Telfar is introducing a new pricing strategy for its latest collection, wherein the brand will let customers determine the price of its products.
The brand plans to drop its upcoming collection drops on March 27, 2023, at wholesale price points, which will then rise up to retail store price, depending on customer demand. Any sold-out products will retain the final price point for future collections.
The new pricing strategy, which will be used for the brand’s weekly product drops through April 24, 2023, ensures that its fastest-selling products remain affordable.
“Many brands use price as a barrier to entry. I never wanted that for my brand,” said designer Telfar Clemens in an interview with Fast Company.
Over the years, the brand has worked to keep the price point for its popular tote bags under $300 even as their popularity has exploded. In 2020, the New York-based brand introduced a bag security program, allowing shoppers to pre-order their bags that would then be shipped out months later. A year later, it launched a 24-hour TV channel on its mobile app in an effort to help shoppers secure its merchandise without competing against bots that often scoop up inventory and then resell them online at a higher price point.