Business
Commercial terms used in the luxury industry.
36 terms
- B2B
- Business-to-business: products, services or transactions aimed at other businesses.
- Back office
- Administrative and operational work that supports customer-facing activity, such as stock records, invoices and reporting.
- Change management
- Planning and supporting changes to how people work, including communication, training and adoption.
- Circular fashion
- An approach that aims to keep garments and materials in use through durable design, repair, reuse and recycling.
- Concession
- A branded selling area within another retailer's premises, operated under an agreement with that retailer.
- Cross-functional
- Involving people from different functions, such as design, finance and retail.
- CSR
- Corporate social responsibility: how an organization addresses its effects on people, society and the environment.
- Direct to consumer
- Selling products directly to the people who use them, rather than through a separate retailer.
- EMEA
- Europe, the Middle East and Africa: a regional grouping used in business; its exact boundaries can vary by employer.
- Ethical fashion
- An approach to clothing that considers how it is made and its effects on workers, communities and other living things.
- F&B
- Food and beverage: the hotel or hospitality operations that prepare and serve food and drinks.
- Flagship
- A store given a prominent role in presenting a brand, often through its location, scale or product range.
- FMCG
- Fast-moving consumer goods: products sold frequently and usually used or replaced quickly.
- Gender-fluid fashion
- Clothing or styling that allows expression across or beyond conventional gender categories.
- Go-to-market
- The plan for introducing a product or service to its intended customers, including channels, pricing and communication.
- Haute couture
- A controlled French designation for fashion houses meeting specific requirements for made-to-order clothing and its presentation.
- KPI
- Key performance indicator: a measure used to assess progress toward a specific business goal.
- Lean
- An approach to improving work by reducing waste and focusing on value for the customer.
- Limited edition drop
- A scheduled release of products made available in a limited quantity.
- Luxury
- A market category associated with craftsmanship, distinctive design, service and relatively high prices.
- Matrix organization
- An organization in which people work across more than one management or responsibility structure, such as a function and a region.
- Merchandising
- Planning which products to offer, in what quantities and at what price, and how to present them for sale.
- P&L
- Profit and loss: a financial view of revenue, costs and the resulting profit or loss over a period.
- Pre-fall / pre-spring
- Collections offered ahead of the main fall and spring seasons, often to extend a brand's seasonal range.
- Prêt-à-porter
- French for ready-to-wear: clothing made in standard sizes and offered ready for purchase.
- Ready-to-wear
- Clothing made in standard sizes and offered ready for purchase.
- Sell-in
- Sales from a brand or supplier to a retailer or distributor, before the product is sold to the final customer.
- Sell-out
- In commercial reporting, sales from a retailer to the final customer.
- SLA
- Service-level agreement: a documented agreement on the service to be provided and how its performance will be measured.
- SOP
- Standard operating procedure: documented steps for carrying out a recurring task consistently.
- Supply chain
- The connected activities that source materials, make products and move them to customers.
- Transparency
- Sharing relevant, checkable information about products and how they are made.
- Travel retail
- Sales to travelers in locations such as airports; duty-free is a related tax treatment that applies only where conditions are met.
- Wholesale
- Selling products to retailers or other businesses that will resell them.