WHAT’S THE STORY
“We want our retail partners to generate profits from cooperating with us.” – Wolfgang Lohe, Managing Partner at Better Rich
The aim is to develop Better Rich, a lovingly designed collection, into a highly visible brand.
BETTER RICH
“WE DON’T WANT TO LEAVE ANYTHING TO CHANCE ANYMORE”
Wolfgang Lohe, formerly the Gant Wholesale Director DACH, is the new man on the bridge. In him, Helmfried Strupat, the founder of Better Rich, has found an experienced 50 percent partner. The aim is to increase the visibility of Better Rich as a brand. Lohe sat down with style in progress to discuss the strategy. Interview: Nicoletta Schaper. Photos: Better Rich
Wolfgang, you describe Better Rich as a Ferrari without a driver. Could you elaborate? I believe that Better Rich has tremendous potential. There are so many tools, but they are not being utilised optimally. The logistics concept is designed for three times the volume, for example. We can realise very individual customer campaigns in our own photo studio. We also have direct access to production, which allows us to manufacture a minimum of 30 to 40 items and deliver them within three weeks. We have what every customer wants. What appeals most to you? I love that I can shape the brand. I am thrilled to have my own business that allows me to implement ideas and make a difference in terms of sales. Better Rich is such a lovingly designed product. The team I inherited is great and highly motivated to move the brand forward. In my eyes, Better Rich is a product brand that I strive to make more visible as an actual brand.
How? First of all, we plan to professionalise sales by working more closely with agents. It isn’t enough to merely hand over the collection. We want to see which items are well received and how to adjust accordingly. Over the next three years, we plan to establish 200 shop-in-shops at larger trading partners in the DACH and Benelux markets. I prefer partnerships to own stores, because nobody knows how to retail better than retailers. It’s all about managing bestsellers and flops, about providing the right products at the right time. These shouldn’t be hollow phrases. We want our currently 350 retail partners to generate profits from cooperating with us. This number will increase significantly. There’s still loads of potential in menswear. Better Rich is currently 90 percent focused on womenswear. We have decided to bring the menswear sales department back in-house and strengthen the team. How are the collections changing? We plan to expand the blouse and knitwear range for women. We will also debut our first outdoor range. The same applies to the men’s segment. In addition, we strive to structure our pricing strategically and establish an entry-level price range without sacrificing quality. Retail prices will start at 39 Euros for t-shirts, 99 Euros for knitwear, and 179 Euros for jackets. This allows us to address local heroes such as Hagemeyer, CJ Schmidt, and Garhammer, which should increase both the stock turnover rate and brand visibility. We don’t want to leave anything to chance anymore. My vision is to make Better Rich a truly desirable brand in the next three years. And I’d like to see Ferrari win the World Championship again… style in progress
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