Telfar is making his latest line more accessible than ever thanks to a new dynamic pricing experiment. Founder and designer, Telfar Clemens revealed his latest unisex clothing collection, “Telfar Live Price,” while appearing on “CBS Mornings” today.
When customers start shopping the new launch, they will find that prices aren’t fixed. Instead, there will be a dynamic pricing tool on the website that ensures the most popular, fastest-selling products are cheaper.
How it works? The collection will be released at the whole sale price and the cost will rise every second until it reaches retail price. But whenever an item sells out, it will stay at the price forever. For example, Telfar’s cropped hoodie is priced at $70 and can go up to $280, but if it sells out quickly and stops at $90 that’s how much the price will be going forward.
The whole experience is designed to flip the script on the fashion industry, where brands tend to charge more for popular items. The idea reinforces Clemens’ mission of making his products affordable, so that they can be accessible to everyone.
“Basically, I want people to choose the price and the price will start at the lowest possible price. The customer is choosing the demand. I want people to be able to get the clothes and for the clothes to be able to have a life outside of what the average person and can afford and not have it to be expensive,” Clemens explained to “CBS Mornings.”
Telfar is one of the hottest names in fashion at the moment. Several stars including Beyoncé, Alexandra Ocasio-Cortez and Dua Lipa have carried his coveted shopping bags. The bags are now ubiquitous on the streets of New York and Los Angeles, selling out within seconds online, and going for nearly double their retail price on secondhand sites like Rebag.
Telfar’s success exceeds beyond his sought-after shopping bags, he has also collaborated with Ugg, Moose Knucles, Eastpak and Converse. Along with the brand’s major success, the Brooklyn-based designer also won the CFDA’s 2020 Accessories Designer of the Year award, an honor that in recent years has gone to names like Coach’s Stuart Vevers, Proenza Schouler’s Lazaro Hernandez and Jack McCollough and Ashley Olsen and Mary-Kate Olsen of The Row.
PHOTOS: Click through the gallery to see all of the looks from the Telfar 2020 collection at Pitti Uomo.