“One professional failure that was a stand out for me was the first ever dress order I received. East Coast retailer Henri Bendel had come out to LA in search of new fashion talent and I brought my line of dresses. They loved them. When the buyer asked what my wholesale price was, I quoted $225. I gave them that price since I knew it sat perfectly in their sweet spot. Naturally, they loved the dresses, the price point and placed an order on the spot.
After I had finished celebrating and patting myself on the back for getting such a fantastic order, I did the math to see how much it would actually cost me to produce the dresses, and it turns out I was WAY OFF, by over 100%! I should have said $550.
There was no way I could somehow call the buyers in NYC and say “Remember when I said $225? I made a boo-boo, it was really $550”. No way. I had only one option and that was to just suck it up and take a major loss.”
Nick Verreos: Fashion Designer, Television personality: Project Runway, Network’s Fashion Wrap, Author “A Passion for Fashion”,
Nick Verreos: Fashion Designer, Successful contestant of Project Runway, Author “A Passion for Fashion”, Red Carpet Expert (TV Guide Network’s Fashion Wrap, which covers the Oscars, Grammys, Golden Globes, Emmy Awards, and more).