Industry analysts say cutting costs and managing conservatively are more imperative than ever.
“Right now this is survival mode for everyone,” said Allan Ellinger, senior managing partner of Marketing Management Group. “While you can’t always control your sales, you should always be able to control your expenses. Every business leader needs to manage his expense structure, and every line item within it, on a daily basis. You should be going into next year with a sales plan that is extraordinarily conservative, and an expense structure that brings your overhead down so you can maintain your margins and guarantee you can get through the year unscathed and ready to rebuild when the economy improves.”
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)