but they are mainly museums and archeology sites
I'm not sure it's worth it for me and very tempted to give them a ring in the morning and tell them that. Feel a bit odd doing that though. If I lived in Edinburgh I would go, but as i've got to make a 40 mins train journey and a 20 minute walk to get there, I don't want to waste their time or mine.
Least they have told you before you turn up. I know the temptation is to take all the outlets you can get when getting going but sometimes it is not worth the hassle.
I think I would be inclined to tell them to sling their hook.
Although on second thoughts it might be worthwhile to go and see their shop and see if you want your goods to be there. It may not be suitable or what you feel your jewellery needs (ie to cramped, a lot of stock, jewellery lost in display, etc)
Just some thoughts
I'd say that was fine as a markup. I think it's easy to have a picture of our retailers sitting there counting the profit, but the reality is very different. Their overheads are huge, from premises to display to staff to rates to advertising and so much more. As long as you have built your own profit into your wholesale price, it's entirely up to them what they sell for. I have less sympathy for people only offering sale or return terms however ;)
Hi there
I used to work in retail buying. Those margins are within normal parameters.
If you sell to them at wholesale then your own retail price would probably be close to theirs. The thing that you and they will both want to think about is - Are you selling these designs exclusively to them? They won't want to be undercut by other people selling the same (or similar) thing, or by your own website. Before you meet with them it may be useful to let them know your own retail prices and let them decide.
Good Luck :Y:
(btw you're worth it)
J x
I think I'm going to go. I already know the shop and it's in a good location. They've asked to see a range of my stuff, but I think the only way it will work for me is I ask them to just stock one type of item e.g. my button pendants or just my button bracelets. My biggest issue is that I would want to sell these items in my online shop and at my local stockists in Fife - so if in Edinburgh the item is twice as much as it is online or in Fife - are people going to buy it from them?
for instance - if I sell my new range of button charm bracelets for £30, I get £30 - if they sell it, I get £13 about - that's not much more than the cost of materials!
I'm with George on this - having run a shop for several years - not jewellery though. My pricing then was to take then price I paid, double it and then round it up or down depending on what seemed like a decent price.
So if something cost me £1.08 wholesale, I'd retail it at £2.25 or £2.50 if the product could stand it - or maybe only £1.99 if that seemed to much or I could sell a lot of them.
The overheads of running a shop are scarily disproportionate - business rates, insurance, rent, utilities etc. +130% sounds reasonable to me - I'd be surprised if you get in anywhere at much less than that.
that's the dilemma of selling wholesale ;)Quote:
Originally Posted by Milomade
you don't have the headache of dealing with customers, or even finding them, you just produce the stock and supply someone who will do that for you. On the otherhand you make less of a margin.
I get the feeling that your wholesale price may not reflect the true worth of your jewellery - have you included an hourly rate?
Just a thought,
J x