Fabletics: Tailor Made for Success
For a company to succeed, it has to fully understand the industry and the market of its choice. As cool as it may seem, the fashion industry is not for the faint of heart. It’s one of the hardest industries to succeed in; especially in its e-commerce market.
With Amazon controlling 20 percent of the fashion e-commerce market, it’s amazing that Kate Hudson’s Fabletics has grown into a $250 million company. Taking on Amazon is no small feat, but she’s doing it. Fabletics combines aspirational fashion with convenience and specialized membership, which is a powerful concoction for success.
Success in today’s economy is no longer as easy as it was in the past. Historically, companies only needed to have good prices and quality goods or services. Today, that combination is no longer a guaranteed success. The modern consumer cares more about things like customer experience, last-mile service, and brand recognition.
Fabletics has certainly fitted all those aspects into its business model. Following the path laid out Apple, Fabletics is going the way of physical stores. The brand also has a huge millennial following, so its physical stores are having no problems fitting into the local markets.
That’s how Fabletics is surviving what other brands get killed by, offline browsing – online shopping. Most consumers these days are loyal to specific brands. Any brand they’re not loyal to, they have no problem browsing their stores but buying elsewhere cheaper. To combat that, Fabletics welcomes browsers with events and other activities.
These events are used to build relationships and get to know the local markets. That close customer-brand relationship is why most people walking through the door are already members, and an additional 25 percent of visitors become members right there in the store.
The premise of Fabletics has always been price. There are a lot of activewear brands out there, but many of them either have high prices or are not fashionable; Fabletics is the best combination of the two. Depending on what they buy, Fabletics members can buy two or three items for the same price as one pair of Lululemon or Beyond Yoga leggings.
The best part aspect of Fabletics is its endless variety of styles. Fabletics has so many outfit combinations, the brand even offers a lifestyle quiz as a way for people to get a peek.