Issue link: https://viewer.e-digitaledition.com/i/1527259
32 • Footwear Insight ~ September/October 2024 In 2024, what are some of the biggest challenges (or strategies) to maintaining a good brand/retail relationship? Navigating the ongoing inventory fluctuations. Retailers have faced significant uncertainty in predicting market demand over recent years and at some points struggled to balance inventory levels. Darn Tough has invested significantly over the past four years in improved demand forecasting, flexible inventory management, and stronger collaboration between the brand and our retail partners in data-driven decision-making. Handling hot button issues for retailers such as DTC, shipping costs, product availability & pricing: Our approach is centered around transparency and honesty. Our company value of being "direct, straightforward, and truthful" in everything we do has proven important in building trust and stronger relationships with our retail partners. While these conversations can be challenging, our commitment to open and honest communication has proven invaluable. — Mark Comcowich, Director of North American Sales, Darn Tough FEETURES What role does the independent retail channel play in the brand's overall strategy? It is at the center of our wholesale distribution strategy. We built our brand and our business in the specialty channel and know that our success with independent retailers has created opportunities for growth in other channels as our brand has matured. We believe that one of the most important factors of our continued success is maintaining our strong position in this channel. Even as our business grows outside of the channel, we continue to prioritize the business and relationships we've built with specialty retailers. When you think of some of your best retail partners, what words come to mind? Our best retail partners are open, honest, and transparent and communicate freely about what is important to them, how our brand is performing, and what we can do to make our brand better. ey are also loyal, but we believe we must work to earn their loyalty every day. And I think our best partners have an enterprising spirit. ey are always looking for ways to work together to grow the business in a mutually beneficial way. In 2024, what are some of the biggest challenges (or strategies) to maintaining a good brand/retail relationship? We believe it's really important to be easy to work with. is means having the inventory that retailers need when they need it. Turning orders around quickly and shipping new product launches on time. It means understanding that independent retailers oen have small teams, and so it's important to help provide merchandising support, training for staff, and advice about which products to carry. at's why we still believe in the importance of face-to-face visits by our sales reps and sales managers. Handling hot button issues for retailers such as DTC, shipping costs, product availability & pricing: It's important that we communicate proactively and transparently about inventory challenges, product delays, and promotional schedules. If specialty retailers know that we prioritize their business, and communicate openly and honestly with them, they are understanding of the reality that brands need to operate and support an online business. Key Product: We're in the process of launching a new reflective sock that's meant to provide protection for those who run at dusk, the evening or early morning. is is a new concept for us that will exist on one of our tried and true sock styles. We also have a grip sock coming out in the near future. — John Gaither, CEO, Feetures FINN COMFORT What role does the independent retail channel play in the brand's overall strategy? Our products are high quality, and we make them with the best components. is means we tend to be positioned on the higher end of the price spectrum! It requires a certain skill set to present FinnComfort to a consumer. at skill set resonates with the independent retailer who is more inclined to train their salespeople as professionals, equipped to measure feet, fit our footwear properly, and explain the features and benefits of our products. When you think of some of your best retail partners, what words come to mind? Trust - regarding the positioning of our brand. Our best retailers recognize the importance of carrying respectable brands and they drive their business through quality brands, products and service. Knowledge and Expertise - about our brand, our products, about why as a brand we are important to their mix. ey know when our products are the best option for their customer. Service - ey make the customer feel comfortable and "at home" in their stores. ey meet, greet, seat and measure. ey listen and learn. ey present a selection of quality options, and they cement the sale! In 2024, what are some of the biggest challenges (or strategies) to maintaining a good brand/retail relationship? Challenge - e limited number of great independent retailers available to us. Strategies - A great stock program; No minimums on either preorders or reorders; Limited distribution that cultivates brand value and healthy margins; Proactively encourage the consumer to shop with our POWER IN PARTNERSHIP footwearinsight.com