Firstcry - Buying Manager - Fashion Industry

- We are seeking a highly motivated and skilled Buyer to join our team in the fashion industry.

- This role will be responsible for curating product selections, managing supplier relationships, and ensuring that the company stays ahead of market trends.

- The ideal candidate will have a keen eye for fashion trends, strong negotiation skills, and a deep understanding of consumer behavior.

- This position requires close collaboration with cross-functional teams and strategic planning to drive business success.

Key Responsibilities:

- Conduct in-depth research to stay ahead of fashion trends through trade shows, fashion publications, and competitor analysis.

- Analyze consumer data and feedback to anticipate future trends and adjust product offerings accordingly.

- Monitor competitor pricing, product ranges, and marketing strategies to ensure competitive and unique product selections.

- Develop and maintain strong relationships with key external brands and suppliers, acting as the primary point of contact.

- Negotiate terms of purchase agreements, including pricing, delivery schedules, and payment terms to ensure favorable contracts.

- Collaborate with suppliers to ensure product quality and address any issues related to product defects or discrepancies.

- Curate and source products that align with the company's brand identity and target market, creating seasonal collections and special offers.

- Evaluate new and existing vendors based on product quality, reliability, and alignment with company needs.

- Develop pricing strategies that balance competitiveness with profitability, considering cost of goods, market pricing, and desired margin.

- Track inventory levels and sales performance to maintain optimal stock levels, managing excess inventory or shortages effectively.

- Use historical sales data and market trends to accurately forecast demand and adjust inventory plans accordingly.

- Place and manage orders with suppliers, ensuring timely and accurate fulfillment and resolving any issues related to order discrepancies.

- Monitor and analyze sales data to evaluate product performance, identifying top-selling and underperforming items.

- Develop and track key performance indicators (KPIs) such as sell-through rates, gross margin return on investment (GMROI), and stock turnover rates.

- Refine buying strategies based on performance insights to adjust product assortments and implement promotional strategies.

- Work closely with marketing, merchandising, and design teams to align buying strategies with overall business goals and marketing campaigns.

- Develop long-term buying plans that align with company growth objectives, market expansion, and brand positioning.

- Prepare for seasonal changes by planning product assortments and inventory levels for peak periods like holidays or fashion weeks.

- Create and manage budgets for purchasing activities, including forecasting costs, setting spending limits, and tracking expenditures.

- Analyze cost structures and pricing models to ensure profitability, negotiating cost reductions where possible.

- Prepare financial reports for senior management, highlighting budget adherence, cost savings, and financial performance.

- Negotiate favorable terms with suppliers, including discounts, payment terms, and delivery conditions, ensuring terms are clear and agreed upon.

- Review and manage contracts to ensure compliance with agreed terms, addressing any disputes that arise during the contract period.

- Monitor vendor performance against contractual obligations and address any performance issues promptly.

Qualifications and Skills:

- Bachelor's degree or Post-Graduation in Fashion or related fields (MBA/NIFT/FDDI/Pearl preferred).

- 4+ years of experience in buying, merchandising, or a related role in the fashion industry.

- Strong understanding of fashion trends, consumer insights, and competitive analysis.

- Proven experience in negotiating contracts and managing supplier relationships.

- Expertise in inventory management, demand forecasting, and sales analysis.

- Excellent communication and interpersonal skills, with the ability to collaborate with cross-functional teams.