NEW YORK — Weatherproof Garment Co. is not leaving its fortunes up to Mother Nature anymore. In a novel move that could change how seasonal apparel manufacturers do business, the outerwear manufacturer has signed a form of weather insurance that will offset costs in the event of slow sales due to mild winter temperatures.
Weatherproof, known for its microfiber coats, could stand to receive as much as $10 million in the month of December if warm temperatures hit the Northeast like they did last year. The investment, the first by an apparel maker, lessens the impact of unseasonable temperatures by allowing companies to “bet” on the weather. For instance, Weatherproof can wager that the average daily temperature for the month of December will be 40 degrees or over. If it’s more than 40 degrees, Weatherproof will receive a payout. If it’s under that, the company loses its bet, but reaps the rewards of jacket sales.
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